It's simple, taxes must either increase substantially or we must spend a lot less...

I disagree that it is impossible to recover from our debt hole, but I do believe it is unlikely as long as half of the people who actively participate in the political process stick their fingers in their ears and chant "LA LA LA" every time tax hikes are mentioned.

 

... but NASA swallows, right Meowgi?

 

That at least is a semi tolerable response. The modern republican response is to cut spending ostensibly to reduce the deficit but also tack on tax cuts that nullify any debt reduction that would be gained from said spending cuts. I'm not sure when they'll catch on to the idea that if you want to reduce the debt you cant cut spending and then go and cut taxes.

 

They are still eating at the "tax cuts raise revenues" trough that has been so thoroughly discredited.

 

Make non-profit orgs pay some kind of business tax, churches included. NCAA, for example, makes a ton of money and pays nothing.

 

Yes, symbolic. Eliminating them doesn't do anything significant. I'm glad we agree. Let's stop doing symbolic things and actually do meaningful things, yes?

 

Sounds like some people still believe that conservatives want to cut taxes and spending to "balance the budget" or "reduce the deficit" or some other rationalization.

Their goal has always been to eliminate the progressive social programs they disagree with and hate since FDR's days.

 

No, let's agree that we get rid of ALL the wasteful, redundant and unnecessary warts attached to the government tit regardless of whether the nipples belong to liberal or conservative sacred cows. By symbolic, I mean "representative of" just like Deckard uses the F-35 to reference a whole raft of unnecessary, wasteful military expenditures.

 

It is always politically easier to increase taxes then take away entitlement programs. This is a major reason why I oppose most entitlement programs.


If you have someone plan their life on getting Medicare or SS, it is quite wrong to change it.

 

roughly-
14+ trillion national debt
16+ trillion private debt
10+ trillion state and local debt
Servicing the above about 3.5 trillion
Unfunded SS, medicare and prescription drugs about 112 trillion

There are approx. 111 million tax payers

Do the math and you will get the picture.

This doesn't include derivatives exposure and borrowing against the SS trust funds

And this doesn't include the 3-4 trillion the govt. is about to borrow.

When everyone wakes up it will be too late... I mean wake up it is too late.

I actually post this for fun because there is no use wasting time discussing it or crying over it.

You cannot borrow or spend your way out of debt but you won't hear that from the 'experts'

Debt cannot be sustained indefinately there is always a stop.

 

The mortgage interest deduction made sense when interest rates were higher. Now, its pointless. I agree, dump it.

 

Yes that's why we've seen so many tax increases in the last 20 years, and so few tax cuts.

 

this post essentially cuts thru and captures the essence of the american nightmare. especially the part about it being too late. no it is not possible to recover from this debt hole, and a 4th grade mathematics class would confirm such. the toothpaste is already out of the tube and nobody's going to be able to put it back in. but unkill scam will try his darnedest to stay afloat and keep gasping. the next step will be to turn on you and squeeze for every asset and drop of blood he can get outta you.

 

this is quite possibly the dumbest sentence i've ever read in the history of this bbs.

 

I don't know what the "private debt" number actually is, but the public debt number is definitely correct.

Almost 10% for debt service? I seriously doubt it.

Over how long? It looks like you are talking about the 100 year number, which just doesn't reflect reality. Changes will continually be made that will change this number, so this looks like one of those stats that the crazy TEA folks throw around to scare people.

Here's some math, we are very close to the debt to GDP ratio where we were at the end of WWII. I agree that it will not be easy to fill the debt hole, but it can be done, so long as everyone is willing to give up their sacred cows.

Actually, the $14 trillion in "public debt" does include SS trust fund

We definitely need to address the problem, but it is far from "too late."

 

Do you have a house and claim the deduction?

 

After some research and whatnot, I have reversed my earlier position and agree - this tax "break" should be dumped.

 

We can raise or lower taxes all we want, and it won't bring in more or less revenue. Historically, the government brings in about 18% of GDP in revenue no matter where the marginal tax rates are. The only way to increase revenue is to grow the economy. That's where the argument is. How do we grow the economy long term?

Republicans believe that the government can't grow the economy, so they view cutting spending and lowering taxes is the best way to promote growth in the private sector.

Democrats believe that the government can grow the economy, so they view increasing spending and raising taxes is the best way grow government and make it a player in the private sector.

Honestly, that's a huge disconnect between the two parties that must be rectified. What is the best way to grow the economy?

 

Were do you get that 18% number? A google search shows that it is currently around 30% with an all time high of around 35% during the tech and housing bubble.

 

You are without a doubt THE BIGGEST DOUCHEBAG AROUND HERE!