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The debt ceiling: How high can it go? Will it EVER stop rising?

Discussion in 'Economics, Business, and Taxes' started by Barbella, Dec 27, 2011.

  1. mark14

    mark14 Council Member

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    Stan,

    You wrote, "I assume you mean the Obama tax cuts. After all, he's the one responsible for their continuation." You know he wanted to restore the rates on people making over $250,000 year but the Repulbicns refuse to let it be brought to a vote so my question to you is why do you lie? If I just want to hear propaganda I can watch FOX.
     
  2. anti.reptile

    anti.reptile Council Member

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    do you understand that rising rates to 100% on the dreadful rich barely makes a dent in the deficit. We have a SPENDING problem. Bush started it all right, Obama put it on steriods. Google " Bush tries to rein in freddy and fannie" learn how dems made sure that didnt happen.
     
  3. TomFitz

    TomFitz Mayor

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    Nothing like listening to right wing hypocrites rant about the national debt.

    GOP presidents are responsible for most of it.

    The only reason it's rising as fast as it is now is that we are borrowing to keep people from becoming homeless and starving because of an economic collapse caused in no small part by Republican fiscal and economic policies. Policies that the GOP is fighting hard to keep!!!!
     
  4. mark14

    mark14 Council Member

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    All the classic FOX BS. Not that I advocate it but we could raise the rate to 100% on the top 1% and pay off the debt quite quickly. The top 1% earn 20% of all income and own 1/3 of all wealth. And yes Bush paid lip service about reigning in Freddie and Fannie but when it was time to take a stand he instead he did a reversal for political purposes and came out against regulating FM and FM. Remember him touting "the ownership society". It was part of the right wing belief in "the wisdom of the free market" with their grand plans to privatize Social Security. You blame Democrats but Repulbicans had their majority until 2006. Why didn't they make any attempt to balance the budget? Fact is Obama has inherited the financial collapse Bush wars and tax cuts and the problems they have casused. Bush and Repulbicans own the greater part of the blame no matter how much dishonest people may wish to distort it to politically influence the many people who aren't all that bright and depend on others for information. Even so they will eventuall sort it out but it sure causes a lot of pain and suffering along the way.
     
  5. anti.reptile

    anti.reptile Council Member

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    Perhaps you could show your math. You make no sense at all.
    MSNBC talking points rarely do.
     
  6. YouCantHandleDaTruth

    YouCantHandleDaTruth Mayor

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    STOP SPENDING 800 BILLION A YEAR IN DEFENSE SPENDING!!!

    thx
     
  7. Woolleybugger

    Woolleybugger Mayor

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    Real simple solution. Repeal all the bush tax cuts and cut defense spending. Never, ever give another tax cut until years of surplus revenues have taken this debt down to less than 5 trillion. Do you want it to go down or are you just braying in the wind? None of you actually wants it to go down because in order for it to really go down, we have to run a surplus for a long, long time. And you know that that means, higher taxes.
     
  8. mark14

    mark14 Council Member

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    Easy. The top 1% make 20% of income and have an even larger share of the wealth. The actual tax rate is around 20%. If we taxed the top 20% of income at 100%, which you say would barely make a difference, it would increase tax revenues by at least60-70% which would eliminate the deficit which is at about 30% of expenditures, meaning it needs about a 60% revenue increase to cover it without making any cuts, and let us start to pay down debt. If you can't understand such basic arithmetic feel free just repeat the talking points about not taxing the job creators.
     
  9. lilly

    lilly Council Member

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    I agree!

    Also we can borrow at 2% so it will be fine but not fine if we use it for the wrong things.
     
  10. Yuri Zhivago

    Yuri Zhivago Mayor

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    as much as needed as high as needed
     
  11. anti.reptile

    anti.reptile Council Member

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    LMAO your kidding right? The wealthy could drawl no income next year and still have 20% of wealth. Look up the word " financial assists" as a primer on your education. Your pseudo math is a joke. Amazingly stupid. Ed Show?
     
  12. anti.reptile

    anti.reptile Council Member

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    Again on the wrong side . Dumb ass.
     
  13. Zarathustra

    Zarathustra Council Member

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    The debt ceiling will stop rising the same way debt stopped rising in the former Soviet Union.

    Societal collapse stops rising debt.
     
  14. ARMCX1

    ARMCX1 Mayor

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    The figures I've seen for the total cost of the Bush tax cuts is $2.1 trillion from 2001 through 2009. Of that, about 34% went to the upper 1% (~$0.8trillion) of household incomes.

    In the last 6 months, we've agreed to ~$2trillion in budget cuts over 10 years ($1trillion during the agreement to extend the debt ceiling last summer and $1trillion agreed to in November when the Super Committee failed to oerform it's duty).

    The top1% lined up for $800 billion in tax cuts from 2001 through 2009 so why is it that people conclude there aren't enough rich to tax to make a difference?

    The issue of extending the Bush tax cuts is a relic of the 30 years that supply side economic doctrine held sway over Washington DC.
     
  15. anti.reptile

    anti.reptile Council Member

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    And to think Obama extended them. Of course the 1% got a bigger break than the bottom half who doesn't pay income taxes. It's not rocket science.
     
  16. mark14

    mark14 Council Member

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    Not sure who you are replying to but my math is solid and you need to look up the difference between income and wealth. You sound like Bush with his dumb ass fuzzy math nonsense. By the way, what are "financial assists"?
     
  17. mark14

    mark14 Council Member

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    Well you aren't a rocket scientist and your grammar also sucks.
     
  18. NCmusicman

    NCmusicman Governor

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    Maybe when it takes $20.00 to buy a gallon of milk, the stupid liberals and "occupy" drones will understand the damage Obama "Fundamental Transformation" has done.

    We can be thankful for the elections last year that installed a Republican House of Reps that slowed him down.
     
  19. gabriel

    gabriel Governor

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    psssssssssssssst stan you DID crush the enemy! it was the ordinary citizen that rose against you. are you recommending genocide?
     
  20. gabriel

    gabriel Governor

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    not until you guys quit fighting over the deck chairs and start bailing!
     

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