Doing the job, avoiding the cliff...

[Nestor2]

My idea, no one else's...

Drop 1/3 of the defense budget, require mining companies, energey companies and ranchers to pay fair market value for use of federal lands, plus royalties, raise the cap on social security to $250,000, add half a percent to medicare taxes, eliminate all tax cuts across the board.

If that's not enough, cut more fluff, raise more taxes. Dollar for dollar.

 

[Jen]

The defense budget has already taken huge cuts. The way the world is we can't have it taking that much of a cut. Dropping it by 1/4 or less would be as much as it can be cut. Bringing people home from Afghanistan and NOT sending them into Syria or anywhere else might help too.

I think that mostly private lands are used for mining and energy........ so maybe if the feds opened up a little government-held land and charged for it it would help. I don't know enough about it to know if your amounts are good, but it's the right direction.

SS cap..... sounds good.

But no to eliminating tax cuts. That would send us into the fastest swirly down the tubes that we've ever seen.

The TRUTH is (and I hate to say it) that the Baby Boomers (of which I am one) is the group that has caused the mess and we won't get out of trouble until most of the BBers are dead. It's just going to get worse because Baby Boomers worked hard for their retirement and technically, they deserve it...........but we can't afford it. Baby Boomers had fewer kids and abortion killed off millions of kids........so there are just simply not enough people to work and pay for the pensions of the Boomers. When all the BB crowd is dead, if we haven't torn ourselves to shreds by then, things will improve.

 

[Friday13]

1...agree on defense budget

2...agree on payment for use of Federal lands

3...disagree on SS/MC taxes...remove caps entirely. The working poor and much of middle income pay on every dollar of income, and so should everyone else.

4...if your reference is to the Bush tax cuts, I agree.

 

[Nestor2]

Jen, I appreciate your distaste for eliminating tax cuts, but we need the revenue. They mostly went through when we were fat; we are now not fat. We can no longer afford them.

As to mining and energy production, I believe you're right as to where the bulk of the work is done. However, the government, to encourage investment in those areas, basically gives away the resources. Timber as well. Out here, that's a BIG deal.

Baby boomers did not cause this problem. It's a game DC plays; how to keep getting re-elected. Hint: it doesn't involve doing anything that would get my constituents mad at me. Look what happened to Tom Foley.

 

[Nestor2]

My reference was to all tax cuts--that I am aware of--including Obama's. Especially the cut to taxes for social security.

 

[LeRoy_Was_Here]

The defense budget has already taken huge cuts.

No. No, it hasn't. Defense spending has actually RISEN under President Obama. The United States currently accounts for ~48% of the GLOBAL total of military and defense spending---and most of the other top ten spenders are our ALLIES. I.e., we spend almost as much on our military as the REST OF THE WORLD PUT TOGETHER. It's as if we think there is some monstrous conspiracy out there, that the rest of the countries of the world are plotting to invade America. Maybe as soon as they get the secret hand signal from Hillary? GOSH, it's all those blue-helmeted UN shock troops poised right across the border with Canada, with all their black helicopters!! They's gonna invade, and disarm all right-thinkin' God-fearin' Christain Amercans, and implant microchips in our buttocks, to track our movements and control are thoughts! SOMEBODY GOTTA STOP 'EM!!!

The truth is that the United States of America is suffering from a massive case of imperial overstretch. It's an old story and pattern in world history. It is what did in the British Empire, and the Spanish Hapsburg Empire, and the Roman Empire, before us. As Mark Twain said, "History may not repeat itself, but it rhymes."

But then there's Hegel: "The greatest lesson of history is that people learn nothing from history."

 

[worldlymrb]

Nice start Nestor and your quick plan is about 100 times better than anything the crime syndicate in Washingstan has come up with. However, it would still leave us with half trillion dollar deficits or more, not to mention do nothing about the $6.5T in unfunded liabilities each year.

My idea, no one else's...

Drop 1/3 of the defense budget, require mining companies, energey companies and ranchers to pay fair market value for use of federal lands, plus royalties, raise the cap on social security to $250,000, add half a percent to medicare taxes, eliminate all tax cuts across the board.

If that's not enough, cut more fluff, raise more taxes. Dollar for dollar.

 

[LeRoy_Was_Here]

My reference was to all tax cuts--that I am aware of--including Obama's. Especially the cut to taxes for social security.

Jen is right that if we ended all the tax cuts for the middle class, right now, including the payroll tax cut, America would be back in a deep recession before you could whistle Dixie. Ending the tax cuts for the rich would not have the same effect.

 

[Nestor2]

WHAT 6.5 trillion?

 

[LeRoy_Was_Here]

WHAT 6.5 trillion?

Worldly thinks we need to have the money, RIGHT NOW, to pay for Social Security benefits coming due in, say, the year 2070.

 

[worldlymrb]

Leroy is right. And don't let those so-called cuts on paper fool you because the Pentagon/ has a black budget that has grown over 40%, as well as spreading the cost to other govt agencies such as NASA/NATO and the Federal Reserve Balance sheet which is exempt from congressional oversight.

No. No, it hasn't. Defense spending has actually RISEN under President Obama. The United States currently accounts for ~48% of the GLOBAL total of military and defense spending---and most of the other top ten spenders are our ALLIES. I.e., we spend almost as much on our military as the REST OF THE WORLD PUT TOGETHER. It's as if we think there is some monstrous conspiracy out there, that the rest of the countries of the world are plotting to invade America. Maybe as soon as they get the secret hand signal from Hillary? GOSH, it's all those blue-helmeted UN shock troops poised right across the border with Canada, with all their black helicopters!! They's gonna invade, and disarm all right-thinkin' God-fearin' Christain Amercans, and implant microchips in our buttocks, to track our movements and control are thoughts! SOMEBODY GOTTA STOP 'EM!!!

The truth is that the United States of America is suffering from a massive case of imperial overstretch. It's an old story and pattern in world history. It is what did in the British Empire, and the Spanish Hapsburg Empire, and the Roman Empire, before us. As Mark Twain said, "History may not repeat itself, but it rhymes."

But then there's Hegel: "The greatest lesson of history is that people learn nothing from history."

 

[worldlymrb]

Worldly thinks we need to have the money, RIGHT NOW, to pay for Social Security benefits coming due in, say, the year 2070.

Leroy thinks unfunded liabilities never come due.

 

[worldlymrb]

WHAT 6.5 trillion?

http://investmentwatchblog.com/niall-ferguson-us-unfunded-liabilities-top-238-trillion/