Fiscal Cliff..

Jimbuna · 12-22-12, 01:37 PM

I always thought our UK deficit was large but the US one dwarfs that.

I sometimes wonder what percentage tax rise would be needed to reduce them over say a ten or twenty year period.

magic452 · 12-23-12, 02:57 AM

Quote:

Originally Posted by Jimbuna

I always thought our UK deficit was large but the US one dwarfs that.

I sometimes wonder what percentage tax rise would be needed to reduce them over say a ten or twenty year period.

Jim check out this link, National debt clock.
http://www.usdebtclock.org/

Look at the one on the bottom called Unfunded Liabilities. Yes that is Trillions.
That is the one nobody is talking about but we still have to pay.
Also look at the debt per taxpayer.
These clowns can't even cut a few billion much less do anything about these.
One day, don't know when, but the chit's gonna hit the fan.

Your Toff boys are puppy poop compared to ours.

Magic

AVGWarhawk · 12-23-12, 06:17 AM

This will never pass. Pelosi will insist we go over the cliff. She will pass a bill that concerns plastic surgery. The remaining face lifts she will endure are now at tax payors expense.

I believe the middle class will get a bump. Certainly for Obamacare. Let's not get into that loser of a proposition. The biggest question is what bump for those making $250,000 a year. The question of cutting spending is still in the balance.

em2nought · 12-23-12, 09:46 AM

Quote:

Originally Posted by AVGWarhawk

The question of cutting spending is still in the balance.

Like cutting spending is ever going to happen in a meaningful way LMFAO

Platapus · 12-23-12, 09:56 AM

And of course congress can always just say no to the "mandatory" changes and pass the buck to the next congress.

Jimbuna · 12-23-12, 08:10 AM

Quote:

Originally Posted by magic452

Jim check out this link, National debt clock.
http://www.usdebtclock.org/

Look at the one on the bottom called Unfunded Liabilities. Yes that is Trillions.
That is the one nobody is talking about but we still have to pay.
Also look at the debt per taxpayer.
These clowns can't even cut a few billion much less do anything about these.
One day, don't know when, but the chit's gonna hit the fan.

Your Toff boys are puppy poop compared to ours.

Magic

Wow!!

Certainly puts things into perspective for me

Armistead · 12-23-12, 09:57 AM

Quote:

Originally Posted by magic452

Jim check out this link, National debt clock.
http://www.usdebtclock.org/

Look at the one on the bottom called Unfunded Liabilities. Yes that is Trillions.
That is the one nobody is talking about but we still have to pay.
Also look at the debt per taxpayer.
These clowns can't even cut a few billion much less do anything about these.
One day, don't know when, but the chit's gonna hit the fan.

Your Toff boys are puppy poop compared to ours.

Magic

Last I read, the US owes more money than contained in all banks and stock markets in the world combined..

Platapus · 12-23-12, 11:16 AM

Quote:

Originally Posted by Armistead

Last I read, the US owes more money than contained in all banks and stock markets in the world combined..

But since the majority of the debt is held by the Federal, state governments as well as the citizens of the US, I doubt we are going to foreclose on ourselves?

For the most part the "debt" is just a political tool to get the citizens riled up.

Every time a politician brings up the "debt", what are they asking for? Increased political power of some sort. Some increased control over something. I have never heard of a politician claiming that the solution to the "debt problem" is less power/authority. It is usually "give me or my people more political power than my opponents".

CaptainHaplo · 12-23-12, 12:32 PM

Platapus - in a sense though - isn't less spending - whether on military or social programs - exactly that? Less Government spending equates to less governmental control - over lives, the economy, or the world itself?

This really is where the "debt" issue ends up going off track. JimBuna asked about how much taxes were needed. Why is it somehow not reasonable to expect Government to "live within its means"?

mookiemookie · 12-23-12, 02:56 PM

There's going to be an 11th hour deal that no one is going to be happy with and the whole "fiscal cliff" thing will blow over.

I still moved my entire 401k to cash for now, just in case.

AVGWarhawk · 12-23-12, 03:09 PM

Quote:

Originally Posted by mookiemookie

I still moved my entire 401k to cash for now, just in case.

Why do that? Taxes on capital gains, dividends and estates are going to skyrocket. Hence the sell off of stocks now for reduced taxes. What 401k program do you have that allows you to liquidate to cash, hide it and reinvest later without penalty? Did you initiate a loan on it?

Jimbuna · 12-23-12, 05:28 PM

Quote:

Originally Posted by mookiemookie

There's going to be an 11th hour deal that no one is going to be happy with and the whole "fiscal cliff" thing will blow over.

I still moved my entire 401k to cash for now, just in case.

Wise choice...I'd have done the same

TorpX · 12-23-12, 03:59 PM

Quote:

Originally Posted by CaptainHaplo

Platapus - in a sense though - isn't less spending - whether on military or social programs - exactly that? Less Government spending equates to less governmental control - over lives, the economy, or the world itself?

This really is where the "debt" issue ends up going off track. JimBuna asked about how much taxes were needed. Why is it somehow not reasonable to expect Government to "live within its means"?

This is the most sensible thing I've read all year.

+1

kraznyi_oktjabr · 12-23-12, 05:17 PM

Quote:

Originally Posted by CaptainHaplo

Platapus - in a sense though - isn't less spending - whether on military or social programs - exactly that? Less Government spending equates to less governmental control - over lives, the economy, or the world itself?

This really is where the "debt" issue ends up going off track. JimBuna asked about how much taxes were needed. Why is it somehow not reasonable to expect Government to "live within its means"?

Reality check:

What makes politician look good?

Creating jobs to his/her district/state.

What is easiest way to do that?

Funding government program. Such as new weapons system, naval warship etc...

12-22-12, 01:37 PM	#1
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 190,770 Downloads: 63 Uploads: 13	I always thought our UK deficit was large but the US one dwarfs that. I sometimes wonder what percentage tax rise would be needed to reduce them over say a ten or twenty year period. __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!!

12-23-12, 06:17 AM	#3
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,282 Downloads: 90 Uploads: 0	This will never pass. Pelosi will insist we go over the cliff. She will pass a bill that concerns plastic surgery. The remaining face lifts she will endure are now at tax payors expense. I believe the middle class will get a bump. Certainly for Obamacare. Let's not get into that loser of a proposition. The biggest question is what bump for those making $250,000 a year. The question of cutting spending is still in the balance. __________________ “You're painfully alive in a drugged and dying culture.” ― Richard Yates, Revolutionary Road

12-23-12, 09:56 AM	#5
Platapus Fleet Admiral Join Date: Oct 2006 Posts: 19,386 Downloads: 63 Uploads: 0	And of course congress can always just say no to the "mandatory" changes and pass the buck to the next congress. __________________ abusus non tollit usum - A right should NOT be withheld from people on the basis that some tend to abuse that right.

12-23-12, 12:32 PM	#9
CaptainHaplo Silent Hunter Join Date: Apr 2007 Posts: 4,404 Downloads: 29 Uploads: 0	Platapus - in a sense though - isn't less spending - whether on military or social programs - exactly that? Less Government spending equates to less governmental control - over lives, the economy, or the world itself? This really is where the "debt" issue ends up going off track. JimBuna asked about how much taxes were needed. Why is it somehow not reasonable to expect Government to "live within its means"? __________________ Good Hunting! Captain Haplo

12-23-12, 02:56 PM	#10
mookiemookie Navy Seal Join Date: Nov 2005 Location: Houston, TX Posts: 9,404 Downloads: 105 Uploads: 1	There's going to be an 11th hour deal that no one is going to be happy with and the whole "fiscal cliff" thing will blow over. I still moved my entire 401k to cash for now, just in case. __________________ They don’t think it be like it is, but it do. Want more U-boat Kaleun portraits for your SH3 Commander Profiles? Download the SH3 Commander Portrait Pack here.