bpwallace49 Posted February 1, 2010 Share Posted February 1, 2010 A great article looking at the economy Considering Greece is basically bankrupt, it will be very interesting to see how the US avoids similar pitfalls. Obama freezing discretonary spending? Awesome . . but in the face of upping spending in other areas, means little. With the Bush tax cuts for people that earn over a quarter million dollars a year set to expire, I guess gubment revenues will increase, but just for ONCE I would like to se rollbacks in other spending programs. The "pay as you go" program is a great start, but immediate cutbacks HAVE to happen to start making a difference. Congress is too wrapped up in their own petty squabbles over seats and protecting their jobs along with keeping pet projects in their districts that any progress from that area seems futile. Speaking of . . who thought it would be a good idea to have a rep from a bankrupt state like California speaker of the house? left, right, really doesnt matter. Only results matter at this point . . .after reading this article I am ready to pull everything out of Iraq immediately, try to overwhelm Afghanistan and then get the hell out of there too and then turn our entire focus inward for economic rebuilding. Open ended wars with very little payoff at the end seem pretty dumb in the face of harsh economic realities . . . Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 1, 2010 Share Posted February 1, 2010 it will interesting to see if/when cali, il, mi, zona declare bankruptcy. Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 1, 2010 Share Posted February 1, 2010 the major difference between us and greece is that in a worst case scenario greece cannot monetize its debts Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 1, 2010 Share Posted February 1, 2010 When the states start going bankrupt, can the federal government require them to sell of state owned land to pay back any loan the government may give them? bp, I'd love to see an across the board tax increase on everyone, the same percentage increase for everyone. I'd love to across the board spending cuts on everything with the possible exception of the military, and there I'd like someone to do a real audit and see what fat can be trimmed and trim it. Unfortunately until we can get some type of term limits passed we will never see a large enough group of politicians in Washington with the balls to tell their constituents that they might not get as much or they might have to pay more. Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted February 1, 2010 Author Share Posted February 1, 2010 the major difference between us and greece is that in a worst case scenario greece cannot monetize its debts What I liked about teh article was the passages that detail what could happen to the average citizen in these scenarios . . Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted February 1, 2010 Author Share Posted February 1, 2010 When the states start going bankrupt, can the federal government require them to sell of state owned land to pay back any loan the government may give them? bp, I'd love to see an across the board tax increase on everyone, the same percentage increase for everyone. I'd love to across the board spending cuts on everything with the possible exception of the military, and there I'd like someone to do a real audit and see what fat can be trimmed and trim it. Unfortunately until we can get some type of term limits passed we will never see a large enough group of politicians in Washington with the balls to tell their constituents that they might not get as much or they might have to pay more. Perch you are exactly right . . without term limits, no one will have the balls to do what needs to be done. They will only do what is needed to get themselves reelected. Actually you and I agree on flat taxes conceptually . . . I would love to eliminate all the deductions and loopholes, simplify the whole thing, and set a poverty level exemption, Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 1, 2010 Share Posted February 1, 2010 how many times must it be said.......... we are skrewed. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 1, 2010 Share Posted February 1, 2010 Perch you are exactly right . . without term limits, no one will have the balls to do what needs to be done. They will only do what is needed to get themselves reelected. Actually you and I agree on flat taxes conceptually . . . I would love to eliminate all the deductions and loopholes, simplify the whole thing, and set a poverty level exemption, Don't forget the business owner exemption Not sure I like exemptions. I might not have a problem with workfare where they can earn some extra money working "gasp" more than 40 hours a week if they need to meet some predetermined "poverty" line. I also wouldn't be against welfare for those with demonstrable metal or physical illness, and would actually encourage that so long as it is tightly guarded against fraud. Quote Link to comment Share on other sites More sharing options...
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