Spending is the problem.
However, a balanced approach would be to increase some taxes while decreasing MUCH spending. It looks like the repubs are willing to raise taxes on those folks making big bucks but hit resistance from dems on ANY spending cuts other than the military.
Cliff is looming!
HOW MUCH OF THIS DEBT DO YOU HAVE TO PAY?
$184,000 PER PERSON
$483,000 PER HOUSEHOLD
You, along with every other U.S. citizen, owe a portion of the total debt. To your personal balance sheet, add $184,000 in debt. Since children and pensioners don’t produce, what about a family’s burden? Your liability, and that of every “average” family, is $483,000. That is real debt that you will have to address. Every time you hear the deficit go up by $1 trillion, you will have to pay an additional $3,300!
And this is when it was $11T. We are now over $16T. Think about it people. This is far worse than the 9/11 attack. so why are we fighting each other?
The sequestration needs to merely be phased in over a longer period of time, like 20-years.
Combined with the return to pre-Bush tax cuts (which were supposed to be stimulative), we'd be on our way.
Add in some actual stimulative spending, along with fixes to entitlement programs, and we're set.
Removal of "payroll tax" cap, so that that flat tax actually is flat.
Medicare Part-D negotiation capability. (negotiate drug prices)
We should have been having this discussion 30 years ago. In this case better late than never does not apply. Don't concern yourselves with what the government is going to do about the debt. Just start preparing yourselves for the worst case scenario. It's called individualism and it is what early Americans relied on to get through tough times.
Why people have a hard time grasping this is beyond me. I do think, however, that we have more of a problem on the spending side. The bottom line is our standard of living is based on borrowed funds and the only thing that can fix it long term is a lower standard of living. We as a nation are like someone who gets a bunch of credit cards and lives like they are rich for a couple of years. They aren't rich and eventually there will be hell to pay. Well, hell is knocking on this country's door and he has Guido and Luigi flanking him with baseball bats. It is time to tear up those credit cards and live within our means. It will be painful and some people will be hurt along the way but there ain't no way out but the hard way.
It's a combination of too much spending and too little revenue.
|Terms of Service | Search/Archive | Feedback | Contact Information | DC50tv |
Baltimore Sun | Chicago Tribune | Daily Press | Hartford Courant | LA Times | Orlando Sentinel | Sun Sentinel
The Morning Call | The Virginia Gazette
Baltimore Sun, 501 N. Calvert Street, P.O. Box 1377, Baltimore, MD 21278