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It is the spending, stupid!?
I would appreciate your comments concerning the $16,400,000,000,000 debt we carry.
I do agree with the higher tax rates on the wealthy, but also feel that spending cuts and entitlement reforms are critical to getting our economy back on steady footing.
Please, your comments on these points. Why you think so and why you do not.
Thank you for your thoughts, so far.
It is pretty clear that some are liberals and some conservative.
To those that feel raising taxes alone will pull us out of debt... how are our kids/grandkids ever going to be able to pay off such a huge debt/interest if current deficit spending continues with the slow job growth?? Taxes alone will not do it.
Add more billions in health care costs that is coming down the road. Where are the spending restraints?? Do you support them considering this trend?
5 Answers
- LiddelLv 78 years agoFavourite answer
This is a couple of years old but I think you'll get the point.
Lesson # 1:
* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000
Let's now remove 8 zeros and pretend it's a household budget:
* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $38.50
Got It ?????
OK now,
Lesson # 2:
Here's another way to look at the Debt Ceiling:
Let's say, You come home from work and find
there has been a sewer backup in your neighborhood....
and your home has sewage all the way up to your ceilings.
What do you think you should do ......
Raise the Ceilings, or remove the Fecal Buildup?
- JimLv 78 years ago
The only way to reduce the debt is to increase the number of taxes the government collects and to cut the amount of military spending. Yes we need to reform Medicaid and Medicare but there isn't enough savings to really make a difference without increasing revenues. It is also political suicide to cut military spending and Medicaid.
What can the government do to give the economy the best chance to recover and be politically possible? Cutting government programs is not on that list. A big part of Obamacare was attempts to limit Medicaid growth and it almost cost the President reelection. Further cuts are not realistic.
- Anonymous8 years ago
Technically government spending more immediately helps the economy in the short term, but we need to cut spending because as the debt increases we lose faith in our economy which weakens it more than the government spending strengthens it.
- Anonymous8 years ago
It is the low taxes. During the 20th century, we have 90% tax rates on the rich!
