unofan
Well-known member
Re: The 112th Congress: Debt ceiling edition
Are we already counting the revenue from the bush tax cuts expiring, or not?
Are we already counting the revenue from the bush tax cuts expiring, or not?
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Re: The 112th Congress: Debt ceiling edition
As an accountant I follow the rule of recognizing expenses when they are certain and the amount can be reasonably determined, and revenue only when I have the cash in hand. So, to me, cuts of expenditures are easily quantifiable, but revenue increases are a guess.
No cows are sacred. But please discount any revenue increase from the expiration of tax cuts by 10%. The economy is not the same and the rich will switch income to tax avoidance areas to minimize any effects on them.
As an accountant I follow the rule of recognizing expenses when they are certain and the amount can be reasonably determined, and revenue only when I have the cash in hand. So, to me, cuts of expenditures are easily quantifiable, but revenue increases are a guess.
unofan
Well-known member
Re: The 112th Congress: Debt ceiling edition
Ok, but my question is still what baseline are we using - are we cutting $1 Trillion from the CBO baseline (which already includes the expiration of the bush tax cuts), or $1 Trillion from the situation as it stands currently (where the Bush tax cuts have not yet expired, and thus allowing them to expire could eat up a sizeable chunk of that trillion dollars).
Either way, a quarter of that trillion can come from defense. $250 billion less to the Pentagon still leaves us with the largest military budget in the world by about $300 billion.
Ok, but my question is still what baseline are we using - are we cutting $1 Trillion from the CBO baseline (which already includes the expiration of the bush tax cuts), or $1 Trillion from the situation as it stands currently (where the Bush tax cuts have not yet expired, and thus allowing them to expire could eat up a sizeable chunk of that trillion dollars).
Either way, a quarter of that trillion can come from defense. $250 billion less to the Pentagon still leaves us with the largest military budget in the world by about $300 billion.
The Sicatoka
Kicizapi Cetan
Re: The 112th Congress: Debt ceiling edition
It's pretty sad when the Chinese (Communist) government knows more about running a budget in a federal republic than the US House, Senate, and White House.
It's pretty sad when the Chinese (Communist) government knows more about running a budget in a federal republic than the US House, Senate, and White House.
Re: The 112th Congress: Debt ceiling edition
And yes -- the Pentagon can cut $250B easily. I would shut down every base we have in Europe (with the exception of the medical facility in Germany). The Cold War is over and the EU / UK can defend themselves against the (fill in name of faceless enemy).
Right now. Not the CBO -
And yes -- the Pentagon can cut $250B easily. I would shut down every base we have in Europe (with the exception of the medical facility in Germany). The Cold War is over and the EU / UK can defend themselves against the (fill in name of faceless enemy).
unofan
Well-known member
Re: The 112th Congress: Debt ceiling edition
It's pretty sad that people believe that Chinese government is doing anything other than posturing in making such a statement.
China can either stop buying our debt or keep their peg to the dollar. Since they need us as an export market more than we need them for anything (in other words, they'll get hurt more than we will if they choose to break the peg and stop buying our debt), they'll maintain their currency.
They can ***** all they want about our policies but can't do jack shiat about it, and any threat to the contrary is a meaningless bluff.
It's pretty sad that people believe that Chinese government is doing anything other than posturing in making such a statement.
China can either stop buying our debt or keep their peg to the dollar. Since they need us as an export market more than we need them for anything (in other words, they'll get hurt more than we will if they choose to break the peg and stop buying our debt), they'll maintain their currency.
They can ***** all they want about our policies but can't do jack shiat about it, and any threat to the contrary is a meaningless bluff.
Re: The 112th Congress: Debt ceiling edition
Here is $1.8T in cuts. A couple of those I would phase in over 3 years, but on the whole its a pretty good list.
Here is $1.8T in cuts. A couple of those I would phase in over 3 years, but on the whole its a pretty good list.
The Sicatoka
Kicizapi Cetan
Re: The 112th Congress: Debt ceiling edition
And because of this rational use of rational mind (and GAAP) you are hereby precluded from ever dealing with federal budgets.
And because of this rational use of rational mind (and GAAP) you are hereby precluded from ever dealing with federal budgets.
Re: The 112th Congress: Debt ceiling edition
Saw that. My immediate reaction was DOA as too many cows would die and PEETA (Please Expand Entitlements to All) and the CAATO (Can't Arrest America's Tax Offenders) would scream so loudly that the Conngress would fold.
The Sicatoka
Kicizapi Cetan
Re: The 112th Congress: Debt ceiling edition
Sure they're posturing, but they've also put out the first two areas that need trimming.
Taxes on corporate jets or eliminating PBS, without broader measures (see: Chinese statement), won't solve the problems.
Sure they're posturing, but they've also put out the first two areas that need trimming.
Taxes on corporate jets or eliminating PBS, without broader measures (see: Chinese statement), won't solve the problems.
ScoobyDoo
NPC
Re: The 112th Congress: Debt ceiling edition
Yeah. Too bad they're lying.
Privatize Post Office: $4 billion (White House)
The post office doesn't cost the federal govt. anything. It's fully self funded. Listing that as a cut is BS.
Yeah. Too bad they're lying.
Privatize Post Office: $4 billion (White House)
The post office doesn't cost the federal govt. anything. It's fully self funded. Listing that as a cut is BS.
Re: The 112th Congress: Debt ceiling edition
Are you saying you can't trust a Fox Business story by a guy who looks like a wannabe porn actor? Go figure.
Agreed on China. Amazing that conservatives want to take advice from a communist dictatorship running a planned economy. If they'd stop employing slave labor and let their currency float the US job market and hence budget would look a lot better.
Are you saying you can't trust a Fox Business story by a guy who looks like a wannabe porn actor? Go figure.
Agreed on China. Amazing that conservatives want to take advice from a communist dictatorship running a planned economy. If they'd stop employing slave labor and let their currency float the US job market and hence budget would look a lot better.
Twitch Boy
Defacing this tagline is a MAX foul
Re: The 112th Congress: Debt ceiling edition
The bright side of all this?
Oil is down to $83 a barrel.
My Jeep approves of this development very much.
The bright side of all this?
Oil is down to $83 a barrel.
My Jeep approves of this development very much.
Almington
Blood Boiling with Rage and Hate
Re: The 112th Congress: Debt ceiling edition
While that would balance the budget, it would gut many areas of regulation, privatize things that I'm not sure should be privatized (do we really want the airlines to or wall street to completely self regulated?), and decimate investment spending in infrastructure, research, and education. The long term impact of that would be to significantly depress economic growth in the future.
At the end of the day, entitlements HAVE to be reformed so that expenditures are reduced. In addition, tax revenues have to increase over where they are now, and the best way to do that is through a complete overhaul of the tax code so that it is more about collecting revenue and less about social engineering.
While that would balance the budget, it would gut many areas of regulation, privatize things that I'm not sure should be privatized (do we really want the airlines to or wall street to completely self regulated?), and decimate investment spending in infrastructure, research, and education. The long term impact of that would be to significantly depress economic growth in the future.
At the end of the day, entitlements HAVE to be reformed so that expenditures are reduced. In addition, tax revenues have to increase over where they are now, and the best way to do that is through a complete overhaul of the tax code so that it is more about collecting revenue and less about social engineering.
Almington
Blood Boiling with Rage and Hate
Re: The 112th Congress: Debt ceiling edition
History and basic human nature (greed)
The SEC may not be able (or willing) to stop some of the more subtle methods by which people manipulate the market, but their presence does prevent most of the most blatant of scams.
History and basic human nature (greed)
The SEC may not be able (or willing) to stop some of the more subtle methods by which people manipulate the market, but their presence does prevent most of the most blatant of scams.
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Re: The 112th Congress: Debt ceiling edition
Well somebody has an idea. Are you over 25 and a citizen of the USA??
Almington
Blood Boiling with Rage and Hate
Re: The 112th Congress: Debt ceiling edition
Given my willingness to both raise taxes (sacrilege!) and cut spending (heartless!), I wouldn't survive a primary in either party, I'm just not ideologically pure enough.
Given my willingness to both raise taxes (sacrilege!) and cut spending (heartless!), I wouldn't survive a primary in either party, I'm just not ideologically pure enough.
ScoobyDoo
NPC
Re: The 112th Congress: Debt ceiling edition
I'll take that one further. I wish I had never gotten sucked into investing into the stock market. Period. I'd rather have taken the safe investment route. I'd be better off today then I am now. They dangle 10% at you and never deliver.
I'll take that one further. I wish I had never gotten sucked into investing into the stock market. Period. I'd rather have taken the safe investment route. I'd be better off today then I am now. They dangle 10% at you and never deliver.
walrus
Wind up workin' in a gas station
Re: The 112th Congress: Debt ceiling edition
How much income will their be letting the bush tax cuts expire?(a t least how much are they projecting). And did Obama ever say the word cut in his little speech today? All I hear is shared sacrifice, does that mean cuts?
How much income will their be letting the bush tax cuts expire?(a t least how much are they projecting). And did Obama ever say the word cut in his little speech today? All I hear is shared sacrifice, does that mean cuts?
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