The U.S. Is Bankrupt and We Don't Even Know

Discussion in 'Politics, Religion, Social Issues' started by fivepoint, Aug 11, 2010.

?

Which one?

  1. Massive Tax Increases

    8.9%
  2. Massive Spending Cuts

    53.3%
  3. Massive Hyper-Inflation via FED Money Printing

    6.7%
  4. Combination of all Three

    17.8%
  5. "La, la, la, I hear nothing!"

    13.3%
  1. fivepoint macrumors 65816

    fivepoint

    Joined:
    Sep 28, 2007
    Location:
    IOWA
    #1
    You pick. Double our taxes, cut spending or print money and ensure hyper-inflation?

    One caveat, I don't know about you, but with all taxes combined I'm already paying amount to around 50% of my income in taxes (have you ever calculated yours w/ consumption taxes and everything?). Not quite sure how that can be doubled. The truth, the inevitable reality is heading our way, folks. Cuts have to happen everywhere. The government is trying to do to much. In addition to exceeding it's constitutional mandate, our government is also exceededing it's reality mandate and simple fiscal arithmetic mandate.

    This is not sustainable.



     
  2. itcheroni macrumors 6502a

    Joined:
    Sep 23, 2005
    Location:
    CA
    #2
    It's completely unavoidable now. We will have hyperinflation.
     
  3. quagmire macrumors 603

    quagmire

    Joined:
    Apr 19, 2004
    #3
    My idea? Little of both cutting spending and raising taxes. I am sorry Americans, but both situations of low taxes and massive spending is unsustainable. We don't need that humongous defense budget and we don't need to kill our governments income to keep on getting the publics votes.

    Someone here I believe said it here before and I will repeat it again. We Americans believe that we should live like a first-world country and yet only pay the taxes of a third-world country. You need a balance of the right amount of taxes and the amount of spending for education, healthcare, welfare, etc. And I believe in order to do that, taxes do need to be raised and spending needs be cut until they meet up in the middle.
     
  4. leekohler macrumors G5

    leekohler

    Joined:
    Dec 22, 2004
    Location:
    Chicago, Illinois
    #4
    You have hit the nail on the head.
     
  5. yayitsezekiel macrumors 6502a

    yayitsezekiel

    Joined:
    Aug 1, 2008
    Location:
    Irvine, CA
    #5
    cutting is most important though, and yes unfortunately taxes will be high because we dug ourselves so deep in this hole. That is if we actually DO stop spending :/
     
  6. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #6
    I have always said it will take tax increases along with spending cuts to dig ourselves out of this mess we've created.
     
  7. patrick0brien macrumors 68040

    patrick0brien

    Joined:
    Oct 24, 2002
    Location:
    The West Loop
    #7
    Remember how the Revolutionary War started? High taxes and no representation.

    Sound familiar?
     
  8. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #8
    Fivepoint, why is the world so damn black and white to you? "Pick A,B, or C folks! but no actually GOOD decisions"

    How bout raising taxes, closing loopholes (all loopholes), AND cutting spending. But I'm a liberal so surely you won't give a damn about what I've wrote.:rolleyes:

    Where do you live that you don't have a representative? :rolleyes:
     
  9. itcheroni macrumors 6502a

    Joined:
    Sep 23, 2005
    Location:
    CA
    #9
    Can you give an example of a loophole? I agree in closing loopholes but what is a loophole for some may make sense to others.
     
  10. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #10
    I'm talking about tax haven loopholes that allow companies like Exxon Mobile to pay ZERO in taxes on income they got from America. That is infuriating.
     
  11. quagmire macrumors 603

    quagmire

    Joined:
    Apr 19, 2004
    #11
    This Fareed Zakaria is a smart man. ;)

    http://www.newsweek.com/2010/08/01/raise-my-taxes-mr-president.html
     
  12. Burnsey macrumors 6502a

    Joined:
    Jul 1, 2007
    Location:
    Canada
    #12
    You can always invade an oil rich country on some baseless pretext and use their oil to pay off the debts. It would probably be a lot cheaper than any other measure.
     
  13. quagmire macrumors 603

    quagmire

    Joined:
    Apr 19, 2004
    #13
    Good idea! Time to invade Canada! :D
     
  14. itcheroni macrumors 6502a

    Joined:
    Sep 23, 2005
    Location:
    CA
    #14
    I don't disagree with the article but I don't like what is being implied.

    1) Republicans say the deficit is a huge problem

    2) Republicans don't want to raise taxes to fix the deficit

    ~=thus, the deficit must not be a huge problem.

    No, it just means that the Republican party is failing to live up to their own principles.
     
  15. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #15
    Not when its only a certain few buddy buddy corporations that are taking that oil profits.

    That said, I know you were joking, but its a disgusting idea through and through.
     
  16. iJohnHenry macrumors P6

    iJohnHenry

    Joined:
    Mar 22, 2008
    Location:
    On tenterhooks
    #16
    Hey, who up there Sport.

    Do you want a bloody nose, again?? :p

    How about you cut massive spending on the Armed Forces, and stop exporting your version of what you think the World should be.

    Bring them all home, and go xenophobic if you must.

    Just don't look up. ;)
     
  17. GfPQqmcRKUvP macrumors 68040

    GfPQqmcRKUvP

    Joined:
    Sep 29, 2005
    Location:
    Terminus
    #17
    What loopholes? Are you speaking about net operating loss carrybacks and carryforwards?
     
  18. quagmire macrumors 603

    quagmire

    Joined:
    Apr 19, 2004
    #18
    I think that is what he meant as well.

    He says the Republicans are saying the deficit is a problem that is hurting the economy, but the Republicans won't do something that will actually help reduce it.
     
  19. itcheroni macrumors 6502a

    Joined:
    Sep 23, 2005
    Location:
    CA
    #19
    Fair enough. It's just that, on this board, the response I often get to "the deficit is a huge problem" is "well, the Republicans..."
     
  20. quagmire macrumors 603

    quagmire

    Joined:
    Apr 19, 2004
    #20
    Truth is though the Republicans are a huge reason why we have such a massive deficit. Who controlled the white house and congress when our surplus was turned into our massive deficit? The fact the Democrats are also showing they don't want to do anything to reduce it( again, pondering to get reelected) is scary as well. Both parties say they are wanting to reduce the deficit, and yet don't do anything because they want to get reelected and letting the Bush cuts expire will not help them do that.

    Essentially, we're screwed.
     
  21. fivepoint thread starter macrumors 65816

    fivepoint

    Joined:
    Sep 28, 2007
    Location:
    IOWA
    #21
    Surely you don't believe that our taxes are that of a third-world country? Surely you realize that many Americans pay upwards of 50% of their income already towards income tax and consumption based taxes. Giving half of your money to the government, is what you'd consider to be 'first-world?'



    Agreed.



    Your question assumes a potentially false premise, that there are in-fact good/easy/safe options. There there are ways we can come out of this hole by making easy and simple choices that won't hurt anyone in the process. I would argue the opposite is true, that any real change, any real solution is going to cause pain. (getting this point across is part of the reason I designed the poll the way I did) It's going to hurt a little... the good news is though that we'll stop inflating the bubble and hopefully save ourselves from a much more horrible fate. And yes, I do give a damn about what you wrote. I'm glad you contributed.
     
  22. Burnsey macrumors 6502a

    Joined:
    Jul 1, 2007
    Location:
    Canada
    #22
    Well we do technically have the world's second largest oil reserves, but I don't know what excuse you could use to invade us for it. Celine Dion might be a good one, and you could also probably classify Justin Beiber as an immediate and existential threat, but Fox News would still have to go into overdrive to push for it!
     
  23. mcrain macrumors 68000

    mcrain

    Joined:
    Feb 8, 2002
    Location:
    Illinois
    #23
    So, it's ok for you to refer to paying 50% of your income in all taxes combined, but when I do it, I'm being a socialist, communist, and not understanding tax policy?

    WTF?

    (edit) At this point, an apology for your earlier comments might be appropriate, seeing as all of a sudden you are agreeing with me.
     
  24. quagmire macrumors 603

    quagmire

    Joined:
    Apr 19, 2004
    #24
    As noted in the article I linked to above, 50% of Americans don't even pay income taxes and only 3% of Americans are in the 50% tax bracket.

    Americans always want lower taxes. Why else do you think practically every candidate( president or congress) says he will lower taxes even more? Because s/he wants to get elected. Our taxes have not been this low since Truman and people still complain and want more tax cuts and yet, don't want the government to reduce our spending( which includes the defense budget).

    Americans don't want to face facts. Our spending needs to be cut and the Bush cuts need to expire( which essentially raises taxes). While we are not literally at third world tax levels, that quote simply meant we are not willing to pay for the standard of living we enjoy today. Essentially, Americans want to buy a Ferrari F430 for Chevy Malibu prices.
     
  25. itcheroni macrumors 6502a

    Joined:
    Sep 23, 2005
    Location:
    CA
    #25
    I definitely agree Republicans are a huge reason why we have a huge deficit. That is why it is so infuriating when I complain about the deficit and the response is along the lines of, "well Republicans did such and such," suggesting that because Republicans made the deficit worse, people shouldn't complain when the Democrats do it(I actually don't know what their point is. There's not much logic to it, so I find it hard to understand). Ironically, the same argument is somewhere in the thread Republicans=Democrats.
     

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