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Old 10-17-2013, 09:57 PM  
mlyonsd mlyonsd is online now
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U.S. Debt Bill is $123K Per Working American

Sticker Shock: U.S. Debt Bill is $123K Per Working American
by Kate Rogers
Published October 17, 2013 | FOXBusiness

If the last few weeks on Capitol Hill has taught us anything, it’s that Washington doesn’t have the best concept of living within your means.

Last night’s 11th-hour deal raised the country’s borrowing limit to avoid a possible default on our payments. When Congress passes laws that require spending, the Treasury Department is tasked with providing the funds, but when they don’t have the cash from tax revenues to cover the expenditures, it forced to borrow money—and that’s where we’ve gotten in trouble.

To put our country’s debt situation into perspective, if every working American had to pay their share of the $16.7 trillion debt in 2012, they would be shelling out $123,000.

The national debt is on schedule to hit $17 trillion in the next few weeks, up from $10.6 trillion when President Obama took office in 2009.

This debt obligation comes out to nearly $53,000 if every person living in the U.S., including children and unemployed had to pay a share, according to a Harvard Report, titled 2012 Annual Report of the USA.

Barry Bosworth, economist at the Brookings Institution, says up until the 2009 financial crisis, debt was a falling share of GDP, which was sustainable. While a deal was reached to avoid hitting the debt ceiling, it’s only a short-term solution, and the current debt-to-income ratio in the U.S. is at about 70%, according to Bosworth.

“If our debt was a constant share of income we don’t have to worry about it,” Bosworth says. “If a family borrows a lot of money, it’s OK as long as they have the ability to service the income. If the debt is a rising share of their income, that would be a concern. “

American GDP slowed dramatically during the recession, and he likens the country’s debt to a family continuing to spend a lot more than the income coming in.

“We can easily manage the payment of the debt, but we don’t want it going up. It is the same for a household, if you take out a mortgage, you don’t want it to get beyond what you can afford to pay.”

Despite the political infighting in D.C., he maintains Congress has done a decent job of cutting expenditures in the past two years, but he still says the spending is unsustainable.

“I would still worry if I were an American,” he says. “It’s not clear that these cuts are sustainable. We will have a debt problem once again."
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Old 10-18-2013, 06:18 PM   #31
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By "reform" do you mean "raise taxes"?
Sure, why not?

Do you think our current tax rates are optimal?

They are not optimal for raising revenue that matches what our elected representatives vote to spend.

There have been periods with higher tax rates and so much better economic growth that people had better standards of living even if paying a higher tax rate.

Tax and fiscal policy together is certainly not optimal for economic growth.

A lot of American prosperity is a result of advances made possible by government investment.
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Old 10-18-2013, 06:19 PM   #32
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Originally Posted by jettio View Post
Sure, why not?

Do you think our current tax rates are optimal?

They are not optimal for raising revenue that matches what our elected representatives vote to spend.

There have been periods with higher tax rates and so much better economic growth that people had better standards of living even if paying a higher tax rate.

Tax and fiscal policy together is certainly not optimal for economic growth.

A lot of American prosperity is a result of advances made possible by government investment.
How about we manage our finances responsibly?
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Old 10-18-2013, 06:24 PM   #33
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Then call it what it is. I have no respect for those who couch terms to cover up their true meaning...
He is another direkshun and I am sure you know what I think of him. Just another shitbag wanting us to pickup the tab. ****ing groupies who are too blind to see their idol is among those they hate and protects his like~
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Old 10-18-2013, 06:24 PM   #34
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Is that a yes or a no?
I would be in favor of raising more revenue through taxes to come closer to matching what is spent and that raises more than is spent in times of prosperity.

I think Simpson-Bowles might raise more revenue, but it lowers rates for a lot of brackets and closes a lot of loopholes. That might be a good approach.
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Old 10-18-2013, 06:26 PM   #35
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How about we manage our finances responsibly?
In what way are they not being managed responsibly?

If you are spending more than you bring in, one option would be to earn more money.
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Old 10-18-2013, 06:27 PM   #36
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Old 10-18-2013, 06:27 PM   #37
RedNeckRaider RedNeckRaider is offline
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Originally Posted by jettio View Post
In what way are they not being managed responsibly?

If you are spending more than you bring in, one option would be to earn more money.
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Old 10-18-2013, 06:28 PM   #38
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Originally Posted by vailpass View Post
How about we manage our finances responsibly?
Maybe raising taxes is doing that.

Maybe we have cut taxes too much.
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Old 10-18-2013, 06:28 PM   #39
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Originally Posted by jettio View Post
In what way are they not being managed responsibly?

If you are spending more than you bring in, one option would be to earn more money.
Taxation is not earning.
Make a budget, stick to it.
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Old 10-18-2013, 06:30 PM   #40
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Maybe raising taxes is doing that.

Maybe we have cut taxes too much.
I don't need to pay for the irresponsibility of the government. I don't wish to be mugged by my ejected officials. I do my part, now they need to do theirs...
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Old 10-18-2013, 06:32 PM   #41
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Quote:
Originally Posted by jettio View Post
Sure, why not?

Do you think our current tax rates are optimal?

They are not optimal for raising revenue that matches what our elected representatives vote to spend.

There have been periods with higher tax rates and so much better economic growth that people had better standards of living even if paying a higher tax rate.

Tax and fiscal policy together is certainly not optimal for economic growth.

A lot of American prosperity is a result of advances made possible by government investment.
Thats so right. Optimal taxes would be equal to spending. And that means we better jack the tax rates. But we likely need to change the who pays as well. Somehow we need to get more people paying taxes and we ne need all people to pay more so we can optimize income.

I f we can raise rates. And raise the number of people paying by going deeper into the middle class for tax bucks, this can work.

Prosperity will happen if we have Government growing and investing as you suggest.
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Old 10-18-2013, 06:40 PM   #42
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Thats so right. Optimal taxes would be equal to spending. And that means we better jack the tax rates. But we likely need to change the who pays as well. Somehow we need to get more people paying taxes and we ne need all people to pay more so we can optimize income.

I f we can raise rates. And raise the number of people paying by going deeper into the middle class for tax bucks, this can work.

Prosperity will happen if we have Government growing and investing as you suggest.
I agree with that. IMO, the B*sh tax cuts cut income taxes too much for a lot of working people and all of the politicians are afraid to fix that.

A lot of people pay only social security and medicare taxes and could afford to pay some income tax and it would do a lot to raise revenue and lower deficits.
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Old 10-18-2013, 06:43 PM   #43
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I know this is a huge generalization, but no matter who's to blame we have a bunch of asshats from both parties who don't give a shit and deserve to lose their jobs; everyone of them. As long was we play the "My guy sucks, but at least it's not their guy" game, we're gonna be the losers.
Let's keep our fingers crossed that people remember the events of this month in 2014 - especially the people in the Ohio 8th, the California 12th, and the state of Kentucky. Oh, and the people of Nevada, too, two years later.
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