The Demise of the United States is Inevitable

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Floris said:
For the sole reason that they print their own money, rather than use the value and availability of gold.

That said, I just laugh at news articles where I hear that Apple Inc now has more money available in cash than the USA.
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Apple has so much money that they could buy every NFL, NBA, MLB, and NHL franchise and still have $25 billion in cash left over.
 
Fred Sherman said:
Apple has so much money that they could buy every NFL, NBA, MLB, and NHL franchise and still have $25 billion in cash left over.
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I have no problem with Apple focussing on what they do best, and I am not sure if that includes sports teams, haha.
 
Oh boy...here we go.

So the debt ceiling has been agreed upon. This is what should be considered a very short-term "solution". I hope they are all working on a long-term solution to help get us out of this mess.

As far as Anthony's comments regarding our military, he may be on to something. Military spending is definitely being looked at, with them considering overhauling retirement for military members: http://www.navytimes.com/news/2011/...calls-for-radical-retirement-overhaul-072511/. But that won't be enough. I never understood why our government insists on dumping money into other countries when it would be better spent fixing things here.

We live in a country of freeloaders. Ya'know, the people without jobs who take checks from the government, while at the same time, somehow have money for alcohol, drugs, and 20-inch rims. My opinion: if you're accepting checks from the government, you have to be subject to drug tests and prove that you are looking for a job. If you fail the drug test or show no intent to find a job to support yourself, you don't get a check. We have become a country of supporting the weakest links.

A few people have mentioned self-entitlement. This has definitely become a lazy country with few people willing to sacrifice anything. There's so many people with the mentality of, "yeah, we really should do this, but I don't want to. Someone else can worry about it".

It's really time to stop out-sourcing jobs. However, there needs to be some incentive for companies to bring work back here. Sadly, that incentive has to be something other than, "for the good of your country". I'd definitely like to see "Made in America" again. Can't really remember the last time I've seen that.

Hopefully, things get better...but I have a feeling they're only about to get worse.
 
It all starts with a Balanced Budget Amendment. Thats the only way to force Congress to adopt any fiscal restraint. And lets start with requiring them to have a budget to begin with. This administration hasn't had a budget for over 800 days.
 
Fred Sherman said:
It all starts with a Balanced Budget Amendment. Thats the only way to force Congress to adopt any fiscal restraint. And lets start with requiring them to have a budget to begin with. This administration hasn't had a budget for over 800 days.
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Speaking of Congress...maybe they shouldn't be allowed to increase their own paychecks.
 
Fred Sherman said:
It all starts with a Balanced Budget Amendment. Thats the only way to force Congress to adopt any fiscal restraint. And lets start with requiring them to have a budget to begin with. This administration hasn't had a budget for over 800 days.
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There is even a better cure for that. Just follow Warren Buffett's advice:

"I could end the deficit in five minutes. You just pass a law that says that any time there's a deficit of more than three percent of GDP, all sitting members of Congress are ineligible for re-election. Yeah, yeah, now you've got the incentives in the right place, right?
http://www.cnbc.com/id/43670783 "

More of Warren Buffett's wisdom on debt limit debate:
http://www.cnbc.com/id/43797533/War...bt_Limit_Debates_Are_Waste_of_Congress_s_Time
 
Ranger375 said:
They were put into office because the majority of Americans aren't exactly thrilled with Obama having a blank check. I am more than positive he will be a one term president. I think it's ironic how people put him in office thinking he would bring change, when he did absolutely nothing with his 2 years in the Senate.....well other than voting "present" when they needed a vote on a bill.
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Agreed, but who will replace him? If I were American, I would definitely vote Republican, but the current candidates all seem to be religious nut-jobs hell-bent on replacing science with church.

Let me know if anyone figures out where Galt's Gulch is, and how to get there.
 
kyrgyz said:
There is even a better cure for that. Just follow Warren Buffett's advice:

"I could end the deficit in five minutes. You just pass a law that says that any time there's a deficit of more than three percent of GDP, all sitting members of Congress are ineligible for re-election. Yeah, yeah, now you've got the incentives in the right place, right?
http://www.cnbc.com/id/43670783 "

More of Warren Buffett's wisdom on debt limit debate:
http://www.cnbc.com/id/43797533/War...bt_Limit_Debates_Are_Waste_of_Congress_s_Time
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It's and interesting idea, but I'm not sure it would pass Constitutional muster... a simpler solution would be a Constitution amendment enforcing Congressional term limits -- 2 terms for senators and 3 terms for representatives.
 
Qwk86gn said:
There is also State, Local City and School district Taxes depending on the state you live in. By the time I pay my annual taxes I end up paying 43% of my earnings to Government Agencies. How much more should I send the Government that does not even know how to balance things out. The Government is spending FAR more than they collect.
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This about sums it up for me as well. If you factor in sales tax and other obscure taxes (politicians like to call them service fees to sound better) its more like 50%!
This is not a tax problem people! Even if you got the top earners in the US to pay 100% tax, we wouldn't even come close to getting out of this hole. Open your eyes! We spend too much money period...

Having said that, our tax code is the most bloated, confusing, ugly mess ever conceived by idiots.
 
WASHINGTON -(Dow Jones)- The White House on Monday said a deficit and debt deal President Barack Obama struck with Congressional leaders is a "victory" for the American people despite complaints from some liberals that the president capitulated to conservative Republicans.
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Obama caved to the Republicans.

White House Press Secretary Jay Carney said the deal removes the "cloud of uncertainty" from the economy because it includes extending the nation's debt ceiling through 2012, thereby avoiding a default.
"In the end, compromise won out," Carney said. He said the package includes protecting "vital" investment to such programs as college scholarships.
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Nope. Republicans won.

Republicans had wanted to extend the nation's debt ceiling for only about six months, meaning just around Christmas the government would have to re-debate whether to raise the debt ceiling.
The deal Congress is expected to vote on Monday will raise the debt limit in two stages while cutting spending by about $2.4 trillion over 10 years.

In the first phase, the deal would provide for roughly $900 billion in spending cuts over 10 years. A special committee of lawmakers would be charged with finding at least $1.5 trillion in deficit reduction through a tax overhaul and changes to safety-net programs. A total debt-limit increase of $2.4 trillion would provide the government with enough cash to cover its bills through 2012, something the White House was adamant about.
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So they haven't even committed to what is going to be cut.
/failure.
 
Luke B said:
This about sums it up for me as well. If you factor in sales tax and other obscure taxes (politicians like to call them service fees to sound better) its more like 50%!
This is not a tax problem people! Even if you got the top earners in the US to pay 100% tax, we wouldn't even come close to getting out of this hole. Open your eyes! We spend too much money period...

Having said that, our tax code is the most bloated, confusing, ugly mess ever conceived by idiots.
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True that. Personally, I'd love to see our current income tax system scraped and replaced with an almost everyone pays something flat tax. In short, the $10,000 any individual earns is would be income tax free, after that everything, earned income, interest income, capital gains, etc. are taxed are the same flat rate -- for the sake of argument say 15%.

Such a system would broaden the tax base, and spur investment and economic growth.
 
Luke B said:
Having said that, our tax code is the most bloated, confusing, ugly mess ever conceived by idiots.
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If it was straightforward, there would be no loopholes. That would force the rich people running Washington to pay more taxes. Do you really believe the Republicans are going to do that ?

Everyone thinks they are paying too many taxes ... and by what people are saying ... they are paying too much.
46% / 50% is quite a bit.

So ...
Some people here are paying 46%
Yet the overall taxation rate (Tax Burden) is low.
Hmmm ... I wonder what the discrepancy is ... ahhhh yes ...
Some people aren't paying much at all. That would be that the wealthiest of Americans aren't paying their fair share.

The other news is: Tax rates in America have to go up *ALOT*.
 
jasetaro said:
True that. Personally, I'd love to see our current income tax system scraped and replaced with an almost everyone pays something flat tax. In short, the $10,000 any individual earns is would be income tax free, after that everything, earned income, interest income, capital gains, etc. are taxed are the same flat rate -- for the sake of argument say 15%.

Such a system would broaden the tax base, and spur investment and economic growth.
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Definitely need to revamp/scrap the current system and possibly look at the Fair Tax avenue. Looking at it (Fair Tax) virtually everyone would HAVE to pay taxes on what they buy, this would present more tax from the rich, as the rich can buy more items and more exspensive items. But I don't see this happening anytime in the near future unless Herman Cain or the like makes it into presidency. There is alot more to it than that of course but people need to look at it instead of sweeping it under the carpet...
 
Digital Doctor said:
Some people aren't paying much at all. That would be that the wealthiest of Americans aren't paying their fair share.

The other news is: Tax rates in America have to go up *ALOT*.
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You can raise taxes all you want on any class of people you would like and in the end the facts remain, it would hardly put a dent on the amount of money we spend. Try to imagine 16 Trillion dollars! Just try it!
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Qwk86gn said:
Definitely need to revamp/scrap the current system and possibly look at the Fair Tax avenue. Looking at it (Fair Tax) virtually everyone would HAVE to pay taxes on what they buy, this would present more tax from the rich, as the rich can buy more items and more exspensive items. But I don't see this happening anytime in the near future unless Herman Cain or the like makes it into presidency. There is alot more to it than that of course but people need to look at it instead of sweeping it under the carpet...
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I don't like idea of a national sales tax, which what the so called "Fair Tax" boils down too. Such schemes, sound good in theory, but in practice they tend to hit the people who can least afford them the hardest. That's why I tend to favor a flat rate, no loophole income tax. It ensures that top earners pay, um, their fair share while still allowing the lowest earners to keep the bulk of their income tax free.
 
Luke B said:
You can raise taxes all you want on any class of people you would like and in the end the facts remain, it would hardly put a dent on the amount of money we spend. Try to imagine 16 Trillion dollars! Just try it!
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This is an important point... even if we confiscated 100% of the wealth of this nations billionaires it's wouldn't cover this year budget deficit! We can not tax our way out of this mess, we have to cut spending and implement comprehensive tax and regulatory reforms that a) broaden the tax bases and b) gets government out of the way of job creation.
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jasetaro said:
I don't like idea of a national sales tax, which what the so called "Fair Tax" boils down too. Such schemes, sound good in theory, but in practice they tend to hit the people who can least afford them the hardest. That's why I tend to favor a flat rate, no loophole income tax. It ensures that top earners pay, um, their fair share while still allowing the lowest earners to keep the bulk of their income tax free.
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From what I am seeing here, the low-income citizens that are falling under the poverty guidelines that are used for todays systems actually get a very generous outcome. I don't fully understand the implementation of this "Prebate" check which the low-income households would receive monthly for purchases made for food/rent/clothing..ect. That makes their tax rate 11.5% which would be half of the highest allowable tax rate of 23%.

Like I said in my previous post it is something to be looked at and not ignored even if the whole system is not brought into law, much of it can benefit our children down the road. Current proposed taxes will only make it much more difficult on the low-income class. Increasing the tax for the "rich" will only bring higher prices on products for the poor....
 
Qwk86gn said:
From what I am seeing here, the low-income citizens that are falling under the poverty guidelines that are used for todays systems actually get a very generous outcome. I don't fully understand the implementation of this "Prebate" check which the low-income households would receive monthly for purchases made for food/rent/clothing..ect. That makes their tax rate 11.5% which would be half of the highest allowable tax rate of 23%.

Like I said in my previous post it is something to be looked at and not ignored even if the whole system is not brought into law, much of it can benefit our children down the road. Current proposed taxes will only make it much more difficult on the low-income class. Increasing the tax for the "rich" will only bring higher prices on products for the poor....
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You're right, it is worth looking at.

Like I said I'm not crazy about a national sales tax, the whole prebate structure isn't well explained and there's a question about the Constitutionality of the so call fair tax. I'm not sure that it can be implemented without a Constitutional amendment, and frankly if we don't repeal the 16th amendment we could easily end up with saddled with both a national sales tax and a federal income tax.
 
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