Investments take money. That is a principle that Republicans don't seem to
I have an idea. Instead of taxing the American public the government should
create and coin money debt free interest free and spend it into the economy. Never mind that idea will not work because we have to allow banks, that
are private corporations, to create our money supply out of thin air so they can
loan it to us at interest and then take those interest payments and buy treasury
bonds where we will have to pay the banks through taxes.
"There has been a loss in revenue to the federal government because
taxpayers have become benefit collectors."Who other than Fox and
AM Radio has said this? What credible economist has ever said this?Lets look at facts rather than ridiculous opinions.Loss in revenue
occurred when Bush in his first year as President cut taxes.He then
started 2 wars. Trillions of debt were amassed. Medicare part D was
created by Bush, creating even more debt.It all came to a head in 2008,
when the financial market crashed on itself (not because of poor people wanting
homes but because of wall street and banking execs making ridiculous gambles and
only wanting to fatten their wallets). This created a gigantic loss of revenue
and even more debt.That's what happened.Now
here's a question.... If the private sector doesn't feel like hiring
for a few years. What do you expect those unemployed/underemployed to do? If
they cannot get money from the private sector, where do they get the money to
sustain life? Charities? Public spending and debt will increase in bad times.
That's why it's so important to save during good times.
The problem with this thinking is that our deficit outlook doesn't stay the
same but gets worse over time, due to changing demographics and increased demand
on Social Security and Medicare. We've perfected the art of kicking the
can down the road, and the day of reckoning is coming. I suggest for those
interested a documentary by David Walker, former Comptroller General of the U.S.
It is called I.O.U.S.A and a 20-min version can be viewed online for free. If
after watching, you still believe we can solve our debt crisis merely by adding
revenue, then this nation will get exactly what it deserves.
Ben is trying to play both sides with this letter but when working class
Americans don't spend and the wealthy are stashing their profits in Swiss
bank accounts then the result is no recovery. It is not the fault of unemployed
Americans. Invest in America, invest in infastructure, invest in the future. We
need to be making things, not pillaging our natural resources. When the middle
class prospers everyone prospers, the 1% and the poor.
re: ugottabkidnAgreed somewhat. Laurence Fink (CEO of BlackRock)
said on Charlie Rose recently. We need to start working now on the infastructre
for Natural Gas.I can't think of a better way to invest America
and lessen our dependence on Foreign Oil.
Creating jobs instead of cutting spending? Congress is doing neither at the
moment, certainly not cutting spending. Spending has gone up instead with less
revenue to justify it.What would help? Government get out of the
way of the economy; don't bail out banks or big corporations for example.
Instead, make this nation the most business friendly in the world which it
isn't. If that doesn't bring back employment to the USA then impose
import tariffs on American corporations who outsource to Asia. Stop spending so
much: eliminate a large number of bureaucracies; bring troops home and stop
making war on so many nations. Stop nation building and stop providing
Germany's and Japan's defense budgets. Stop installing American
troops in most nations in the world; bring 'em home.Enforce
immigration rules without amnesty to current offenders, and stop giving
taxpayers' money to provide welfare services to those who are here
illegally. Punish the many rogue employers who do not e-verify their employees.
That in itself will create many jobs for American legal citizens and residents.
Eliminate the unfunded part of Medicare and restore SS contributions to
previous level (created under the Reagan administration).
"There has been a loss in revenue to the federal government because
taxpayers have become benefit collectors."When the government
loses revenue the sensible thing for the government to do is to slow down or
stop spending."That is why the focus on private-sector job
creation should be the most important priority in the election."The standard way for the government to concentrate on job creation is to cut
taxes so that businesses can invest and tax payers can spend more. Obama is
doing/wants to do just the opposite."We do much more to help the
deficit if we turn benefit collectors into taxpayers than we will with just a
simple focus on spending."And how is that done? The answer
is... create jobs by cutting taxes.
A word to the wise. In the closing weeks of the Romney campaign, the support
surged with the endorsements of Gov. Sarah Palin, Sen. Rick Santorum,
Congressman Ron Paul, and Sean Hannity, in addition to the support of Tea Party
Express, Glenn Beck, Mark Levin, Rand Paul, and many others will not mean squat.
After 2008, America is fed-up. All the GOP care about is more big guns for
the hunters, subsidies for the Koch Brother's and their "Rich and
Famous" friends. That's "welfare for the rich" government,
subsidies to big business, pork-barrel Pentagon contracts to weapons makers,
huge tax breaks for wealthy individuals, and most recently, colossal contracts
for reconstruction to politically connected companies like Halliburton.
Bureaucrats and politicians in Washington DC reminds me of "Elite
Showdogs" that is an invitation-only e-mail list of long-time breeders, K
Street and Wall Street exhibitors and judges that are judicial activist's.
These politicians in Washington DC wear a GPS collar attachment to be found
faster. K Street and Wall Street exhibitors can walk them around using a chain
in circles until their dizzy enough to cave into them. No GOP job creation?.
@The Real Maverick:"Loss in revenue occurred when Bush in his
first year as President cut taxes."Wrong. The tax cut (as with
other presidents) created jobs and increasing government revenue."He then started 2 wars."The wars approved by the US
Congress... which included Democrats such as John Jerry and Hillary Clinton. Go
figure."Trillions of debt were amassed."That's what happens when you are attacked by an enemy."It
all came to a head in 2008, when the financial market crashed on itself (not
because of poor people wanting homes but because of wall street and banking
execs making ridiculous gambles and only wanting to fatten their
wallets)."Wrong. The housing market collapsed from lending
money to people for houses who could not repay the loan. And why did banks do
that? They figured, on mortgage default, they could simply resell the property
at a profit... since the price of houses were ever increasing."If the private sector doesn't feel like hiring for a few years. What
do you expect those unemployed/underemployed to do?"Plan ahead
like any prudent person should. Keep two years supply of food and money on hand
for just such emergencies.
"Instead, make this nation the most business friendly in the world which it
isn't."and "Punish the many rogue employers
who do not e-verify their employees. That in itself will create many jobs for
American legal citizens and residents."These two sentences in
your post contradict each other. We cannot create the most "business
friendly" nation in the world without a cheap labor source. You attack that
source by booting out the cheap labor and by attacking businesses who do not
e-verify their employees.Many industries rely on that cheap labor
source. Eliminating it and attacking businesses WILL NEVER help create a
business friendly environment.
@The Real Maverick:"We cannot create the most 'business
friendly' nation in the world without a cheap labor source. You attack
that source by booting out the cheap labor and by attacking businesses who do
not e-verify their employees."That might be true... but, please
realize that America has 15 million unemployed workers sitting on their butts
drawing unemployment checks. These guys should be the ones working, not
foreigners who sneaked into our country."Many industries rely on
that cheap labor source."Eliminate the minimum wage, kill
unions, and limit unemployment benefits and you'll have your cheap labor
source... right here in good ol' America. If we must compete in the world
with China, India, Japan, et.al., we need to compete with their labor force.
The Donald had it right when he said, 'China is eating our lunch.'
"please realize that America has 15 million unemployed workers sitting on
their butts drawing unemployment checks."False. Nice
try though. "Eliminate the minimum wage, kill unions, and limit
unemployment benefits and you'll have your cheap labor source..."Cheap labor source or slave labor? Killing min wage, the already very
limited power of the unions, and limiting unemployment benefits (when many
Americans are already suffering from lack of benefits) would be disastrous. We shouldn't compete with China or India or the rest of the 3rd
world for the cheapest labor, lowest wages, and fewest benefits. I don't
know of any respectable economist that believes that they way to bringing
America up is to take most of our labor force down. Lets not compete
for lowest and worst working conditions, shall we? Maintain our standards, cut
the military spending by 1/3, stop shipping foreign aid everywhere, cut the tax
loopholes, invest heavily in our own power, infrastructure, and education, cut
the red tape and get a single payer health care system, raise taxes on the rich,
only give tax cuts and subsidies to companies who create jobs domestically.
Re: " What credible economist has ever said this?"Better
question -- What credible economist has ever existed?Economics is
nothing more than secular religion masquerading as behavioral "science."
Its methods are so sloppy as to permit simultaneous support for diametrically
opposed theories. It practitioners are nothing more than high priests of one or
another philosophical discipline. Its "experimental" paradigm nothing
more than unsupported "logic" disciplines.Economics owes
more to Socrates and Sartre than to actual science.Advocacy of a
particular economic theory lends, not credence, but merely boredom to any
@The Real Maverick:"False. Nice try though."Would you believe 13.5 million? Though, it really doesn't matter. The
point is, they're sitting home on their butts drawing unemployment
checks."Killing min wage, the already very limited power of the
unions, and limiting unemployment benefits (when many Americans are already
suffering from lack of benefits) would be disastrous."What's disastrous is the 15, er, 13.5 million unemployed sucking up money
from the federal government... money the federal government doesn't
have."We shouldn't compete with China or India or the rest
of the 3rd world for the cheapest labor, lowest wages, and fewest
benefits."Too late. We are already competing... and they are
eating our lunch. Go to Wal-Mart, pick up any piece of merchandise and see
where it's manufactured... china. Call your phone company for help with
services and see who you get... India."I don't know of any
respectable economist that believes that the way to bringing America up is to
take most of our labor force down."Wake up!! We are in a global
economy. Which means we must compete with 3rd world labor.
@Mr Bean"Wrong. The tax cut (as with other presidents) created jobs
and increasing government revenue."Wrong, look at any CBO
analysis ever. You live in a fantasy world where tax cuts increase revenue. I
guess in your world we should reduce tax rates to 0% and that would generate
enough money that Congress can then give everyone a pony. It's simple
logic; if it's too good to be true, it isn't true.
"Eliminate the minimum wage, kill unions, and limit unemployment benefits
and you'll have your cheap labor source... right here in good ol'
America. If we must compete in the world with China, India, Japan, et.al., we
need to compete with their labor force."Thinking in this country
has become almost surreal. Here is someone that actually wants the American
worker to be a cheap labor source, competing with communist China workers.
Insane. Piggie, what is it you do for a living? What is your job?
It absolutely baffles me. The conservative thinking is not how do we
improve conditions for labor in other countries, but how do we destroy
protections for labor in this country. I never thought I would see
the great American Worker being pulled down by fellow Americans. I never thought
I would see the great American Worker considered just a cheap labor source for
Re:Mr. BeanFacts firstFederal revenue largely comes from
income and payroll taxes. Corporate tax contributes less than 10% of federal
revenue.Income-tax receipts are down sharply since the Bush tax
cuts. In fiscal 2000, the year before the cuts began to take effect, receipts
from the federal income tax on individuals amounted to 10.2 percent of GDP. That
figure was down to 6.2 percent of GDP last year.(Factcheck)The
Congressional Budget Office, the Treasury Department, the Joint Committee on
Taxation, the White House's Council of Economic Advisers and a former Bush
administration economist all say that tax cuts lead to revenues that are lower
than they otherwise would have been -- even if they spur some economic growth.
[FactCheck, 6/11/07]To sum it up: Conservative and Progressive
economists generally agree tax cuts reduce longterm revenue, lower than they
would've been without the tax cuts. (Revenue appears to increase from year
to year as a result of inflation and population growth) Finally,
longterm unemployed are mostly older workers who are exhausting retirement
accounts, 401k's, and losing their homes.