How would YOU balance the federal budget? - Auto-Trend Repairs and Service Information Forums

PowerStroker · UNSTOPPABLE!

How would YOU balance the federal budget?

SELLC · CERTIFIED POST WHORE

I am sorry PowerStroker, but given the current national debt of near $14,000,000,000,000.00 (14 trillion dollars) it's quite clear to see our only way our of this is War.

Meanwhile we have China sucking up all of manufaturing base, making Americans lazy by cramming cheap garbage down our throats and loaning us enough money to choke the nation.

I know it's not the answer you wanted, but can you deny that's where it's going? Taking the nessisary steps to put an end to currency manipulation, and then putting a huge tax on China made goods is going to piss them off. It's going to turn into an US vs. THEM issue. China has been cheating for YEARS and if you think Americans are just going to turn into slaves cutting back and living a life dedicated to paying China, you are wrong.

Given the current times, what do you think America has in terms of a product or service that will be able to overcome 14 trillion dollars? When was the last time you seen a microchip or any electronic device for that matter made in America?

No it's going to take a President with BALLS... One that will put pressure on China then bust their asses when they throw a temper tantrum, because you know they will when Americans say "Hey China, keep your shit!" and "Fuck off with your currency maniputalion, we don't owe you shit!".

-- Edited by SELLC on Friday 29th of October 2010 07:28:45 AM

SELLC · CERTIFIED POST WHORE

And trust me, I don't want War... But that's where I think it's going.

Hell we are at War right now!

-- Edited by SELLC on Friday 29th of October 2010 07:29:22 AM

SELLC · CERTIFIED POST WHORE

PowerStroker wrote:

We currently have a nasty budget deficit of more than a trillion dollars annually. These deficits add to our national debt, and leave future generations with a horrible burden.

Yeah so our future generations are going to have to fight their way out of it, because we sure as hell arent leaving them any money to pay for it!

I bring this up, not as an opportunity to pass blame or for political posturing, but as an open question to seek possible ideas with which to resolve this problem. This is not a Republican or Democratic problem, it's an American problem, and only if we can come together as Americans will we ever be able to seriously address this issue.

This we agree on.

I am hoping to get some realistic ideas which actually amount to a TRILLION dollars or more per year in either spending cuts or tax increases, or a combination. Not just political rhetoric that doesn't amount to more than a few billion like "ending wellfare" for example.

No I think you are right, a few billion is not going to solve the problem.

My suggestion is to allow the automatic expiration of the Bush tax cuts on people who make more than $250,000 per year... This will increase treasury revenue by 700 Billion annually.

Again... A few billion... Peanuts really.. Maybe an intrest payment on the $14 trillion.

I would like also to close corporate tax loopholes that allow businesses to incorporate in the Cayman Islands and avoid paying taxes. Did you know that in 2010, Exxon Mobil was the most profitable company in the history of the Planet, but didn't even pay a single cent in Taxes in the United States. I would like to end that.

I agree. But that won't be enough and either it will raise gas prices or the person that tries to do it will come up missing.

I would also like to withdraw from several free trade deals and impose import tariffs on foreign goods that equal the amount of money saved by using cheap foreign labor. This would not only create an enormous revenue stream for the treasury, but it would incentivize companies to bring jobs back here and stimulate the economy by reducing unemployment.

Yes this will make a dent, however it's gong to piss off a lot of nations who have been coming up in the world as a result of our buying their shit for so long. And when I say piss off, I mean pissed to the point of war.

I'm quite sure that the combination of the things I mentioned in this paragraph would not only balance the annual budget, but actually generate a budget surplus that could be used to pay down the national debt. I would also, just for the principal of the matter, like to roll back the Reagan tax cuts and return the top tax bracket to over 80% like it was for more than 50 years in this country, when by the way, we were the most prosperous.

That sounds nice, but we both know that doing that will force many over the edge, and stifle any motavation to excel.

These suggestions may not be popular among trans national corporations, but they would make the US treasury very healthy in a hurry.

Yeah and many people that stand to lose 80% would most likley riot and the nation would go into a Civil War. I myself personally would rather go to war with another nation than my own.

In terms of specific entitlement program strengthening, I would like to see the taxable income cap removed from Social Security so that rich people pay the same percentage of their income as the rest of us. For Medicare I would like to see a 3% revenue positive public option for people who are under 65... This would not only make Medicare financially sound, but it would make the Medicare risk pool, a lot less risky by flooding it with younger and healthier members.

Sounds okay I guess, but only because I we are not fithly rich. What Industry do we currently have that will flood the job market with new jobs for these younger and healthier members?

Any other ideas?

Well I did mention one, and given China's manfaturing ability and the fact they are almost an infestation when it comes to sheer numbers it's going to be a real battle. War has changed, and if China can manufature stuff so fast, it's not looking good. What with all the missles and now the Drone Aircraft it's going to be one hell of a battle, if it comes down to that. I like your ideas but I fail to see where out industry can recover unless tariff the fuck out of China goods, and if we do, it's going to be them that start the war as they have had a taste of the industrial revolution, much like we did in the 50's and 60's. It's not looking good PowerStroker, and your boy Obama don't have the balls to even label China as a currency manipulator, so how the hell do you think he is even going to be able to get past the tariff on China goods?

PowerStoker, let me ask you a question good buddy... Why do you think we are currenly occupying the middle east? Really? Not much is being said about the war in Afganistan that is raging on right now. We have out battle cruisers off the coast of China and troops to the West of China. What do you think that means? It means our government is sure they are not going to take it lying down.

-- Edited by SELLC on Friday 29th of October 2010 04:36:33 AM

SELLC · CERTIFIED POST WHORE

I mean honestly PowerStroker...

When your checkbook is NEGATIVE -$14,000,000,000,000.00 in the hole, at what point do you realize you are BANKRUPT with no way out?

SELLC · CERTIFIED POST WHORE

PowerStroker wrote:

I would also like to withdraw from several free trade deals and impose import tariffs on foreign goods that equal the amount of money saved by using cheap foreign labor.

Hey PowerStroker,

The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995

DO YOU KNOW WHO WAS PRESIDENT IN 1995 POWERSTROKER?

The North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994.

DO YOU KNOW WHO WAS PRESIDENT IN 1994 POWERSTROKER?

WHY THE HELL WOULD ANYONE VOTE DEMOCRAT!? IT WAS THE DEMOCRATS THAT GOT US INTO THIS MESS!

-- Edited by SELLC on Friday 29th of October 2010 06:39:43 AM

PowerStroker · UNSTOPPABLE!

I have already said I am well aware that Bill Clinton was responsible for signing that shit in to law... Much to the joy of Republicans at the time, and a few Dem's too.

I am not going to defend this policy just because he was a Democrat. Bill Clinton is not my favorite president. I'm more of a Franklin Roosevelt guy. I think Obama should spend less time following Clinton policies, and grow some balz like FDR did.

Unlike you, I don't see a military solution for every problem... Especially a trade deficit with China. If China even thought there was a possibility of us pulling out of the WTO, they would revalue their currency and start playing real nice. The article describing the mission of the WTO liberalizing trade is correct, but not in the way you think it is. By liberalize, they mean de-regulate and get the government off their backs so they can do as they wish. That is actually a Republican attitude, because as you know, we dems like a big government that regulates pretty much everything... Remember healthcare?

SELLC · CERTIFIED POST WHORE

I don't think it's fair to say I suggest a military solution for everything, but some issues are somewhat touchy, and these other nations are looking out for their own.

I have to question why you let the Democratic party off the hook for the WTO and NAFTA. Given the situation we are in now I would much rather not remember Heatlcare.

PowerStroker · UNSTOPPABLE!

a majority of congressional Dems were opposed to those trade deals. But the Republicans were all for it, and so was Clinton. As I stated before, Clinton is not my favorite president, and actually on the political spectrum he is to the right of Dwight Eisenhower.

SELLC · CERTIFIED POST WHORE

Hey! You can not pick and choose!

Clinton is your boy! He is a Democrat! This is the pile of steaming dung that YOUR party put up there, just like they did with Obama.

Talk about loserville!

PowerStroker · UNSTOPPABLE!

Obama is much better than Clinton, I proudly support Obama.

SELLC · CERTIFIED POST WHORE

Which Clinton? Bill or Hillary? Or is he better than both of them together?

I don't know what that whole thing Hillary was doing with the GITMO kid, but that's the only thing I think she could have mis-handled, where as I can think of a long list for both Obama and Bill Clinton.

PowerStroker · UNSTOPPABLE!

I was talking about Bill. I've warmed up to Hillary now that the nasty primary is over and she became a team player after losing.

SELLC · CERTIFIED POST WHORE

I would deposit a $50 Trillion dollar coin with PowerStrokers head on it into the Federal Reserve.

DONE!

+$27 Trillion surplus!

It's only money!

Rastus · UNSTOPPABLE!

Lose your Central Banks (aka Federal reserve ) & bring back the "Greenback"...

Nuffan · No longer a user - left on their own accord.

Force the Federal Reserve to forgive all the DEBT it currently holds...

Leaving only current bond holders and FICA as debt holders...

Create a constitutional amendment that no congressman is eligible for re-election if the country is spending in a deficit...

Another constitutional amendment to force Congress to survive off the same FICA benefits the rest of us have to survive on...

As the current bonds mature print the money to satisfy the bond rather than allow the Federal Reserve to purchase it...

debt will be gone in 30 years...inflation will suck across that thirty years...

but lets face it there is no fast way out...we are going to feel the sting of our mistakes...

I think this way is the least intruding...

you can not truly address the DEBT until you solve the deficit spending...

once you have an honest balanced budget, you use direct quantitative easing when you buy back the matured bonds...

the interest saved alone will help off set the inflation...

PowerStroker · UNSTOPPABLE!

Some truly good ideas there actually ^^ I just wonder about forcing a privately held institution to forgive all debts. Wouldn't that be closer to actual socialism than anything AOC ever dreamed of? Not that I mind.

Nuffan · No longer a user - left on their own accord.

PowerStroker wrote:
Some truly good ideas there actually ^^ I just wonder about forcing a privately held institution to forgive all debts. Wouldn't that be closer to actual socialism than anything AOC ever dreamed of? Not that I mind.

The Federal Reserve has and will continue to make money every year, Forgiving the old debt will not hurt the share holders of the Fed...and if they want to maintain the central bank going forward that is the cost of doing so...otherwise we bring back the greenback and repay current bond holders from that...either way the Federal Reserve needs to have a hand in the reparation of this issue that they helped create...

That is not EVEN remotely close to being Socialistic...

Shawnee_B · FAR BEYOND DRIVEN

PowerStroker wrote:
Some truly good ideas there actually ^^ I just wonder about forcing a privately held institution to forgive all debts. Wouldn't that be closer to actual socialism than anything AOC ever dreamed of? Not that I mind.

Nah. it would be closer to "go fuck yourself and you deserve it!" biggrin

Nuffan · No longer a user - left on their own accord.

Keep in mind that there are still 30 year bonds that have not matured...so most of the over all debt is still held by active bond holders...

so at this stage it should be easier for the Fed to forgive the debt it holds as more and more time passes...and the more and more debt the Fed will obtain the harder it will be to get the concession...

Every time a bond matures the Fed buys it...then it starts getting that interest year over year...it gives the treasury back 6%...when some one turns in a bond they expect and get their principal and interest...keep in mind congress has never once appropriated funds to repay the principal debt of the United States...all they ever set aside is an interest only payment...

Every bond ever turned in is basically the debt the Federal Reserve holds...