Liberal free for all coming to an end

[TracyCoxx]

Originally Posted by smc

I would be interested to know why everyone seems to buy the line that the "massive deficit" is somehow a problem of earth-shattering importance. I do not deny that the United States carries a massive deficit; governments are expected to do so. But making it an issue with catastrophic overtones is, I believe, a red herring, used as an excuse by those whose true agenda is to slash social spending.

well our credit rating was downgraded, so there is that.

[smc]

Originally Posted by TracyCoxx

well our credit rating was downgraded, so there is that.

The United States carried the top credit rating throughout the entire period of running deficits, regardless of whether it was under a Republican or Democratic administration. The rating was downgraded because, as Standard & Poor's made clear, there is no ability in Washington to get anything done.

The statement read that the downgrade was based on the "current level of debt, the trajectory of debt as a share of the economy, and the lack of apparent willingness of elected officials as a group to deal with the U.S. medium term fiscal outlook."

Had the shenanigans been otherwise, the rating would have stayed the same. S&P expected adult behavior, not necessarily a total solution.

[TracyCoxx]

Originally Posted by smc

The United States carried the top credit rating throughout the entire period of running deficits, regardless of whether it was under a Republican or Democratic administration.

My statement was in response to you wondering why a "massive deficit" is an earth-shattering problem. It was not in response to you merely stating that we have just any deficit or that a certain party is in power.

Originally Posted by smc

The rating was downgraded because, as Standard & Poor's made clear, there is no ability in Washington to get anything done.

The statement read that the downgrade was based on the "current level of debt, the trajectory of debt as a share of the economy, and the lack of apparent willingness of elected officials as a group to deal with the U.S. medium term fiscal outlook."

Agreed

[smc]

Originally Posted by TracyCoxx

My statement was in response to you wondering why a "massive deficit" is an earth-shattering problem. It was not in response to you merely stating that we have just any deficit or that a certain party is in power.

Yes, I realize that. But the original context of my statement about the massive deficit, which was a bit longer, still holds.

And I'm glad we can agree on something.

[GRH]

http://www.faculty.fairfield.edu/fac...ome&wealth.htm

Tracy, given the data at this link is a little bit dated, but more contemporary studies suggest that in recent decades, wealth has become even more concentrated in the hands of the elite few. The "poor" rich folks in the top ten percent of earners pay 70% of income taxes in the US. Well guess what, that same top ten percent owns over 70% of the income and wealth in America. So from where I stand, it seems perfectly reasonable to expect the people who own most of America to in turn pay the bulk of the taxes. To suggest the rich are "overtaxed" is to ignore just how much of America the top few percent of earners actually own.

[randolph]

Originally Posted by GRH

http://www.faculty.fairfield.edu/fac...ome&wealth.htm

Tracy, given the data at this link is a little bit dated, but more contemporary studies suggest that in recent decades, wealth has become even more concentrated in the hands of the elite few. The "poor" rich folks in the top ten percent of earners pay 70% of income taxes in the US. Well guess what, that same top ten percent owns over 70% of the income and wealth in America. So from where I stand, it seems perfectly reasonable to expect the people who own most of America to in turn pay the bulk of the taxes. To suggest the rich are "overtaxed" is to ignore just how much of America the top few percent of earners actually own.

During the 1950s and 1960s taxes on the wealthy were up around 70%. The economy was thriving and so was the middle class. In the early days, Henry Ford understood economics, he paid his workers well so they could afford to buy his cars. Corporation business men now days don't seem to understand that principle. Turn the workers into slaves and they aren't going to buy anything.

[randolph]

Bush vs Obama on new spending.