Panel Chairmen Recommend Cutting Federal Spending by $200 Billion . (controversial, dollars, money)
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10-year projections:
Extension of Bush tax cuts for middle class - $2.2T
AMT relief - $700B (although they only pass one year at a time to keep it out of CBO deficit projections)
doc fix - $210B
Estate tax relief - $TBD
Unemployment extension/expansion - $TBD
All on the table for lame duck session. $3.1T of known cost, and lots more that hasn't been scored yet...
"A host of outside-government groups have stepped up their mobilization to ensure that the policy advancements that Democrats want to pursue while they still have favorable numbers in Congress simply get stalled due to timidity or in getting buried by the opposition".
"A host of outside-government groups have stepped up their mobilization to ensure that the policy advancements that Democrats want to pursue while they still have favorable numbers in Congress simply get stalled due to timidity or in getting buried by the opposition".
Oh it wouldn't be surprising if they pass a continuing resolution and call it quits. I'm just saying there's a spending wish list out there that could dwarf the savings proposed by the panel. And I'm not even counting extending higher-income tax cuts, more "stimulus", infrastructure spending, state bailouts, fannie/freddie rescue, more war spending...
IMO $3.8T over 10 years is a joke - not even a pretense of a balanced budget until 2037!
Exactly. But again, why should anyone give up anything or make individual sacrifices when the government continues to waste and expand? Until the government takes a razor to itself, why should citizens sacrifice?
It would kind of be like a married couple trying to get out of debt.....the wife paying off the MasterCard every month, only for the husband to go out and charge more on the same MasterCard. That isn't paying off debt, but simply putting a burden on the wife while the husband plays. Lately it looks like U.S. citizens are the wife, with the burden of debt, while the government is the husband, free to spend and play.
The overall consensus of this and similar threads seems to be that everyone, but the government, seems to realize that huge sacrifices are necessary. And, that people are unwilling to sacrifice ... until the Government cuts spending. That certainly seems true, and makes sense (particularly in the light of your husband/wife analogy).
But, how do you get beyond, "Cut government spending now" .. but, don't touch "Entitlements" mindset? (Over one-half of all government spending now goes to Social Security, Medicare, Medicaid, plus a plethora of programs -- previously called welfare). Additionally, most 'constituents' tend to elect representatives who will put their localized needs and programs ... ahead of the nations needs.
We all want the waste, corruption, size and interference of 'big government reduced dramatically. But, given our 'entitlement' appetite, want that to happen, without affecting us! There only seem to be three targets in this scenario: Cut government waste; increase income (government-speak for 'raise taxes') and dramatically change our 'entitlement mentality' --
These solutions are inevitable, but may not occur until they are a necessity, rather than a choice. Before then, our government will probably print so much money, trying to avoid the consequences of uncontrolled spending, that our currency will become almost worthless.
I guess the real question is, "Who will be willing to 'bite the spending bullet', before it is an absolute, unavoidable necessiry (like the depression)? I'm not certain that the will exists in the government or our society to answer that question affirmatively.
Exactly. But again, why should anyone give up anything or make individual sacrifices when the government continues to waste and expand? Until the government takes a razor to itself, why should citizens sacrifice?
It would kind of be like a married couple trying to get out of debt.....the wife paying off the MasterCard every month, only for the husband to go out and charge more on the same MasterCard. That isn't paying off debt, but simply putting a burden on the wife while the husband plays. Lately it looks like U.S. citizens are the wife, with the burden of debt, while the government is the husband, free to spend and play.
Its not a matter of want though. Yes the government needs to cut back, but in order to do this, everyone is going to be affected. Cut Social Security or raise age limits, while it may be necessary, explain that to someone about to retire, they aren't going to be too thrilled and will resist, kick and scream.
As to why they should give up anything, well sometimes it is the right thing to do, sometimes it is the thing that needs to be done. All those years the our government has spent tax payer money like drunken sailors was done so without any resistance from the people, as long as the people believed that they were at least getting their fair share. The people have never really made any great effort to hold the government and its elected officials accountable, but now the bills are due.
People will argue over petty things like whether Michelle touched some dignitary's hand in appropriately until they are blue in the face, but most will never take one minute of their life to address those things which will impact them personally the most, reasoning because often these things are dry and boring, and require some level of thought and effort, as opposed to just hurling dirt clods.
Without some great unifying event the bring people together to see the shared sacrifice, then people are going to continue focusing on the inane. It may just take a great war or great depression event in order for everyone to see everyone else with their pockets turned out before they actually work towards a common good.
The tax changes they are proposing will hit the middle class much harder than the wealthy (child tax credit, etc). Rather than repeal the Bush tax credits on the wealthy they want to redo the tax structure in such a way that the middle class will get reamed more than the wealthy.
What about taxing the rich? I don't see anything about taxing the rich. What about the multi billion dollar farm subsidies? What income levels qualify for 8% and 14%? I am willing only to do my part when everybody else does their part. As for the home mortgage deduction, it was a nice thing when we first bought but even then I was opposed to it. Why should the government subsidize home purchases?
Why should we continue to pay taxes on our homes every year?
I have no problem with the federal government doing away with the home mortgage tax deduction as long as counties also eliminates personal property tax after the initial year on homes and vehicles/farm equipment and eliminates section 8 housing.
It really is time to repeal all taxes except a consumption tax. Eliminating more than 2/3rds of the massive government bureaucracy known as the IRS would go a long way towards cutting wasteful spending.
We can't say yet. They're still hungover from Nancy's party to celebrate all of her people getting thrown under the bus on Election Day who supported her and Obama. What's that you say? The Republicans weren't invited to her party?
But seriously, the Republicans don't take over until January. Putting your cards on the table now would be wrong while Nancy still leads the doomed and dying majority.
We can't say yet. They're still hungover from Nancy's party to celebrate all of her people getting thrown under the bus on Election Day who supported her and Obama. What's that you say? The Republicans weren't invited to her party?
But seriously, the Republicans don't take over until January. Putting your cards on the table now would be wrong while Nancy still leads the doomed and dying majority.
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