Time for America to go on a severe economic diet. (people and govt)

SnakesInTheTower

10 trillion dollars...National Debt now heading to 11 trillion when Congress passes the 750 billion dollar bail out legislation..

The US dollar is nothing but a cult that more and more people internationally are (rightly) bailing. As long as people believe it is worth something, then it is.

Time for the government to do a wholesale, very painful cost cutting. Time to absolutely cut all expenses to the bare necessities for the next 10 years. Bring the military men and women home to the US and have them patrol the borders...put the word out that tresspassers will be shot on sight. Eliminate Border Patrol...useless... . Put a temporary moratorium on any new foreigners coming into the country while the backlog is flushed out. . The US has nukes. Anyone tries anything... , its Mutually Assured Destruction. End all financial aid and rebuilding in other countries... we cant even aid ourselves ... New Orleans still isnt rebuilt (nor should it be).... now we have Galveston... meanwhile... Iraq keeps getting rebuilt and blown up over and over with US taxpayer money.

Drugs... either legalize pot and tax and regulate it...... or shoot the dealers. Wont be so lucrative after a few are dead. Empty the jails of nonviolent drug users and put them into less costly treatment programs.

Social Security.. should be a safety net only...just because you contributed doesnt mean you should collect. If you are low income at retirement, or of course legit disabled, then of course you should collect..... . and eliminate the wage cap on contributing to it... ALL wages should be taxed. ...the US needs to pay back all the IOUs it has with the SS....

and the American people are going to hurt for awhile while this happens... unemployment would easily double..... consumer spending would drop like a rock.... as it should.... it will be a DEPRESSION... not just a recession (which no one is still willing to call the mess now).... and people will have to sacrifice if this country is ever to dig itself out of this economic hole..

Either now.... or later...and late will hurt more. Short term pain for long term stability....

SPEND LESS and raise taxes. NOT spend more and lower taxes... that doesnt seem to be working. Maybe eliminate the income tax and replace it with a National Sales Tax.

Snakes ()

restrangled

I would love to see the IRS abolished and just have a consumption tax...You spend you pay,....the less you spend the less your tax. This would also flush out a lot of under the table cash that never gets reported. That cash gets spent, it just never sees the inside of a bank.

Those that can afford, new cars every year, luxury yachts, exotic jewlery and vacations, 9 homes etc.....could well afford a 10% federal tax. Have you ever seen those ignorant television programs about Housewives of Orange county, etc., etc. What a bunch of brain dead spoiled brats. Running to salons every other day to get their hair done, nails polished, and hind ends waxed? If you can buy a pair of $500.00 shoes you can afford $50.00 in tax.

I would also love to see Religion taxed, but I don't know how fast that would happen.

r.

Warlock

I would love to see the IRS abolished and just have a consumption tax...You spend you pay,....the less you spend the less your tax. This would also flush out a lot of under the table cash that never gets reported. That cash gets spent, it just never sees the inside of a bank.

I've felt the same way for years, however, this makes too much sense to be implemented.

Warlock

crazyblondeb

however, this makes too much sense to be implemented.
Warlock

You mean you are thinking now??

Damn!!

jaguarbass

Social Security.. should be a safety net only...just because you contributed doesnt mean you should collect. If you are low income at retirement, or of course legit disabled, then of course you should collect..... . and eliminate the wage cap on contributing to it... ALL wages should be taxed. ...the US needs to pay back all the IOUs it has with the SS....

Your full of shxt?

Just because you have never done any meaningfull work in your life dont talk about taking my social security money to pay for your welfare programs.

You dingbat republicans started a war chasing the boogieman your childrens children can pay my social security.

Moron republican.

restrangled

The IRS took in approximately 2.4 trillion dollars in tax revenue in 2007, but the government spent. 2.8 trillion.

I am trying to find info on how much was spent in total by U.S. citizens for that year on luxury items. This means anything but food, gas, houseing costs (1 home), medical, dental, and car repair and a few other items. still searching, to see how much a 10% consumption tax would bring in.

I did find this interesting article from Rueters. http://www.reuters.com/article/pressRelease/idUS133817+25-Jun-2008+BW20080625

r

sammielee24

By: Ian Welsh Saturday September 20, 2008 4:00 pm 28
diggs
digg it
I've pasted the text of the bill below the jump. Everyone should read it. But here are the key points:
No one who foresaw the crisis, such as Krugman or Stiglitz, is involved in making the plan to fix it.
The man overseeing the bailout is the ex-CEO of Goldman Sachs, a Wall Street Company. He helped cause the crisis.
Paulson helped obtain the SEC exemption which allowed brokerages to increase leverage to 60:1 from 12:1.
The money is Paulson's to use for buying commercial and residential mortgages and mortgaged backed securities as he chooses. No one has any oversight over him, and he can pay any price he wants to, including face amount of the debt.
Courts cannot review his decisions, not can any regulators. He has to report to Congress once every six months.
He gets 700 Billion dollars to use as he sees fit, looking after the taxpayer is a "consideration" not a requirement.
Bet on that 700 Billion dollars being gone before January 20, 2009. Bet on Treasury asking for more.
That is $2,324 dollars per man, woman and child in America
There is no bailout for mortgage holders. Banks get bailed out, but not ordinary people.
Banks and brokerages made record profits these last eight years. Ordinary Americans barely broke even.
In 2007 Wall Street paid itself bonuses equal to the raises of 80 million Americans.
Banks bailed out by this plan need make no changes in how they do business.
Banks bailed out need not replace the management which drove them into insolvency.
Shareholders and bondholders of such banks do not lose a cent.
The securities which caused this crisis are still allowed.
Expect the 700 billion dollars to increase inflation, especially in oil.
Bush is asking you to trust his administration with 700 billion after spending 580 billion on the Iraq war. Do you trust him?
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.

cameo-d

...put the word out that tresspassers will be shot on sight. Eliminate Border Patrol...useless... . Put a temporary moratorium on any new foreigners coming into the country while the backlog is flushed out. . The US has nukes. Anyone tries anything... , its Mutually Assured Destruction. End all financial aid and rebuilding in other countries... we cant even aid ourselves ... New Orleans still isnt rebuilt (nor should it be).... now we have Galveston... meanwhile... Iraq keeps getting rebuilt and blown up over and over with US taxpayer money.

sounds like you got a good case of the WT trained "Godly Hate".

You are full of venom. No wonder you were an elder.

Awakened at Gilead

Put a temporary moratorium on any new foreigners coming into the country while the backlog is flushed out. .

Do you mind if my new gf stays in the country, or are you gonna deport her too?

BlackPearl

Funny that so many here seem to have a/the solution, but how many (without looking it up on Google) could tell us what SWAPS are? Or mortgage backed securities? Or the LIBOR? Anyone really, and I mean really know what they're talking about? It's going to take a little more than pulling out the guns tectin' yo propity.

Time for America to go on a severe economic diet. (people and govt)

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