Federal Debt is out of control

[Garfield1966]

I was under the impression that savings per family was down.

I can't find the link but I read a while ago that savings is negative now. First time in quite a while.

 

[Seatacus]

if taxes were cut it stands to reason that revenue from taxes would be down as a result.

Not if more people are paying taxes. Isn't unemployment the lowest it has been in years? Hasn't the average wage risen?

 

[delldude]

Our economy is being supported by funny money. It's not real. When investors start to get nervous about our ability to repay, they will start charging more for the money they loan us to keep this house cards standing. One stiff breeze and we could be in for a world of hurt.

Dude....how you think inflation works?

Every president has done it(except most likely Bill Clinton )

 

[jimntx]

I was under the impression that savings per family was down.

That's because people who are lower (economic) to lower middle class are having to USE their savings to live. I do volunteer work and the "stories" about people having to choose between their medicine or their food are true. This past winter some of the people I work with had to choose between heat for their homes or losing their homes.

But, that's not an issue that concerns the current Administration. "Everybody knows that those people don't vote Republican."

 

[BuffaloJoe]

Dude....how you think inflation works?

Every president has done it(except most likely Bill Clinton )

Clinton had the Country in the Black and Working! Not these $6.00 jobs.

 

[Seatacus]

But, that's not an issue that concerns the current Administration. "Everybody knows that those people don't vote Republican."

Didn't Bush sign the prescription drug bill.

 

[Garfield1966]

Not if more people are paying taxes. Isn't unemployment the lowest it has been in years? Hasn't the average wage risen?

Not sure about unemployment. As I recall, Bush changed the math used to calculate who is 'unemployed’ verses those who have given up.

According to the Average Wage Index (AWI)

http://www.ssa.gov/OACT/COLA/awidevelop.html

wages have increased about 4% a year since 1984 (I just eyeballed it. It’s late and I’m not adding all those up).

According to http://www.ssa.gov/OACT/COLA/latestCOLA.html the Cost of Living Adjustment (COLA) for 2006 was 3.3% which given the 3.66% increase in the AWI means that salaries only went up .3% on average.

If you look at the AIW for any given year, you will see that an overwhelming majority of the work force makes well under $50k a year (See 2005). It’s a bit of an eye opener to see the average salary break down.

The number of workers does not seem to go up all that much year to year.

As far as more people paying taxes, who knows? All I know is what the GAO publishes and that showed that for the first 3 years of 2000, revenue from taxes were down. Do you have something that shows other wise?

Seatucus,

How about this. Instead of throwing out useless guesses and conjecture, how about doing some research and posting links to support your theory. So far you seem to be striking out and I am getting tired of doing your leg work for you. The only reason I continue to do so is so that anyone else who reads this forum will not just take what you, the media and the politicians of the day spew out as fact.

 

[Garfield1966]

http://www.nytimes.com/2007/03/29/business...ml?ref=business

Seems the rich are getting richer and the not so rich are .... well, we are geting screwed. Not sure what tax breaks they are talking about but I never saw them when doing my taxes which went up, not down.

I thought this was quite interesting as well.


The disparities may be even greater for another reason. The Internal Revenue Service estimates that it is able to accurately tax 99 percent of wage income but that it captures only about 70 percent of business and investment income, most of which flows to upper-income individuals, because not everybody accurately reports such figures.



I cannot help if this is by design or lack of effort on their part.

 

[delldude]

That's because people who are lower (economic) to lower middle class are having to USE their savings to live.

Dude...those people never had any savings.

Not sure about unemployment. As I recall, Bush changed the math used to calculate who is 'unemployed’ verses those who have given up.

Given up? Maybe they should knock some illegal of his job and earn minimum wage until something better comes down the pike.

 

[KCFlyer]

Dude...those people never had any savings.

Apparently neither do a whole lot of Americans.. Like their leader, they leverage everything to live. Run up the debt on 5 credit cards...pay the minimum every month...refi the house, pay off credit cards and run them up again. Think China might be willing to loan them some money???

If the article asks for a password, use www.bugmenot.com

 

[delldude]

Apparently neither do a whole lot of Americans.. Like their leader, they leverage everything to live. Run up the debt on 5 credit cards...pay the minimum every month...refi the house, pay off credit cards and run them up again. Think China might be willing to loan them some money???

If the article asks for a password, use www.bugmenot.com

Ok...but most I know who live that way are from the "Right Now Generation"....dunno about you but I only bought what I could afford and lived within my means and salary.Never liked paying the bankers mortgage.

What you guys going to do when Pelosi and her posse extend amnesty to illegals,give them SSI(stolen from the boomer crowd) and whatever piece of the pie they can in exchange for votos gratuitos?

 

[Gilding the Lily]

What you guys going to do when Pelosi and her posse extend amnesty to illegals,give them SSI(stolen from the boomer crowd) and whatever piece of the pie they can in exchange for votos gratuitos?

Move to China and open a Taco Bell.

 

[local 12 proud]

Apparently neither do a whole lot of Americans.. Like their leader, they leverage everything to live. Run up the debt on 5 credit cards...pay the minimum every month...refi the house, pay off credit cards and run them up again.

So people live irresponsibly and beyond their means, whats your point?

 

[Garfield1966]

Perhaps the point is that republicans sell them selves as fiscally conservative and it would appear by the national debt that they are not.

 

[KCFlyer]

Tax cuts boost economy then there is more tax collected...

Just read this weeks Business Week...and I have to wonder...was it the tax cuts that boosted the economy, or was it credit? According to BW...credit card debt is rising faster today than it has since 2001....happens to coincide with Bush's economy boosting tax cuts. I guess tax cuts made people feel that they were keeping more of their own money...so they get five or six credit cards and max them out...then cash out the equity in their homes, pay off some of those cards...buy some more stuff to get the economy boosted nicely...and when their house quits appreciating so much, turn back to those good old credit cards.