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Originally posted by: billryanQuote
Originally posted by: alanleroy
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Originally posted by: billryan
Seems like Alan has more interest in playing the blame game than solving the problem.
Unfortunate!
What are you babbling about? I put the blame on Democrats AND Republican politicians. That's Bipartisan and that's just reality. I have offered my solutions many times here. You just don't pay attention. A constitutional Amendment for a balanced budget.
I also supported President Obama's Debt commission...you remember Simpson/Bowles? It offered a bi-partisan way out of this mess. Unfortunately President Obama did not stand by the recommendations of is own commission. That was a turning point for me.
So you favor ending the Bush era tax cuts for people making g $250,000? Cool, so do I
Do you favor raising taxes $2.6 trillion? Even cooler.
Do you favor a 1-1 ratio between tax increases and spending cuts? I don't, but can live with it.
Do you really favor treating capital gains and dividends as ordinary income? That's a huge hit for the rich.
How would you replace state and local governments ability to raise funds when they can no longer sell tax free bonds?
I can get behind a fifteen cent a gallonn gas tax, as they proposed. Can you?
Simpson Bowles calls for cutting all security funding by 15 percent? You support that?
Eliminating the mortgage deduction? Taxing 90% of income for social security?
It's so easy to claim a balanced budget amendment when everyone knows it will never happen.
See there's lots of stuff in Simpson/Bowles that Democrats and Republican politicians hated. That's why it was probably the best medicine for the country. The most important part of it was to establish a % of GDP limit that the Federal Government Could spend. Then they closed the gap between spending and receipts with both Tax Increases and Spending Cuts. Sounds fair to me. That's what bi-partisan commissions do....they compromise. Unfortunately, that's why President Obama ignored his own commission and why 3 Republicans on the Commission voted against the recommendations. They can't get past their own partisanship. That's how most of the posters here behave too.
As to the Constitutional Amendment for a Balanced Budget, I think these guys would all object to the level of debt our nation has accumulated in the last 16 years:
“The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” – Thomas Jefferson
“If ever again our nation stumbles upon unfunded paper, it shall surely be like death to our body politic. This country will crash.” – George Washington
“I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.” – Thomas Jefferson
“When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin
The real rub is that our National Debt does not even reflect unfunded future liabilities that are commitments to the American people. Our national accounting should accrue those liabilities and we should be building reserves to pay for it. We also don't account for the unprecedented expansion of the money supply and the level of financial assets acquired by the Federal Reserve over the last 3 sessions of QE. It's easier for the politicians to just ignore our debts and then deal with the chaos when it becomes a crisis.
I don't see how anyone can look at the Obama and Bush presidencies and just ignore the debt they accumulated. Virtually none of this money was invested in multi-generational projects. It was spent on current operations. It's like borrowing money to go on vacation. I hope you had a good time.