E-mail updates
Follow on Twitter
Subscribe to RSSReport: US deficit falls slightly to $1.1 trillion
Discuss this post
Leave a Comment:You're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
As a new user, you may notice a few temporary content restrictions. Click here for more info.
You're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
Extend the top cutoff range for taxes on income for social security, close all loopholes, reform tax code, and eliminate the fraud, waste, and abuse in Medicare and Medicaid!!
We can start by ending the wars and then closing the 900 military bases in 150 countries around the world. Bring our troops home to defend our borders and then the soldiers can spend their money here in the USA. Not in Germany, Japan, Korea, etc...
I agree with Give it a rest. And we should cut retirement benefits for Congress and the Senate. Where else can you go and screw up as badly as they do, retire after a few years and get full retirement and health care. What a racket. I also don't see any reason why there should be a ceiling on Social Security Taxes. What is the ceiling on how much rich people can draw?
Very well put. When did all these free packages get put in? Why not make those responsible for this mess to foot the bill.
It was out of control spending that got us into this mess and I can't see giving the same people more money to get us out of it. There is only one sure fire way to stop this. STOP SPENDING! GET THE UNIONS OUT OF GOVERNMENT AND put that savings toward the deficit. Cut the perks to the presidents and congressmen. All the ex presidents and vice presidents are multimillionaires, so cut their secret service protection, pensions and health care. Make all congressmen have only one office. A limited number of staff and take pay cuts!
They got us into this mess, they got to get us out of it.!
One quick way to cut the deficit would be to require anyone able to work to actually work for their welfare check. You could have welfare recipients do some of the unskilled jobs currently done by government employees or government contractors. This would make a real dent in the federal budget. Why can't welfare recipients be used to provide thing like janitorial services for federal office buildings or be used to pick up trash along the highways. In addition to helping cut the deficit, it would make welfare far less attractive to the deadbeats who currently collect their checks and have no interest in trying to find a job. Most of these jobs are currently held by illegals, so there would not be many American citizens put out of work by a program like this.
Do away with all tax cuts, across the board,enacted the past 30 years. We can afford that collectively. All this talk about privatization will clean out our pay checks! For an example of that you can look at what cities are doing to cut their services budget. The cost of school bussing for our kids it through the roof. Garbage collection has quadrupled in our city after privatization. Some day this will dawn on all..... about the time we are all broke. I do agree (rarely) with the libertarian in the room....... all post service benefits to congress have to go. Perhaps we should privatize them! Let the corporations foot their retirement and healthcare! Can't be any worse. Let's face it. Our government has a major management problem.
That doesn't work. The Bush tax cuts INCREASED tax revenue, by growing the economy, check the treasury website. It also got unemployment down to 4.6%.
Increasing taxes will lower revenue. The sweet spot for max revenue is 17-20% depending on which study you read. Any higher and people change their behaviour to avoid it. This is why virtually all flat tax proposals are between these numbers.
On garbage collection, it sounds like "the fix is in!" That needs to be investigated.
Governments have become more and more corrupt over time. It just saddens me that some people want to give them more money to waste and more power to abuse.
P111,
Where do you think I got my numbers? Once Bush tax cuts went into affect, tax revenue dropped. More specifically, tax revenue *dropped* to 16.2% of GDP in 2003, it did not go up. Your supply-side garbage is just that and the CBO has already done the analysis. Let me save you some time. Go to Factcheck and search for "Supply-side spin." They'll reference the CBO analysis. Even Laffer admitted that a broad-based tax cut, which the Bush tax cuts were, would only recoup about 1/3rd of the lost revenue. Let me quote Laffer again, "Clinton out-Reaganed Reagan," during a talk about fiscal policy.
For the last 9 years tax revenue averaged 16.8% of GDP (since Bush tax cuts went into effect). We haven't averaged 16.8% for any one year prior to 2003 since 1951. So much for your "tax cuts increase revenue" bull. If we kill Bush tax cuts right now revenue will increase by at least 3% which will put us at around 18% of GDP. If we can achieve 19 - 20% of GDP during the Clinton era with a booming economy then it's clear that raising taxes does not have a negative impact on the economy. IOW, for you supply-side biggots, we're still way to the left of where the Laffer curve bends.
P111 - very good response!
Cutting govt spending does not necessarily mean cut Medicare and SS. What it does mean is cut loose the freeloader immigrants and lazy citizens who WONT work or contribute. The cost of healthcare and living for the working class & unemployed is of no concern to those who never pay a dime into it. Where will my SS be when I retire??
Another savings would be ... say...ending a war or two?
Our safety net is part of the cost of doing business in this country regardless who is on the rolls. It might be you at some time. Problem is business is not footing the bill. They've managed to put that off on us. I refer to Corporate businesses that have bought up all the competition and slashed or bankrupted them into worthless trash then transfered the tax burden to us. They want it all and in my opinion....... it's not going to happen without a fight.
Our safety net has turned into a cushy barco lounger for too many people.
Corporations NEVER foot the bill, we do. Where do you think corporations get their money??? From us, their customers. You raise their costs, they raise their prices to cover the difference.
It is government that has fostered socialist crony capitalism, picking winners and losers from a central committee. That needs to stop! We need to get back to free market capitalism where government's roll is to level the playing field., ensure there are enough players for effective competition, then get the hell out of the way.
Return to the Clinton era tax rates and institute a pay as you go requirement on congress. Invest in infrastructure, new green technologies and require congressmen and senators to pay into social security and medicare.
Tom-524625 Correct that comment. It was the republican congress that brought Clinton screaming and kicking to the balanced budget. He still wanted to spend like a drunken soldier!
Again, Bush tax cuts increased tax revenue. It was democrats that touted pay-go then completely ignored it. We pay gas taxes for roads, etc. and states tax for infrastructure, get the feds the hell out.
We already do invest in green technologies, a 30% tax credit for renewable energy and a $7500 credit for energy efficient cars. Where we get into trouble is trying to be an investment capitalist with taxpayer money, Solyndra, Sun Power, Fiskar, etc. That has been an unmitigated disaster.
Unless I'm mistaken, congressmen already pay SS and Medicare. That was done some years ago.
FINALLY, someone who gets it. Thank you, Tom. At least YOU get it. Don't worry about p111 and julio, they're just supply-siders.
p111,
You can keep saying "Bush tax cuts increased tax revenue" but it will never make it true. Stop living a foolish lie.
How about we quit sending tax dollars to all the third world countries. Even the monies that go to all of the european nations We need to take care of our own first.
Let the Bush tax cuts expire
End subsidies and tax breaks for industries that fail to promote full employment here in the US
DO NOT give companies a tax holiday for repatriating their overseas profits
Invest in our nation's infrastructure and educational systems, including basic research and development
Terry Christiani You forgot to say: GET RID OF THE CORRUPT UNIONS! GIVE SCHOOL BOARDS 100% discretion on hiring and firing teachers. Your second statement is ridiculous, if Obummer is going to reduce tariffs on imports to allow cheaper products to flood our markets like he did with Australia, South Korea and New Zealand, how are the U.S. companies going to stay in business unless, they reduce wages and benefits? Bye Bye full employment. Remember it was Clinton that expanded Nafta to Canada.
Also know that renewable hydrogen fuel can be used in all present internal combustion engines. Obummer cut government research into using hydrogen as a fuel 90% . Meanwhile England, China, Japan and Norway are spending billions on hydrogen research. Norway already is building hydrogen vehicles and is testing hydrogen service stations along it south east coast.
Obummer is sitting on his ass with hydrogen fuels while the rest of the world is making fools of us not investing in hydrogen. Hydrogen can be obtained from water. It burns 100% clean with no pollutants and is a completely renewable resource that can make the U.S. energy independent in 5-10 years. We will not even have to import oil from Canada or burn coal.
ARE YOU LISTENING OBUMMER?
Fine all the insider trading going on in the House and Senate - that will add a few hundred billion dollars to the Federal coffers...
Reagan, Bush, Clinton and Bush II were all fooled by Democrat promises to cut spending as part of a tax increase package. The taxes were raised but the spending was never cut. If they actually cut spending... actually end programs and eliminate programs, and they do it for a couple years in a row... then, and only then, would I entertain the possibility of raising certain limited taxes.
Let's be very clear and factual here. The numbers have been crunched (to the best degree that we can "crunch" them) and Republicans spend just as much as Democrats. The difference is *where* they spend it. As a % of GDP, spending actually decreased under Clinton but revenue was higher for obvious reasons.
Tax revenue is now pathetically low and has been since the Bush Tax cuts were put in place. The difference between 2003 (16.2% of GDP) and now (~15% of GDP) is the economy. So, how we raise revenue is a no brainer, i.e., end Bush Tax cuts immediately. The challenge is where are we going to make the cuts. Much but not all of the 4-5% increase over the last 3 years (from ~20% of GDP to ~25% of GDP) was entirely due to stimulus spending so that's coming to an end. We can't keep extending unemployment benefits either just because the economy isn't quite back to normal.
Not very factual. Bush tax cuts caused and increase in tax revenue. Check the treasury website. Democrats spent way more than republicans, Obama is deficits are over a trillion/yr more than what Bush did.
The Bush tax cuts grew the economy, getting unemployment down to 4.6%. Letting them expire will shrink the economy.
p111,
Show me one piece of data that proves Bush tax cuts increased tax revenue. Tax revenue in 2002 was 17.6% of GDP, tax revenue in 2003 and 2004 was 16.2% and 16.1%, respectively. There was no recession in 2003 and 2004. This is such a classic example of why I left the GOP party after 2 years into the Bush disaster. You people are so blind that even when someone throws a fact right in your face, you still refuse to believe it. It's truly sad how delusional the far-right GOP has become.
Stop the rediculous aid we are sending to countries that don't need it and those that really do not like us.
We spend twice as much per capita on the federal government as we did forty years ago. And that is in inflation adjusted dollars!
How much freedom do you want your government to take from you?
Cut, Cut, Cut.
I could jump into the entire debate that has raged on for years- ad nauseum- over 'who' is responsible for our dilemma, and 'why' things happened the way they did, but I won't.
Because you all know that I know that you know that it doesn't solve anything. Pretty soon, someone on this forum will go partisan in this debate, and we'll keep rehashing all the same BS that has been posted before.
What this country REALLY needs is a serious discussion about our values, our resources, and our future. Not the petulant bickering that we see daily from our "leaders", nor their consitituents on these public forums.
It is truly a discussion of how what kind of country do we want? We CANNOT go back to an earlier era- it is impossible given the modern state of the world, and nobody here really wants to live a reduced standard of living. How do we move ahead with keeping up with progress, while making sure that EVERYONE has a fair share of the "American Dream"?
Should we cut the benefits to our elderly, poor, and sick? We know what will happen if we do, and trust me, these news sites will be filled with tragic stories. How much do we respect and care for those people, and should it be the role of government, or of individual responsibility?
Do we raise the tax rates on those who make exorbitant incomes? The rich in our country worked hard to achieve their wealth (well, most). Is it fair to expect them to pay even more sums of money, especially given our broken economic system in the first place? We have a graduated income tax system, which is essentially taxation based upon the ability to pay. Period. And granted, SOME of the rich indeed DO open new businesses where they see a potential market, thus creating jobs. The real question is, how many of these so-called wealthy actually ARE opening new businesses, or expanding existing ones? And if we come down too harshly on our 1%-ers, they can and will move their holdings overseas. It's a big problem.
Do we continue our empire of military strength? Or is it time to reconsider our role in the world? We all keep bitching about how we shouldn't have to be the "world's police", but many of us show no concern about the massive amounts of money we spend in doing so. Is our "defense" complex really about defending our people and values, or is it about creating opportunities for resources and business ventures? If we cut military spending, we will inevitably see unemployment going up. Let's not forget that while we complain about China making all our "stuff", we are the ones who make and sell military hardware the world over. I guess the question is, are we willing to reduce our footprint in the world in order to achieve some semblance of tranquility, especially if it means we are no longer the world's sole superpower, and our economy will have to evolve away from making weapons?
What about energy? It seems every generation has to learn the hard way that our economy is tied directly to our access to energy sources. Yes, this question is indeed related to our defense system as well. Here in America, we sit on mountains of oil and natural gas, but do we harness it now to continue the status quo, or do we wait until the rest of the world needs it more than we do, thus ensuring imported wealth and jobs in the future? SHOULD we keep fighting over fossil fuels when we have the rudimentary technology to create cleaner, greener forms of energy? Is it worth the investment now, or should we wait until it is economically more pertinent? Should our intellectual energies be put into better ways of extracting oil, or advancing the green technologies? Should our government be involved with these advances, or would we rather have private interests invest their capital into these projects?
And lastly, what kind of society do we want? No one seems to like the encroachment upon our constitutional rights, but many people fear a society without such "safeguards". Do we continue in the long tradition of respecting individual rights, as offensive as they may be at times, or do we change and become a more homogenous society with a larger governmental role in our lives? Where is the line between freedom and law? The answer to this question will define the course of our future economy as well. How much government regulation is good, versus negatively impacting our rights and privacies?
We CANNOT answer any questions like this by continuing to point fingers at political parties or ideologies. MOST Americans are moderates, neither far-left nor far-right. Did we forget that? BOTH parties have made mistakes and/or set into motion policies that have brought us to this point. Neither ideology has all the answers, and any attempt to pursue one ideology over another will eventually end up in failure.
And who does our government work for? Is it the People, the rich, the businesses, or some other entity? Who's paying attention????
Excellent analysis of our national dilemma.
My opine: The "Bush Tax Cuts" need to be allowed to lapse...the revenue that this country's Treasury has lost is in the Trillions. As you stated, the progressive nature of our Income Tax has historically allowed a higher tax rate for higher income entities...never have I seen such ridiculous an idea that taxes need to be lowered while our country is in such a state that it is.
Your reference to the delicate state that our "vulnerable" seniors, the poor in general, the sick and the retired make it clear that our SOCIAL SAFETY NETS should not be disturbed for doing so would wreak havoc and cost lives....the current idea that those individuals need to "take care of themselves" and "self reliance should rule the day" IS ABSURD ON ITS FACE. Creating a national budget that safeguards the vulnerable in fact is possible, but not by TAKING THE ROAD OF CONGRESSMAN RYAN'S CREATION.
We MUST RAISE THE NECESSARY REVENUE. The grand standing by those who continually state ideas such as "death before taxes" need to curb their rhetoric and come back to planet Earth....NOT doing so will forever scar our great nation.
Again, that's a lie. Bush tax cuts increased tax revenue. The optimum tax rate is 17-20%. We need a flat tax at that rate.
Our social safety nets MUST be disturbed, we cannot afford to borrow 40% of what we spend and no amount of taxes will solve this. You are witnessing the EU implode and we are perhaps a dozen years behind them. The difference is there is NO ONE that can bail us out.
It is saying that people shouldn't take care of themselves and self reliance shouldn't rule the day that IS ABSURD ON IT'S FACE. We wouldn't even be in this mess if people were taught personal responsibility.
Liberals complain about corporations capitalizing profits and socializing losses, what the hell is the difference when there is no penalty on the personal level for screwing up!! IT IS NOT RIGHT IN EITHER CASE!
THE CBO rated Ryan's plan and Simpson/Bowles as the ONLY plans that can keep us from sinking farther, let alone digging ourselves out. Since Medicare/Medicaid and SS ARE the problem, guess where the fix HAS to be applied.
The EU is demonstrating what unbridled socialism does to economies, can we not learn from their mistakes? All taking more money from people does is shrink the economy, not grow it. We need to grow our way out of this, taxing our way out is impossible.
The Bush tax cuts may have raised revenues, but how come they cost the US government $3.5 trillion every decade. Look that up on Wikipedia. The economy improved after the tax cuts were made, but they should have been rescinded the moment after we declared war on Iraq.
As others have noted, this poll forces certain results by including middle class tax increases as part of any tax increases. The Democrats are proposing only repeal of the Bush Tax cuts which would go a long way toward deficit reduction without unduly cutting demand during the downturn. Odd way to frame the poll and really goes to show why these polls create intended results rather than reflect true opions.
Sorry, that's a lie. Taxing the rich only solves 5% of the problem. YOU will be stuck with the other 95%. People have this really distorted view of the rich, as if there are millions of billionaires out there or something. There aren't. Removing the tax cuts for the rich will give you $70 billion on paper, far less than than in reality. Our deficit is averaging $1.3 trillion. Do the math.
This is why democrats refuse to come up with a budget, anything that wouldn't be laughed off the stage must encompass drastic middle class tax increases or drastic entitlement cuts. They promised you something for nothing to buy votes and you fell for it.
All this wonderful life we've collectively led for decades has been on borrowed money. We are like a teen who goes off to college with a brand new credit card, we start having a good time, piling on the debt. We can't pay off the principal so we just pay interest and charge even more. Just like them, soon we will only be able to afford to pay the interest, then not even that. Then Greece happens.
rescinding the Bush tax cuts will gain 300-500 billion per year. The upper 400 earners collectively earned 120 Billion in 2007 with an average tax rate of 15%....and keep in mind that is tax on AGI---which is after all the deductions and loop holes. From that group alone you will get an additional 60 billion just by bringing their tax rate to 35%.
Corporate profits for the S&P 500 are at nearly the highest level in history and yet tax receipts are not tracking the profits....why? Loopholes and income and expense shifting between countries based on tax and write off rates. One common trick: register your intellectual property with a subsidiary in a low tax country and then buy your own intellectual property from that subsidiary. You get the write off in the US and income to the low or no tax country.
You can never stop the gaming of the system by the wealthy until you get the money out of politics. Answer: disallow all private money in politics, outlaw PACS
All we need to do is cut government waste. If anyone saw what was really in the budget they would be picketing in front of the Capital Building and White House daily. There is so much waste and aide to other Countries it's ridiculous. Stop the waste and abuse and you won't have to worry about cutting Social Security and Medicare which, by the way, are benefits these people have paid for their entire working lives; it's not some handout program, this is an obligation our government made to these when they charged them the Social Security/Medicare taxes....time to pay up now.
Need to realize that Medicare and Social Security are separate items - SS has enough to cover it's expenditures and have the surplus mis-used by the government. Raise the limits on SS to cover income at any level, just keep the payments where they are.
Sorry, that turns it into welfare so it will never happen. Deductions are cut off at a certain level but so are benefits so it's fair.
As you mentioned the problem isn't SS itself, it's the fact that we need to call in our IOU's and the government squandered all the money so they have to borrow it.
Stop wasting money on stupid shi$, if the American public could see all the stupid things our government wastes money on, we would march on Washington with 535 ropes. Look at all the money the government gives in grants to study stuff that nobody gives a damn about, and all the foreign aid, its time those people learned to take care of themselves.
YES! Both parties are guilty of this. I would propose a priority list. Handle the necessities first, then the rest and when the revenue is gone that's it. No more of this "if you vote for my pork I'll vote for yours" crap.
The first thing that can be addressed with SS is the SSDI program. There are many people that are receiving these benefits that should be re-evaluated and possibly removed from this program.
All spending should be rolled back to 2005-2007 spending levels.
There are billions of dollars spent on un-necessary departments in the federal gov't that can and should be done away with. All of these things add up. The current SS recipients do not need to take cuts, but the potential recipients that will be coming along in the next 10-15 years should and will need to prepare for reduced benefits.
Raising taxes on the billionaires dividend income is only going to raise $11 billion a year. This is going to do very little to correct a one trillion dollar a year deficit. But every little bit helps.
What a screwed set of polling questions!
What about the option of cutting unecessary government spending? Bet that answer would garner at least 80%.
Don't lump it in with Medicare spending since that was funded with worker's money even though it may have been underfunded - eliminate the payroll tax cap to fix that problem.
you notice these smucks did not include taxing of the rich only, would only seem an option if the middle class take another hit, the logic defies any balance.
Again, taxing the rich only solves 5% of the problem. If you think our deficits would even be cut 10% you've been duped.
this is such a joke they will go after Romney because he is a successful guy with lots of money and made his money outside washington, Hello guess what we need someone outside of washington with business smarts and who knows how to work as a team I don't care who he is black ,green, white,yellow. you want someone who is stable and knows how to work with people and finance. the middle class is getting killed insurance costs,gas prices,property taxes,unemployment, under employent, foreclosure, the list goes on how do you vote for a guy who had 3 years to make a improvement and your stuck in the same place if not worse than you where you started i don't care who he is it just does not make sense to re elect obama
No. He didn't have 3 years to make an improvement because the crisis continued well into 2009. Question for you: Why in the hell did you expect us to get out of this huge hole within 2 years? The only joke I see is the number of people who fall prey to this culture of instant gratification. Huge problems aren't solved overnight and it doesn't help when you have a GOP contingent that threatens to filibuster at the drop of a hat.
Eliminate all regulations of all kinds, cut all investment income taxes to zero, slash away SS and Medicare and Medicaid, abolish the EPA, burn all our coal and oil and gas and garbage, and repeal the 13th amendment so that we can get free labor...this is the GOP plan.
That's a pathetic lie. A typical leftist propaganda ploy is to frame it as all or nothing. The key is moderation.
Ryan's plan was to SAVE SS and Medicare, democrats plan is to change nothing and let them go bankrupt, or worse bankrupt the entire country.
The EPA began as a useful idea. Unfortunately it has transitioned from protecting the environment to stopping all industry at any cost. Like all bureaucracies, it has been corrupted with unbridled power and is now abusing it.
Obama is for "clean coal" and has said coal must be a substantial part of our energy future. Can you say coal country democrats? I knew you could! :<)
It is democrats that want to repeal the constitution, particularly the 1st and 2nd amendments. Though both parties signed on to Patriot act and NDAA.
Close military bases setup around the world. The U.S. Empire is over. Stop foreign aid and subsidies. Flat tax people and corporations and eliminate all deductions and accounting end arounds. China taxes U.S. imports at 25% and the U.S. charges 2.5% on Chinese imports, force parity. Reduce federal spending by 10% through efficiency, fraud prosecution, and elimination of domestic subsidies.