Monday, April 25, 2011

Econ 101

http://www.youtube.com/watch?v=661pi6K-8WQ

11 comments:

Baxter said...

Al -

I think you need to read more and watch YouTube less...

riegels rant said...

Baxter I would then assume that you think all is well and that we do not have a debt problem and the only solution if we do is to tax tax tax, with out any cuts to the spending spree your man has accomplished in his first couple of years. Is there ANYTHING you as a liberal believe in when it comes to our debt problem. try and separate the two...debt and deficits, cutting deficits does not help cut the debt. have a nice day

Baxter said...

Al -

We agree on the issue. I say we need to CUT SPENDING and RAISE TAXES and we need to be careful doing both lest we undermine the nascent recovery (see UK).

It is today's GOP that lies when they say, "We don't have a revenue problem, we have a spending problem!" We obviously have a problem in both areas. They either know it and "fib" or are too stupid to go out in public all by themselves.

I want a plan to cut the debt. I recommend an off budget VAT tax, as well as the estate tax and new inheritance taxes that will be applied straight to the debt. Is either party talking about reducing the debt?

riegels rant said...

I had the opportunity to talk with a very high ranking official in an administration the other day..my question to him was...when our debt got to around 5/6/7/8 trillion why didn't you or your party stand up and say...boys we are going in the wrong direction and need to stop this spending now...much to my surprise, he did not have an answer to that question...I shook my head and walked away...and now we can understand why we are where we are today...none of them have the answer or the balls to stand up and say STOP

Baxter said...

Its not just the spending, Al. Did you support Bush's tax cuts?

Remember - if Bush had just maintained Clinton's 20%/GDP in revenues, he would have had net surpluses rather than doubling the debt in eight years.

Clinton raised taxes and grew 22 million net jobs in eight years. Bush cut taxes and netted zero jobs in the same amount of time...

riegels rant said...

I support tax cuts period...the more money you can put into the American peoples hand the more they will spend and the more revenue the fed would get to pay down debt or deficits. there are many studies out there that support that claim...there are also many studies that show if you take every dime we make and apply it to the debt it will not make a dent...it will be a long process to pay this off or down, but taking more money out of the peoples hand to give to a government that can't run anything effectively is not the answer.

Baxter said...

Next time you want to complain about the debt, Al, just look in the mirror. You and people like you own the current mess.

We need to pay our bills - where would the money come from besides taxes?

We had a surplus with 20%/GDP in revenue and massive deficits with 15%/GDP in revenue. Do the math.

Baxter said...

"Deficits don't matter" - Dick Cheney (R)

Brilliant!

riegels rant said...

And then I assume that everything that Obama has done in regards to raising the debt is 100 percent people like me's fault...try this on for size...tell me when was the last time a poor person created jobs...never that why they are poor. How about your union buddies...it seems that everywhere unions have been those companies go out of business..or are in deep trouble...teachers unions, state workers, government workers, auto industry, to name a few. When I was working and had 650 employees who did they depend on for their living...your right baxter..people like me, not the government. I am sure you believe in bigger government, more people with their hands out, less people paying tax's. If you are so guns ho on paying tax's or higher tax's I am sure you sent in your Clinton 39% this year or did you take the tax cuts and depreciation on your rental properties, assuming you have any, and your deductions...just like that blabber mouth president of ours...cut the deductions, raise the tax on the rich (his favorite slogan), while at the same time he took every deduction he could and cut his tax's...to bad the yo yo does not lead by example

Baxter said...

Al -

It is our role as taxpayers to minimize our tax bill. It is the role of government to have a tax structure sufficient to pay the bills. Period.

When asked what was more important, labor, capital or management, Carnegie replied, "Which leg is the most important of a three legged stool?"

Reagan inherited a small deficit and blew it up - tripled the national debt in his first term.

Clinton inherited a structural deficit and turned it into a surplus.

Bush inherited a surplus and created massive deficits, doubling the debt in eight years.

Obama inherited a massive deficit and a collapsing economy. He has maintained the deficit rather than exploding it ala Reagan and Bush.

Which party makes the mess? Which party cleans it up?

riegels rant said...

if you call adding about 3/4 trillion to the debt then I guess you are right...