The next President of America will turn the collapse around
America will crash and burn if Obama is not re-elected
I'm not voting ever again if Obama is not re-elected
I'll be too happy if Obama is not re-elected
I'm moving to Kenya with Obama if he's not re-elected
It all depends on WHO the next President is.
With that said, The Republicans also keep doing the same thing over and over. "Trickle Down" "Trickle Down"! The Republicans are correct in saying that decreasing taxes on the wealthy CAN bring in more money, but there is a threshold where that stops being true. If we had a 60% tax on the highest income bracket then we could lower taxes and and bring in more income. However, when taxes for the top bracket hits around 40% (just a number, "Not meant to be taken as a factual statement") you actualy start to lose income to the government. Supply-side economics does not work. We had decades of proof with Republican Presidents that show that money does not trickle down. If you want a strong economy, it is not the rich that need breaks, but the middle to upper-middle Class.
"No nation could preserve its freedom in the midst of continual warfare. " James Madison
"Religion & Government will both exist in greater purity, the less they are mixed together. " James Madison
Economic Left/Right: -1.62
Social Libertarian/Authoritarian: -4.56
Which is bad for the COUNTRY.
And why we have $15 trillion in debt.
We need leaders who will COMPROMISE to get it done. For the good of the COUNTRY.
Early on, I thought that Obama would likely not be elected for a second term.
I no longer think that way, unfortunately.
It would not pay off our debt, but it would eliminate the deficits and begin reducing the debt.
According to the most recent data from the CBO, just the richest 1% alone take 18% of gross income (it may be higher now). Gross national income is $13 trillion. 18% of $13 trillion is 2.34 trillion in income the top 1% take.
They currently pay an effective tax rate of about 21%. 21% of $2.34 billion is $491 billion they pay in total federal taxes. That leaves $1.85 trillion left in untaxed income, more than enough to cover the federal deficit.
Just from the top 1% alone. Expand it to the top 10% and its easy.
Without cutting spending a dime, which they do need to trim.
Source data: http://www.cbo.gov/doc.cfm?index=8885, historical budget data.
And we've seen twice now the disaster caused by tax cuts resulting in exploding deficits without any improvement ine the economy.the definition of insanity is doing the same thing over and over expecting different results. Democrats keep going back to the same well over and over, entitlements! more entitlements!
it hasn't worked, and it won't.
It hasn't worked, and it won't
So why are Republicans going back to the same old tax cut well over and over?
The answer is obvious, isn't it?
Last edited by Iriemon; Feb 25 2012 at 07:31 AM.