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URL:  http://boards.fool.com/god-forbid-the-government-even-attempt-to-raise-30378648.aspx

Subject:  Re: Bargain hunting Date:  11/13/2012  12:29 PM
Author:  Jim2B Number:  40777 of 41633

God forbid the government even attempt to raise money to help pay for its obligations. The fact that workers paid into social security all their working lives with the expectation of being able to withdraw at the end of the day be damned.


Kelborn,

I never said to not tax the rich and to not cut defense spending. I said those things do not matter. Go ahead and tax the rich at 100% of income. Go ahead and cut defense spending to $0. In 10 years, neither of these will be enough.

It is entitlements that are bankrupting us and therefore THEY MUST be cut! The rest is just political window dressing and completely irrelevant to the problem.

A perception of fairness, trust, and compassion are necessary ingredients for a fully functioning and productive society. A leveling of the playing field, however slight, by raising revenue from those who can most afford to contribute a little more would be a step in the right direction, at least psychologically. After all, perception and inclusiveness are powerful forces.

Perceptions of fairness, trust, and compassion combined with wishful thinking won't solve this problem.

Go watch the short movie "The Cold Equations".

This country will implode despite fairy dust, the money tree, defense cuts, and taxing the rich. The numbers do not care what the electorate wants for "free". The numbers do not care about politics. The numbers do not care with which party YOU agree on economic issues.

I admire your advice in many ways, but you are completely wrong about this. Perhaps if you put your politics aside for a while and concentrated on examining this problem quantitatively?

Project our federal outlays and federal revenue numbers out 10-20 years. Where does the democrat party platform put us? As a % of GDP how do our current and future deficits and debt compare to countries like Greece or Spain?

Which country do you think will bail us out when we don't make the hard choices? What are democrat constituencies who have been promised "free stuff" for so long going to do when the democrats can no longer deliver on those promises. Why are you mortgaging the income of my children to support bad economic policies?

What happens to the US economy when people have better options available? What effect will quantitative easing have when people no longer want to buy US government debt and/or dollars?

Why is it OK to scape goat our problems on the most productive subset of our economy? If you think the rich should pay more, why don't you hand over more of your income to the IRS - after all, you want fairness put your money where your mouth is?
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