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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 740940  
Subject: Re: Income Tax Revenue and Deficits Date: 12/5/2012 8:10 PM
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It's hopeless.

THe folks in DC are arguing about a few tens of billions a year while they are running a 1.4 TRILLION dollar deficiet.

They won't address the entitlement programs which will go over half of all government spending in 10 years.

They aren't even talking about cutting spending....but they are talkiing about cutting the rate of INCREASE of the part ABOVE the BASELINE increases that will happen no matter what.


In other words, spending is going up 8% a year, and now they are talking about the spending OVER that 8% a year that they will 'cut back' somewhat...say from only 2% over that 8% to 1.7% above the 8% already automatic baseline spending increase.

They have NO intention of cutting anything today.

They are arguing about the increase, over the already planned increase, and nothing else..

Plus of course, raising 80 to 160 billion a year in 'new revenues'.....which will be 800 billion to 1.6 trillion after 10 years...if they don't spend it all along the way, which they will, since once they have money, they spend it..and they don't even have the money because it won't even be enough to pay for the baseline increase, no less the 1.4 trillion we borrow each year.

It's pathetic...it's all a joke on the American people...and they argue about idiotic things...and have no intention of stopping the drive to financial meltdown in less than 10 years.



t.
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