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Reading comprehensions not your strong point eh?
, bush tax cuts and prescription drug plan. Didn't you learn anything about "cause and effect" in school?
Your stock is falling very rapidly here indeed. Do you know the difference between cash and an investment? Cash is a short-term asset. It's actually an IOU, but one that you can collect on from anyone at any time. Unfortunatley, it doesn't earn any interest so it can lose value to inflation if you hold onto it for any length of time. If you have cash that you won't need for a while -- as Social Security does -- then you invest it so as to earn interest at a competitive rate of return that will in fact exceed inflation, thereby allowing your money to grow. But you can't spend any of your investments at the grocery store. They don't take Treasury securities, they don't take corporate, school, or municipal bonds, they don't even take pristine Lotto scratchers. So if you want to use some of your investments at the grocery store, you'll have to make them liquid again by converting them back to cash. That's how it works. In the case of Social Security, it's a little different. The notes they hold are themselves an authority to spend. In essence, if SSA were to need $50 million, it would simply cut a check and then return a like amount of securities to Treasury. Pretty simple.You do live in a dream world, one that defies reality. My bet is I pay more in taxes than you make. It really is sad that someone who claims to be as smart as you doesn't show it in their posts. You have no idea what a line item is, you have no idea what your taxes fund, you have no concept of debt service yet you claim to be not only rich but smart. I see neither. Try spending a govt. IOU at the grocery store. Didn't read the article on the IOU's did you?
..........You are so right, we need a massive central govt that spends 3.8 trillion dollars a year, has record numbers on food stamps, 23 million unemployed/under employed/discouraged, 40 plus million below the poverty level all to keep liberals in power. You are right, we don't have a spending problem, we need fewer rich people to pay for that 3.8 trillion dollar budget. Liberal arrogance on full display, higher taxes, lower economic growth, and high unemployment! You must be so proud.
September 11...Jan 20...Hmmm. She has avoided it for five months. Just how wrong does that make me? Will it get coverage? Will we hear anything other than "I cannot recall"?Ok so when she testifies will you admit how wrong you were?
Good. And yourself?
We could fix this by changing voter eligibility rules. If you pay taxes for a level of government, property for local, sales for city and county and maybe state, then you can vote in those elections. If one had to show one was a net income tax payer or one was on active duty in order to vote that would solve most of this nations ills.Your figures are out of date. 51% did not pay income tax in 2009 according to the JCT. Of course, the reason that they didn't PAY any income tax that year is that they didn't OWE any income tax that year. Are you in the habit of paying taxes that you do not owe? If not, I don't see where you can have any objection at all to others doing just the same as you do.
And the bottom quintile by income hands over about 17% of its income in federal, state, and local taxes, so they do have plenty of "skin in the game" as the downscale like to call it, in fact probably more than they can properly afford in many cases. The top 1% pays about 29% of its income in total taxes and has so much money left over that they barely notice.
Total Tax Bill by Income Group, 2011
You mean borrowing or printing it? You don't seem to understand, SS and Medicare were paid for by working people and their money was spent by the bureaucrats in D.C. Those are financial obligations and promises that have to be funded. If you have a loss of revenue you stop spending. The Govt. got record revenue in 2007 so explain that to us but you buy what you are told. You keeping more of what you earn isn't an expense to the Federal Govt and until people like you realize that, liberalism will make you look and sound like a fool.
We could fix this by changing voter eligibility rules. If you pay taxes for a level of government, property for local, sales for city and county and maybe state, then you can vote in those elections. If one had to show one was a net income tax payer or one was on active duty in order to vote that would solve most of this nations ills.
Combine that with india ink on the right thumb and a photo ID to vote and Democrats would disappear.
Social Security remains off-budget (along with the US Postal Service), but that is a paper factor only, determining where on a page that provides budget results the numbers for SS and USPS will appear. It has no other effect or distinction at all.Had SS and Medicare been left off budget as it was intended there would be enough money today to fund retirees and future retirees.
All 56.4 million current SS beneficiaries received 100% of scheduled benefits this month. Even if we do absolutley nothing, every eligible beneficiary will continue be in such a boat, month after month, for at least two decades by the most pessimistic of projections, and more llike four decades by something a little more reasonable. If we make even small changes to shore up system financing, that will happen indefinitely, as in right out the back end of the 75-year projection window and on out to infinity....but since SS and Medicare money has been spent on everything other than SS and Medicare there aren't enough workers or money today to meet obligations.
Where did the money come from for the two wars?Where did it come from for the drug plan?Did that money come from China, are the SS fund?
Dude, it's just more public debt. There is an appropriation to pay net interest on the public debt (i.e., what we pay to those who hold our debt LESS what we receive from others whose debt we hold), but there is no appropriation to pay off the principal value of maturing securities. Most of the time of course, the noteholder has no intention of closing out his position. He invested in Treasuries for a reason and that reason still holds. So we roll over that debt. We mark the old note paid, and hand him a brand new one for the same amount. Social Security does this every month. In those cases when an investor does wish to close out a position, we simply sell a new note to a third party and use the proceeds from that sale to pay off the maturing note. The guys down at the Bureau of the Public Debt can pull this sort of stuff off with their eyes closed, and with the yield on 10-year Treasuries having closed Friday at 1.87%, it's not like there's any shortage of investor-wannabes out there.Where exactly does the money come from to pay for those interest bearing bonds? You simply don't have a clue.
Dude, it's just more public debt. There is an appropriation to pay net interest on the public debt (i.e., what we pay to those who hold our debt LESS what we receive from others whose debt we hold), but there is no appropriation to pay off the principal value of maturing securities. Most of the time of course, the noteholder has no intention of closing out his position. He invested in Treasuries for a reason and that reason still holds. So we roll over that debt. We mark the old note paid, and hand him a brand new one for the same amount. Social Security does this every month. In those cases when an investor does wish to close out a position, we simply sell a new note to a third party and use the proceeds from that sale to pay off the maturing note. The guys down at the Bureau of the Public Debt can pull this sort of stuff off with their eyes closed, and with the yield on 10-year Treasuries having closed Friday at 1.87%, it's not like there's any shortage of investor-wannabes out there.
Conservative;1061374121 This country isn't taking in enough money to fund the 3.8 trillion dollar Obama budget which includes SS and Medicare. Too bad people like you think money grows on trees.[/QUOTE said:It seems were going in circles doesnt it?From a previous post.
President Clinton's 2001 defense budget(prewar budget)=$291.1 billion
President Obamas 2012 defense budget (Afghan war budget)=$553 billion
$553 billion minus- $291.1 billion=$261.1 billionx ten years
The two wars cost 1.3 trillion dollars over 10 years or 130 billion a year, hardly causing the debt we have today. The Drug plan was less than your party wanted and saved money by interjecting competition into Medicare. Keep buying what you are told while you ignore the real problems facing this country. The last Bush budget was 3.0 trillion, Obama has never had a budget under 3.5 trillion. We don't need a 3.8 trillion dollar budget so what is your excuse now, Iraq is over.
It seems were going in circles doesnt it?From a previous post.
President Clinton's 2001 defense budget(prewar budget)=$291.1 billion
President Obamas 2012 defense budget (Afghan war budget)=$553 billion
$553 billion minus- $291.1 billion=$261.1 billionx ten years
We have spent $10 Trillion on defense since 2000, so YES that is a big portion of our debt. Over half is a pretty big proportion.
It seems were going in circles doesnt it?From a previous post.
President Clinton's 2001 defense budget(prewar budget)=$291.1 billion
President Obamas 2012 defense budget (Afghan war budget)=$553 billion
$553 billion minus- $291.1 billion=$261.1 billionx ten years
We have spent $10 Trillion on defense since 2000, so YES that is a big portion of our debt. Over half is a pretty big proportion.
$291.1 billion x ten years=then your looking at some serious dough.:2wave:
Hard work and a little more than forty years is all it took me.I only hope that some day I can become half as smart as you think you are.
Debt service and other budget items? What sort of nonsense babble is that? The public debt consists of two parts -- first, intragovernmental holdings representing Treasury securities sold to those among some 180 federal trust funds that acquire sufficient surpluses to require investment, and second, debt held by the public representing Treasury securities sold to everybody else. How hard is that to keep up with?Debt is made up of public debt and intergovt. holding obligations along with debt service and other budget items.
Yes. Do you know which from among 2011, 2012, and 2013 numbers in a 2013 budget are estimated?Better tell that to the Treasury Dept. Amazing how smart people like you think you are. Do you know what an estimate is?
Your claim was that the defense budget has never been more than it is today and that is over 700 billion. Obviously, you goofed that up on both counts.Here are the numbers from the Treasury for 2011-2010-2009
LOL!Better quit when behind. Waiting for you to admit you are wrong
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