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Taxes Must DOUBLE To Pay Bush’s Budget

Discussion in 'Political Discussion' started by Holy Diver, Jan 17, 2007.

  1. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    Interesting quote from the comptroller.


    http://www.rawstory.com/news/2007/Government_watchdog_says_control_spending_or_0115.html

    "The picture I will lay out for you today is not a pretty one and it’s getting worse with the passage of time," said David M. Walker, Comptroller General of the United States, in a Thursday morning hearing of the Senate's Budget Committee. "Continuing on our current fiscal path would gradually erode, if not suddenly damage, our economy, our standard of living, and ultimately even our domestic tranquility and our national security," he warned.
  2. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    If Bush causes the Taxes to go up he won't grt any trouble from the democrats, raising taxes is right up their alley.

    Bush has really lost it if he does anything to cause higher taxes, the Democrats will LOVE it but they will blame him :singing:

    Is Bush turning into a Democrat, here are the two big things that make Bush look like "Jimmy Carter"

    1--Slobbering, Gushing and Fawning all over the Criminal Illegal Alien.

    2--Now he is going to cause Taxes to go up.

    This could cause Aunt Nancy to "Have Sex With The President" she might even try talking him into running for a third term.
    :bricks:
  3. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    Ha!.....I'm predicting a third term. He'll claim wartime powers.
  4. Pujo

    Pujo Rookie

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    Bush prefers the even uglier alternative to raising taxes: increasing debt.
  5. BelichickFan

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    #24 Jersey

    Tax receipts, not tax rates. Growing the economy and slowing spending rates would get it done without a disaster. The biggest problems are social security and, especially, medicare. We need to encourage people to save for retirement so that we can reduce the growth of these items.
  6. Pujo

    Pujo Rookie

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    Don't forget mounting debt to offset that modest growth.
  7. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    :confused:

    Not sure what you're saying there. As a Republican, though, I don't disagree with the problem although I have a problem with the BS jab at Bush. Although he has exacerbated the problem, it wouldn't have been that much better had he never been elected.
  8. Pujo

    Pujo Rookie

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    Are you kidding? How much money has the war in Iraq cost, again? No doubt a Democratic admin would be spending left and right, but they'd be hard-pressed to spend the kind of money Bush has in Iraq.

    And besides, if it were Dems squandering money I'd be blasting them, too, I don't like others spending my money.
  9. Real World

    Real World Moderator Staff Member

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    Hey, Bush has spent money like a liberal could never dream. EVERY administration wastes money, and NONE ever cut government, they only increase it. What Bush has done is mind boggling. He's the anti fiscal-conservative. Seriously, it's laughable when people call this guy a conservative in the common sense. He's a religious loon maybe, but not a conservative. Anyhow, how's this guy come to his conclusions? I thought I read an article that talked about us being balanced, annually that is, by 2010 or 2012? I know tax receipts are coming in higher than expected. Where's he come in with 2040? Now, I'm not trying to dispute his assessments, I'm merely curious as to how he came up with his figures. I'm a HUGE proponent of smaller, more fiscally sane government. I think most in here know that. Remember people, we're at close to $9 Trillion in national debt. As Austin Powers would say:

    Ouch baby, very ouch!
  10. BelichickFan

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    #24 Jersey

    The war is expensive but :

    1) Although it's cost a lot, it's cost is overstated as many of the costs (paying the military personnel, etc) would have been incurred in peace time too.

    2) It's a (big) one time cost (plus interest). As opposed to social security and medicare which never go away and have large growth rates. Sort of like if you took $25K out of a bank account to buy a car, that's a large expense. But it's much more "expensive" to take it out of the stock market and lose all the growth the money would have earned.
  11. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    It's all crap based on what you see the growth rate being. Clinton's numbers were basically false because his people was using unrealistic assumptions about the continuation of the dot com boom.

    The debt is a fairly decent % of GDP now, we're OK, but the continued growth of social security and, especially, medicare, are the big turds in the punch bowl.
  12. Pujo

    Pujo Rookie

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    How much are social security and medicare going to cost over the next, say 40 years?

    How much is the war in Iraq going to cost over the next 40 years (remember, we're borrowing to pay for it), including interest? The war may be a one-time thing, but the payments will go on for a long time.

    Somehow I bet both of those numbers will be significant.
    Last edited: Jan 17, 2007
  13. BelichickFan

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    #24 Jersey

    Well not paying for the war now is simply a choice that has been made and can change at any time. It's not an inherent cost. Bush, or any future President, could institute a war tax in which the cost is paid now - they won't but they could. Compared to the entitlements whose costs are simply going up at, especially medicare but ss too, a rate way higher than inflation.

    So while we have chosen to finance the war, that was/is/will be our choice. The entitlements are different as they have automatic increases.
  14. Real World

    Real World Moderator Staff Member

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    Really? Then why are you so supportive of the massive tax dollar drain that is illegal immigration?

    To me, GW spending is mind boggling. I see BF's point regarding historical spending, but GW has really destroyed the bar on this one. He's fortunate that he's had better than expected tax revenues from a good economy. What's funny though is how people try to downplay the economy and call it crap. It's quite good. Especially when you consider where energy costs have been. The sad part in all this is that if GW had been slightly sensible with his spending, and had not gone into Iraq, we'd be talking about a good financial situation, and not a lousy one.
  15. Pujo

    Pujo Rookie

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    I don't support illegal immigration, I just don't think its impact is as big as certain people want it to be. Especially certain people who use cost as a macguffin for the real issue: they don't like people who aren't like them.
  16. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    But the deteriorating situation in Iraq has caused the initial predictions to be off the mark by a scale that is difficult to fathom. The operation itself — the helicopters, the tanks, the fuel needed to run them, the combat pay for enlisted troops, the salaries of reservists and contractors, the rebuilding of Iraq — is costing more than $300 million a day, estimates Scott Wallsten, an economist in Washington.

    That translates into a couple of billion dollars a week and, over the full course of the war, an eventual total of $700 billion in direct spending.
  17. BelichickFan

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    #24 Jersey

    I'm not trying to support the war spending. The war would have ended LONG ago if I were in charge. I didn't care about Iraqis when it started andI still don't. But it's disingenuous, although technically correct, to call it "Bush's Budget" as most of it was inherited by him.

    One of the best things that could have happened for our finances would have been to partially privatize social security but that was blocked. That, alone, costs us all 12.4% out of our paychecks without before you even think about income tax. It's borderline ciminal.
  18. Real World

    Real World Moderator Staff Member

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    Wow, you don't support illegal immigration? That's news to me. At least you've said so. At any rate, the costs are as significant as I've been saying, and will increase if amnesty is passed, and all the low income illegals become legals who will immidiately qualify for all low income benefits. Do the math.
  19. Real World

    Real World Moderator Staff Member

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    That's what i peg the war cost to be somehwere near the end. Ouch!
  20. BelichickFan

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    #24 Jersey

    Sure, that's a lot.

    Guess how much social security costs ? In 2003 it was $483B. I added 7% a year, which is about what social security rises annually, and this year's bill would be $633B.

    So while your total war cost is certainly more than I think we should be incurring, it's about one year of social security which is an ongoing and rising number.

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