Fiscal Cliff

Post by **TheCatt** » Fri Dec 21, 2012 10:27 am

Burn, baby, burn.

Post by **thibodeaux** » Fri Dec 21, 2012 10:42 am

Apres nous, le deluge.

Malcolm · Post by **Malcolm** » Fri Dec 21, 2012 10:46 am

All I can picture is the game from "The Price is Right" where the mountain climber falls off.

Post by **TheCatt** » Thu Dec 27, 2012 2:58 pm

List of countries by debt.

United States is 13th in the world, right behind Ireland and Portugal. At 105% of GDP, not far from Italy's 120% or Greece's 165%.

So fuck it, fiscal cliff for all. Under fiscal cliff, we actually reduce debt, as public debt falls from 73% of GDP to 58% of GDP:

Malcolm · Post by **Malcolm** » Thu Dec 27, 2012 3:08 pm

Still far off from Japan's 229%. Holy fuck.

So fuck it, fiscal cliff for all. Under fiscal cliff, we actually reduce debt, as public debt falls from 73% of GDP to 58% of GDP

Not spending more cash isn't something Congress knows how to do.

Edited By Malcolm on 1356639008

Post by **TheCatt** » Thu Dec 27, 2012 3:29 pm

I'm not really sure how Japan stays alive with that much debt. No other country can.

Today in the paper they were talking about taking on ever more debt in stimulus.

Of course, the main point of that article was that the yen just hit a 27 month low, so I guess the tide is turning a bit.

Post by **TheCatt** » Mon Dec 31, 2012 4:39 pm

Congress set to avert crisis by raising $60B a year, putting a massive 6% dent into our $1Trillion annual deficits! Here's to the next crisis!

Yay?

Malcolm · Post by **Malcolm** » Mon Dec 31, 2012 7:04 pm

Far as I heard, both houses have yet to vote for neither jack nor shit. It also sounds like nothing's going to happen. This is going to be hilarious. Wonder which party's going to get blamed more? HAHAHAHAHAHAHA. Oh whew, that was funny for a second there.

Post by **TheCatt** » Mon Dec 31, 2012 7:18 pm

Here's what will happen:
Taxes increase on people over 400k
capital gains taxes up on rich to 20%
AMT adjusted
payroll taxes go back up 2%
debt goes up, up, and up

Remember, tax law is retroactive, so it doesn't have to be passed tonight.

Edited By TheCatt on 1356999566

Post by **TheCatt** » Wed Jan 02, 2013 4:34 am

Also:

Itemized deductions would be capped for individuals making $250,000 and for married couples making $300,000.

was added.

I'm not against higher taxes if they are match 4:! with spending cuts, and we pay down the debt.

This incessant fighting over pennies and nickles is just aggravating.

Post by **thibodeaux** » Wed Jan 02, 2013 8:32 am

Saw somewhere that they're cutting maybe 1.5B in spending, which is approximately the First Family's yearly expenses. Didn't check that figure but it seems not right.

Post by **TheCatt** » Wed Jan 02, 2013 11:24 am

The # I heard was 15-25B / year in spending.

Spending will be revisited within the next 2 months since they kicked that part of the can.

$1.5B for the first family seems obscene. But if you include White House, travel, security, etc... I dunno. This article agrees with 1.4-1.5B for family

Although, that number seems specious:

Gray told The Daily Caller that the $1.4 billion spent on the Obama family last year is the “total cost of the presidency,” factoring the cost of the “biggest staff in history at the highest wages ever,” a 50 percent increase in the numbers of appointed czars and an Air Force One “running with the frequency of a scheduled air line.”

Malcolm · Post by **Malcolm** » Wed Jan 02, 2013 11:49 am

Jet fuel ain't free. Neither was all the campaigning. The czar thing pisses me off.

Post by **GORDON** » Wed Jan 02, 2013 1:24 pm

Malcolm wrote:Jet fuel ain't free. Neither was all the campaigning. The czar thing pisses me off.

You dont think people donated a billion dillars to his election campaign in order to get good government, do you?