Law School Discussion

.

.
« on: January 13, 2006, 04:46:28 AM »
:)

Freak

  • ****
  • 4767
  • What's your agenda?!
    • AOL Instant Messenger - smileyill4663
    • Yahoo Instant Messenger - smileyill
    • View Profile
Re: What are your thoughts on the Federal Budget Deficit?
« Reply #1 on: January 13, 2006, 09:09:20 PM »
How long?

r.

  • ****
  • 1053
  • Hey psycho stalker spy!
    • View Profile
Re: What are your thoughts on the Federal Budget Deficit?
« Reply #2 on: January 13, 2006, 10:32:32 PM »
It scares me. I try not to think about it.

Freak

  • ****
  • 4767
  • What's your agenda?!
    • AOL Instant Messenger - smileyill4663
    • Yahoo Instant Messenger - smileyill
    • View Profile
Re: What are your thoughts on the Federal Budget Deficit?
« Reply #3 on: January 13, 2006, 10:33:26 PM »
It scares me. I try not to think about it.

That's the thing! heh

Re: What are your thoughts on the Federal Budget Deficit?
« Reply #4 on: January 14, 2006, 03:18:38 AM »
It pisses me off. I think paying interest on the national debt is a waste of taxpayer money, and it would be more efficient for the gov't to raise taxes and trim spending rather than continue to borrow. It frustrates me greatly that most Americans feel differently.

I was just ranting about this the other night. I told my BF I'd like to run for office on a personal responsibility/tough love platform. I promised him I'd be very blunt with voters about the costs of borrowing money and the need for a sustainable economic plan and even suggested the slogan, "If you don't like it, tough sh*t." I'd be like Robert Redford in "The Candidate", but instead of saying what the Man didn't want to hear, I'd be saying what the people don't want to hear. We concluded that I would never be elected.

Freak

  • ****
  • 4767
  • What's your agenda?!
    • AOL Instant Messenger - smileyill4663
    • Yahoo Instant Messenger - smileyill
    • View Profile
Re: What are your thoughts on the Federal Budget Deficit?
« Reply #5 on: January 14, 2006, 09:29:54 AM »
It pisses me off. I think paying interest on the national debt is a waste of taxpayer money, and it would be more efficient for the gov't to raise taxes and trim spending rather than continue to borrow. It frustrates me greatly that most Americans feel differently.

I was just ranting about this the other night. I told my BF I'd like to run for office on a personal responsibility/tough love platform. I promised him I'd be very blunt with voters about the costs of borrowing money and the need for a sustainable economic plan and even suggested the slogan, "If you don't like it, tough sh*t." I'd be like Robert Redford in "The Candidate", but instead of saying what the Man didn't want to hear, I'd be saying what the people don't want to hear. We concluded that I would never be elected.

Oh ya that'd go over well. 

Personally I think spending needs to be cut astronomially. Obviously if higher taxes cannot be passed then the nation doesn't see the need for the spending.  Borrowing allows the government to give people more than they paid for and currently we have our cake and are eating it too. My question is when will the piper get paid? If it's 100 years from now most won't care, now.

Slow Blues

Re: What are your thoughts on the Federal Budget Deficit?
« Reply #6 on: January 14, 2006, 09:43:21 AM »
It would not be that hard to restore balance to the budget. We did it under Clinton, and it could be done with a mixture of more appropriate taxes and some, but not that much fiscal discipline.

The problem is the entitlement programs: Medicare and Social Security. Outlays for these programs will start to grow out of control in the coming decades; they will have to be reduced, there is no practicable alternative (unless you consider a top tax bracket of 50% a feasible solution). Unfortunately, reductions to these programs will result in shorter life expectancy and a rise in poverty among the elderly.

Freak

  • ****
  • 4767
  • What's your agenda?!
    • AOL Instant Messenger - smileyill4663
    • Yahoo Instant Messenger - smileyill
    • View Profile
Re: What are your thoughts on the Federal Budget Deficit?
« Reply #7 on: January 14, 2006, 09:58:11 AM »
It would not be that hard to restore balance to the budget. We did it under Clinton, and it could be done with a mixture of more appropriate taxes and some, but not that much fiscal discipline.

The problem is the entitlement programs: Medicare and Social Security. Outlays for these programs will start to grow out of control in the coming decades; they will have to be reduced, there is no practicable alternative (unless you consider a top tax bracket of 50% a feasible solution). Unfortunately, reductions to these programs will result in shorter life expectancy and a rise in poverty among the elderly.

Obviously the nation doesn't. I'd guess a law'd pass to kill off the elderly before one raising taxes that much.

Re: What are your thoughts on the Federal Budget Deficit?
« Reply #8 on: January 17, 2006, 01:39:05 PM »
...I'd guess a law'd pass to kill off the elderly before one raising taxes that much.

Honestly, that's the kind of debate I'd like to see. I am so sick of politicians telling voters we can cut taxes and increase spending and it will all work out fine. And I am so sick of voters who believe it.

Freak

  • ****
  • 4767
  • What's your agenda?!
    • AOL Instant Messenger - smileyill4663
    • Yahoo Instant Messenger - smileyill
    • View Profile
Re: What are your thoughts on the Federal Budget Deficit?
« Reply #9 on: January 17, 2006, 02:13:34 PM »
...I'd guess a law'd pass to kill off the elderly before one raising taxes that much.

Honestly, that's the kind of debate I'd like to see. I am so sick of politicians telling voters we can cut taxes and increase spending and it will all work out fine. And I am so sick of voters who believe it.

I don't know if they believe it so much as they believe it'll work out fine for them.

On a side note, why the heck does the government need so much money?

Note these numbers from my Fed. Income tax law text page 7. ISBN 1587786745

In 2004 all federal internal revenue taxes collected exceeded a trillion dollars. That's more collected per day than collected in the years 1939-1949 combined. 1938's federal internal revenue taxes were $5,658,765,314.

From 1812-1818 Total federal internal revenue taxes were $25,833,449.43.
From 1791-1802  "      "       "       "        "     "  $6,758,764.26
There were no          "       "       "        "   from 1803-1812
From 1818-1861 (43 or 44 years!) no federal internal revenue taxes were imposed.

You may draw different conclusions from these numbers. For instance, they may simply show a huge growth in the economy & wealth here. Alternatively Lord Acton did say that "power corrupts and absolute power corrupts absolutely; what is money other than power?