It’s not looking pretty if you look at the charts
Our government is reminding me of a college kid with huge student loans who just got his first credit card and is having fun with it partying and going out, buying drinks for all.
I really don’t know much about any of this, listening to it all on the radio/TV is interesting and im trying to absorb it but it makes my fucking head hurt…
last night though IIRC i heard them mention there are three “rating” bureaus and the other two aside from S&P still were saying the US is in AAA status. Also mentioned how S&P rates credit based on a majority of political factors more or less.
I dont remember exactly but they were also mentioning something about S&P’s credibility in its rating being somewhat lacking…
Anyways, dont know if its right or wrong but love hearing people legitly talk about this shit rather then bantering so pleasee chime in
Congress is incompetent.
Limit has been raised over 50 times before and they couldn’t get it done this time, seriously hindering our standing in te world.
My question is what is the end result of all this… it has to turn around at some point.
They need to start making cuts and America needs to fucking deal with it. Continuing to raise taxes on citizens is fine, but it has to cap somewhere and we need to fix our other issues. Welfare/Social Security in particular.
They will keep it at until it gets so shitty that it doesn’t work anymore and then the people will suffer, we will lose our standing as the world leader and other countries will try to move into that spot.
However we will still have a strong military as their budget only keeps increasing seeing as they are recession/debt ceiling proof.
I’m not against cutting military budget but many other things would have to come with it or before it. Huge cuts in entitlements are necessary. We are the only country where our poor people are fat because they can’t afford the DIET food… Which I find funny because most other countries find it troublesome to feed themselves, and we are trying to keep ourselves from feeding ourselves too much including our poor people. People pay to eat less…lol.
Honestly i think the military budget needs cutting and I’m in the military. We are wasting our resourcing getting in everyone’s business. Don’t forget, out of all the things our government spends money on the military is one of the few required by the constitution. Nowhere does it say the government is to PROVIDE everything for everyone, including cell phones, high speed internet, and health care.
Well said.
I agree lots of stuff needs to be cut with the military but this is silly
edit that isn’t the military budget, thats the entire budget.
Damn google and small charts.
It’s somewhere in there. :rofl
check out these charts
http://www.heritage.org/budgetchartbook/top10-percent-income-earners
http://www.heritage.org/budgetchartbook/entitlements-historical-tax-levels
http://www.heritage.org/budgetchartbook/federal-spending-per-household
also wonder why we can’t keep business in America.
Also don’t forget that while that top 1 percent is heavily taxed they STILL take home 24% of all income.
Will I shed a tear if someone rich brings home 9 mil a year instead of 10 mil? No.
Neither should the person still brining in 10 mil a year.
On the other hand entitlements are fucking us hard as you posted.
Your third chart better be adjusted for inflation otherwise it’s pure shit. 11k in 1965 vs 25k now? If anything 11k bought you more back then.
I have a hard time finding legit information on these subjects, part of the reason I don’t get involved. Every damn chart is different.
The Dow ended the day down 634.76 points, or 5.5%, at 10809.85. The broader Standard & Poor’s 500 index fell even more sharply, finishing the day down 79.83 points, or 6.6%, at 1119.55.
Enjoy your stay…
It says clearly it is inflation adjusted.
Also what right do you have to take an extra million from a rich guy. Its his money not yours
I actually used to somewhat look at it like Vlad made it sound, like he will miss another million…
To most of us that will probably never get to know what thats like think “Hey this guys making bank he can give a little more”
I talked with someone about this, someone who does make money, started his own buisnesses and worked his ass off and he said one thing to me that completely changed my outlook on it…
“What right do you or anyone else have to tell me, someone who worked hard for my money how much I can give or how much I can live without”
and I agree with that, before he said those words to me I though hey, if your making a high ammount per yet, you can probably afford a little more tax, and maybe thats true, some of these people who are making million per year probably could, but what right does any of us have to say how much is to much or how much they can give back, its none of our buisness
I won’t bother multiquoting a million posts
Hybrid- I agree with you 100% that current spending habits of our government are unsustainable and stupid. However S&P dropping the credit rating for the country isn’t going to help anything. All it did was trigger a bunch of panic selling in the market and probably hinder our economic recovery. The interesting thing in all of this is that even though our credit score was dropped purchases of U.S. T bonds went up so their yield went down.(people bought govt securities since they are viewed as a safe investment, but have low returns) My only point was that S&P’s actions are scummy and obviously politically motivated.
Personally I view the country like a 20 year old that got a bunch of creditcards ran up 40k in debt while making 10 bucks and hour and now needs to cut all unnecessary spending and get a second job to pay the shit off.
Can this be done quickly no, will it be painful yes. Do we need to get our service people home so we stop hemoraging money on other countrys’ problem absolutely. The tough sell is going to be the fact that everybodies taxes are going to have to go up. Am I happy about that fact, no I’m not but our country was led by a complete moron for 8 years and he fucked the nation over royally and now it’s time to pay the piper.
end rant/
The problem is the people who are making over a certain amount aren’t taxed the same % as someone making less. The middle class is taxed the most and they are the ones who make the economy boom and bust, not the rich. The ever shrinking middle class need as much money in their pockets as they can get. They are the ones who spend it on consumer items, which then create more jobs.
Is it fair that someone making less is taxed more?
“We don’t need a rating agency to tell us what we need to do.”