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Think You Are Better Than Obama? Here Is Your Chance To Balance The Budget
In a way, the administration is correct in that with so many different voices each having their own opinion on how to cut the US deficit, it is next to impossible to reach a consensus. Yet the time bomb is ticking: in 2015 the projected budget deficit will be $418 billion (and likely more). This number will grow to $1.345 trillion by 2030 (both from the CBO, and thus fatally flawed). So here is your chance to give budget balancing a try: the New York Times has launched an entertaining interactive feature that allows readers to attempt to plug the upcoming $1.3 trillion hole on their own, using cuts to domestic programs and foreign aid, the military, health care, social security, existing and new taxes. Incidentally, of all proposals, the one that would have the biggest bang for the buck would be capping Medicare growth starting in 2013, which would almost halve the budget deficit in 2030, leading to a $562 billion recovery in government spending. The bulk of other "material" adjustment comes in the "New Taxes and Tax Reform" category, which is why we are certain that readers should enjoy their current tax bracket for as long as they can. It won't be around too long...
Full interactive budget balancing exercise after the jump:
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I am quite curious to know what the savings would be if there were no tax credits; except for having paid tax.
You have a perverted view of "savings."
Well I admit it would tend to increase revenues but there would be savings, since some of the credits can produce a negative tax rate.
"Some economists believe that the Consumer Price Index overstates inflation"...What a joke.
+ 1365 USD
Piss test Welfare. Piss test Wall Street. Start at the top and Bottum. No foreign Aid. Donate your own Money.
CPI Bonds on USA physical gold as saving options as FRN for also SS asap going forward plus 3.5% premium on bond above with mirror back 3.5% off taxes if bonds purchased. ZIRP eliminated.
FOMC inflation theft eliminated as FOMC eliminated. Inflation on Sound monetary policy they are teminated. Central bank interest rate in 12 zones set to zero cpi policy. Commodity inflation we cannot control unless margin set 50 percent since cottn 400 percent up so contracts for delivery on strike day only. Per capita reasoning only IMO
Correct me if I'm wrong:
If the U.S. gov. slashed all of it's spending down to 0$(including DoD/military) but kept social security, medicare, medicaid, whouldn't it still run a defecit?
What a piece of shit application. It's 10% cuts, 90% increased taxes. If that's the best the nations brightest can come up with we're all screwed.
Cut federal pay by 5%? Oh cry me a river. " the chairmen called for a three-year freeze on pay which would have the same effect"... Ah, no it wouldn't. Why not a 5% pay cut and a three year freeze? What is the point of an assumed raise every year anyway? If it's to stay ahead of inflation why not peg it to the governments doctored CPI?
Why not trim the ridiculous benefits offered to most government employees?
Arrrrrrrrghghggh... just makes me mad looking at that/thinking about it/writing about it. We're screwed.
Correct me if I'm wrong:
In light of those kind of abyssmally impossible mathematics, wouldn't that make the discussion over what wars/departments/programs...etc should be "cut" rather moot?
Reguardless of how many politicians want to jump up at the last minute and attempt to rearrange the deck chairs on the Titanic to make the situation look prettier. That still doesn't reconcile the fact that's the last minute and you're on the Titanic!IMHO
A funny picture that pops into my head is of a guy holding his finger in a structure the size of the Hoover Dam, trying to plug a leak, and thinking that a completely pointless endeavor like that will somehow circumvent the inevitable.
Yes. Total joke. When you don't include welfare spending (about as much as military spending per year) it is impossible to cut without raising taxes. Just take food stamps. 42M people! Unreal. Here's an article about how bad it's gotten under Obama. http://www.cbsnews.com/stories/2010/10/22/business/main6982095.shtml
Let them eat cake.
(as long as them isn't me)
Cut federal workforce per artical and given them Medicaid - eliminate their Cadillac health/pension plans.
End the Fed - print our own money.
Eliminate all the junk programs that don't work (there's lot and lots - virtually all of them)
Phase in Medicare increase in age for benefits
Phase in social Security increase in age for benefits, privatize the rest for those who are young
Fair Tax -- aka VAT -- and eliminate income tax, eliminate virtuall all of IRS
Eliminate Federal Dept of Education
Downsize drastically the EPA
Drill here and drill now for energy oil, gas, coal independence.
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No budget, no need to balance it!
Would not make big difference anyway.
"You did OK, but remember that JOB CREATORS are people who make more than $100,000/yr."
What a bunch of bull. As most everyone on this board should know virtually all high income earners when presented with excess income buy gold or other assets. Virtually none of them take a risk on a productive enterprise that actually employs people. Too messy and risky. If the rich created jobs then with all the tax cuts for the rich over the last 20 years we should be swimming in jobs but the evidence is exactly the opposite.