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White House Proposing Temporary Payroll Tax Deduction
From the WSJ: "White House proposes temporary payroll tax reduction. The 6.2% Social Security tax would drop to 4.2% for workers for one year." Unclear if this is on top of any additional Bush tax cut extensions. It is amazing that it took D.C. only 1 month to forget that the people are sick and tired of reckless deficit spending (today's debt: 13,833,512,000,000) and will vote out all corrupt idiots who merely pass the hot debt potato to the next generation.
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a step in the right direction, albeit too late.
Taxes need to increase to pay for this Fed spending orgy - otherwise system will go kaboom!
Increase taxes? You probably want to keep obamao in office too?
Lower taxes, keep rates at 0, and encourage investment. Will take a while, but hopefully we all make it out of this mess.
So 2% tax savings minus 6% inflation = -4% income.... and higher national debt.
The Keynesians were bound and determined to borrow & spend anyways...one wonders what the effect would have been if the borrowings would have been used as an offset for a tax holiday for all workers?
Of course that would have been only half the fun...when they reinstated the taxes all hell would have broken loose ;-)
In what world do you see 6% inflation next year?
What gauge are you using for inflation? The GOVT? Please..Inflation is real and much higher than reported..The FED printing dollars is causing this. Have you seen Commodities? The $ is depreciating every day..6% sounds right
Watch As David Einhorn Makes A Mockery Of One-Man Fed "Expert Network" Larry Meyer....Watch this story on zero hedge so you can understand real inflation from David Einhorn
Been to the gas station or grocery store lately? 6% *real* inflation....a bit generous, try closer to 8-10% for neccesities.
In what world do you see 6% inflation next year?
Real world inflation numbers. FedEx/shipping, food, etc are going up so the normal consumer is about to be broadsided. Since i know people in various industries and regularly speak with them about the situation at hand.... expect to see food experience an 8% increase (already being priced in/slated at the wholesale level as we speak for 2011), energy is variable though we'll call it 3% to be kind, and in various States property tax is going up as is car insurance. Sure there is more, yet that is just a small taste of what is to come for 2011.
As you might not be privy to having friends in various places, www.ShadowStats.com might be a source for you.
Lower taxes
Remove all tax deductions (flat tax personal and business)
Close all government industry subsidies and programs
Fire 50% of government workers (by lottery)
Raise interest rates to provide incentive to save and to punish mindless paper based speculation and malinvestment
Let all the malinvestment evaporate (this would include most of Wall St)
Bondholders take a haircut
Recognise that while this will implode the financial system, not a single iPod or Ford plant would evaporate, no people would suddenly forget their skills or lose the ability to work, so it wouldnt touch the real productive economy of the USA (such as is left)
Put all the unemployed and untrainable accountants, beuracrats, finance spivs, former fed chairmen and other useful idiots into FEMA camps until cannon fodder is required
yea a few % in tax savings vs massive % of dollar devaluing
$6 gas by July 4th
This planet you're from, is it in this Solar system?
The Govt needs its credit cards cut in half!
Are you f-ing high? You could literally confiscate 100% of the income for everyone making more than 100K/year and you couldn't balance the budget. Oh for the earlier Bush years of $300 billion deficits. The problem is the massive orgy of spending and do-gooder entitlements spent with no concept of fiscal discipline.
*Dupe
Quantum,
Entitlements, means (in Political Speak) Freebies.
Social Security is not, never has been an Entitlement.
We, the American people have been forced to contribute, so to get back what was taken, is an Entitlement?.
No I call that fair,to not get it back is THEFT.
As for the other free for nothing, never put in, never paid a dime, yeah, I agree,4 Generations of Big 40 drinkers, mid day, 24/7/365,(except in the cases where one cannot care themselves).Then its our duty to help.
As for 300 Billion deficits, I WISH to hell that's what we had now.
Peafuckingnuts.
Social security is an entitlement. It was sold as a supplemental pension system, where you get back what you put in. However, that's not the way it has been run. To the extent the system runs out of money, the Treasury is on the hook, or benefits are cut... or both. I might by your argument if there was actually a significant correlation between contributions and benefits, and Congress didn't have the authority to change any aspect of the program at will.
An entitlement is any government social welfare program where individuals feel they are entitled to receive a benefit from the government.
By your logic, Medicare isn't an entitlement. You are forced to contribute to that. Likewise food stamps wouldn't be an entitlement since you contribute to that via federal income taxes.
I wonder when we'll no longer be able to afford being "entitled" to our own opinion.
Pretty sure that Minsky moment happened in 1971
Dos-when the word "fair" enters the discussion, well...
Off to Houston tomorrow, maybe breathe a bit of fresh air.
- Ned
How long before they offer a deal where you can pay off your share and be exempt from all future federal taxes? Of course they'd find a way to renege within 5 years, outside.
Am sure you know this, yet the $44,624 is just the national debt and does not include the multiples higher future obligations/USA PONZI scheme (So-So Security, Medicare, etc).
sigh. Put more money in the pockets of consumers, they will...consume. This consumption, it is thought, will lead to more jobs, broadening the tax base rather than deepening it. Revenue per person may drop, but total revenue increases with the increased employment. The bonus is less in trasfer payments via UI...nevermind that wages will be $7.50/hr rather than $10/hr.
Sometimes giving in to your opponent's momentum rather than opposing it, achieves the desired result.
Sure.... If they'd quit spending. Like the Pigford Settlement. Another bazillion dollars to be signed into law on Wednesday.
Some start.
Yeah, this is why this country is going down in flames. Check out the deal.
http://www.huffingtonpost.com/2010/12/06/obama-tax-cut-compromise_n_792776.html
Democrats get a 13 month increase to unemployment extensions
Republicans get a 2 year extension to Bush tax cuts
Cost of the deal? Approximately $300B. When they disagree, they end up spending more in the end. They are completely shameful.
Isn't that funny? But in a really sad way - their version of a compromise only leads to more spending and less taxes.
Not that I believe the current system is savable, but this is exactly why. Everyone wants to spend more, tax less.
p.s. Is that a UW Husky?
yes, it is UW...
let's see, we could cut spending. nah, then people would lose jobs.
let's see, we could raise taxes. nah, that would cost us our jobs.
wait a minute! i've got it! let's cut taxes and raise spending. of course, why didn't we think of that in the first place.
i vote that we create new names for these people, "Republicrats", and separate them into their own party so we can vote them all out.
And then they throw in a little bone for people - i.e. the payroll tax cut. And yet THEY STILL HAVEN'T FIXED A FUCKING THING.
That payroll tax cut is most likely for the Employers, NOT the Employees -- can't have the Ignorati spending their own FRNs, now can we?
Republicrat
(ri-puhb-li-krat)
-adjective
1. favoring more spending
2. an advocate of no savings
3. a person who believes spending more money solves debt problems
4. of or pertaining to the Republicrat party
-noun
1. a person who favors a Republicrat form of government
Origin:
Dec 6th, 2010
-Related Forms
Democrat, adjective, noun
Republican, adjective, noun
Keynesian, adjective, noun
Idiot, adjective, noun
+1
We have been brought up by the progressives (liberals) that without stealing
from our neighbor, there is no way to help the poor and those that need help.
That is the biggest lie every put out there...and most of the American people
have fallen for it.
If anyone wonders why the US government is in such a mess, it is all here. Republicans argue for low taxes and lower spending. Democrats argue for higher taxes and higher spending. So, they compromise with higher spending and lower taxes. Washington is destroying the country....
republicans have never been for lower spending, they may have stated this and ran on it, but never have they spent less, republicans like to cut taxes and prefer the inflation tax, democrats just say they are going to take your money
"If anyone wonders why the US government is in such a mess, it is all here. Republicans argue for low taxes and lower spending. Democrats argue for higher taxes and higher spending. So, they compromise with higher spending and lower taxes. Washington is destroying the country...."
Excellent observation.
Here's a good compromise...let's let Washington feed itself...the little bird will never grow up to fend for itself unless we push it out of the nest ;-)
Problem summed up succinently and accurately, Milestones
/double facepalm.
Obama gets a 2% SS cut (temporary for now, to become perpetual later)
Which is actually a progressive tax, as SS contributions are capped and they for sure will raise the cap by 2% at the same time (if not more), so effectively only a cut for <$100k earners. Now I only wonder if they shaft all self-employed but stating "a payroll tax cut only applies to employees"!
"If they'd quit spending. Like the Pigford Settlement."
I hear ya bruh.
http://biggovernment.com/publius/2010/12/06/the-pigford-shakedown-how-the-black-farmers-cause-was-hijacked-by-politicians-trial-lawyers-community-organizers-leaving-us-with-a-billion-dollar-tab/
Cash in pocket. Stocks = Moon.
well the 61.8% Fib level held today again, and SPY is down 3 points after hours.
Ireland budget vote will pass tomorrow. Dec 7th EU bank deposit withdrawal will occur tomorrow. Wikileaks Assange will be arrested tomorrow. Unemployment extensions and tax cut extensions will be agreed upon.
it'll be interesting to see if that news will be enough to break the 61.8% Fib or not.
and just like that, the deal has moved the SPY back to even after hours. this unemployment/tax cut extension deal has the potential to finally break through the 61.8% Fib level.
Yes, we will finally break swiftly above the top of this range. Wonder if Obama knows he is putting more nails in his coffin with this decision?
I finally agree with something you have said...Goodnight Mr. Obama. But i do not tthink he cares, he just does not want this collapse on his watch
Nonsense:
"But i do not tthink he cares,.."
It ddepends on what he really ccares about, don'tcha know. If we ggrant that he (and his playaz) are smart, then what is the ggame pplan?
;-)
playin'
- Ned
Different pockets ... anyone who pay SS (out of a paycheck) doesn't trade stocks.
Also, Obama said today that this is another Sputnik moment in history, so we're on the way to the moon anyway.
Oh poop!
That's right.
All the SS recipients are the silver longs on the CRIMEX and it's the Medicare folks who do the after-hours SPY's.
Spuntnik... USSA... discuss.
What?
Spunknick?
Whatta'd I miss?
Oh man, sounds like a twisted dark tumor mileage additive.
Come on, tell me, tell me, tell me....
debt dares to go where no debt has gone before
Debt: the final frontier. These are the voyages of the central bank Federal Reserve.
Its five-generation mission: to extort new worlds, to seek out new powers and enslave civilizations....
An extra 2% to buy Silver! Yes! - Wait..... - That only makes up for the loss of purchasing power in Federal Reserve notes vs silver for the past 2 days. My paychecks are still worthless.
Highly unlikely, but if so I know exactly where it would go
so those receiving social security will receive 2% less. it all evens out!
Thanksgiving here; famine everywhere else
wtf part of the debt cannot be, from a mathematical perspective, EVER actually be repaid do these people struggle with?
oh, c'mon, trav - what's the point of introducing logic into this raging maelstom of a political side-show?
for them, the only thing worse than a third party is arithmetic
Nope no more arithmetic.... that's terrorist talk.
I thought people voted in people to BALANCE the budget. Right now calling it a budget is a bit of a joke. Never seen anything like it.
The current stock of politician is trying to get the final $400 billion bag of goodies before the Tea Party crowd arrives in January. Dem and Repub just have slightly different ways of spending taxpayer money. The Tea Party types may be less inclined to participate in the spending orgy, but once having the power of the checkbook, I won't be surprised if they join into the spending party as well.
first they voted in one party to end the war, then they voted in the other party to balance the budget. I got an idea, from now own, only tell them the opposite of what we want them to do.
oboy obummer...WTF...sooo what happens next year? Anyone thinking that the deficit will ever be repaid is a liar or a lunatic. No other choices. Let's all play kick the can.
Libertarian-friendly way to drum up inflation through de facto deficit spending. The technocrats have the wheel now.
Becase half the people in America already don't pay any taxes... Social security is already bankrupt, so why not..... sigh. I give up. Time to start shopping for a nice little island somewhere.
We go from this trial balloon...suddenly to all Bush Tax cuts extended..."Done Deal." WFT?
I guess we can short the treasury complex into oblivion now...especially now that The Bernank owns them up the wazoo.
Cdad,
I do not like it anymore than most here.
But, lets get the terminology straight.
There are no TAX CUTS.
NO one will recieve any tax CUTS.
We just wont get tax INCREASES.
Which, in light of the Depression we are in would just hasten the suicide of whats left of this fooked nation.
If Obama had his way, antoher 600,000+ jobs would have been lost, and I do not know about you,but on top of the $2500.00 Health Care increase I got(thanks Obama), add the proposed rates of increases on top of that, and people will just give UP.
2% of UE taxes?, what a joke.
Who the Hell is going to notice?.
So, Mr president. is social security in touble or not? If not... promise to veto any type of attempt in any bill which reduces benefits in any manner.
And... this is a good way to lower the burden on the working poor and middle. DO this while allowing all the Bush cuts to expire.
2% is just kabuki budget theatre.
True, but it will also further show our trading partners that we have no interest, none whatsoever, that we are interesting in paying our debts.
2% of SS from $2T in eligble payroll taxes = $20B...more posturing and sticking with gestures that don't really mean a thing either way.
Now another $1.5T deficit is real money and when BB says he can raise rates anytime to stop inflation (if / when consumer prices take off)...the deficit will be so large that a simple movement of T's from average 3% to 5% will take our interest on deficit to around $750B / yr. That is about 20% of the budget (1/3'ish of tax revenue). BB would have to destroy America to save her...so we know where he'd get the money, monetize. Buy gold, buy silver, buy anything asset backed.
ZH readers can't be this stupid. Its not two percent, its a deduction of 2/6 or thirty three percent of the money ssi takes in from payroll taxes.
This just proves to me social security taxes doen't go to social security. This is the first year ssi has paid out more than it takes in and they go and do this?
You are saying our good fucktard of a prez just told me he will cut our SS taxes from nearly $900B yr to $600B (1/3 reduction)? Hmmm, I think we might run a little deficit but I'm sure there is a plan to cut spending and/or raise taxes once were on top again (sarc).
dupe
"This just proves to me social security taxes doen't go to social security."
Been that way for years...(Johnson administration if I recall)...it operates off of cash flow...your money goes into general revenue...and spent...as in gone.
They do put a nice little non-tradable IOU in place of your (savings) ahem, taxes...LOL.
I can't be more clear on this...it-is-a-ponzi.
It has been most of my life...I'm 51.
Ladies and Gentlemen.
Do let's recall that in 1994, President Clinton formed a special fix social security commission.
Then in 1998, President clinton formed a special fix social security commission.
Then in 2002 (every bi-election year if you hadn't noticed), President Bush formed a special fix social security commission.
Then in 2006, President Bush formed a special BIPARTISAN fix social security commission. Its results were pronounced dead before the panel met once. (Not kidding.)
So one can count 12 - thats right, TWELVE - years of no action and/or kicking the bucket down the road.
Now comes President Obama to fix - without a special commission - social security by spending its revenues elsewhere.
I take some pleasure in that I saw this coming in the 1960 at age 10 or so. You know...the intellectual achievement - like getting an "A" on a test. Trouble is, I can't see how to escape the coming implosion. Buying silver might help.
The deficit commission got what 11 out of 18 yes votes? Months spent on that. We will never pay our debts.
I forget.
Who was it appointed the members that'd conveniently come up with some real MoFo tough recommendations but when came time to actually vote on same, ducked the spinning nutsacks and gave away more fruitcake baskets?
Double sausage and mushroom, please.
Double sausage and mushroom, oh boy! Where do I get my fruitcake basket please?
I personally dream of Nicaragua. I spent 1 year living there in San Juan del Sur, near the Costa Rican border. The prices are super cheap there. You can easily live for $400-650 a month and surfing adds $100-200 more. The Internet is slow there but there are places to get fast youtube. I learned to suck down the flash and mp4 videos with a download extension for firefox. The only problem there was that there were too many beautiful and educated women passing through there and they leave too quickly so that is a mixed blessing. Its a great place to ponder the future and to trade on the market. If I could get a nice woman to go with me for a season than it would be perfect. Its all about importing your electronics, partner and luxury items and then just existing very pleasantly. Panama is close enough also so that you can bank there and make purchases. I don't see any reason to hunker down in the US knowing that places like that exist in the world. I don't have kids, I'm young and I have a computer background.
[edit] I guess that my point was that Nicaragua will survive just fine with an economic catastrophe. Every mechanic doubles as a blacksmith (seriously) and the bus system is just fantastic actually. The community spirit as far as getting around is just great. I can't give high enough marks for the cheap transportation system there.
San Juan del Sur is beautiful! My inlaws have a family home a few km from there and its pretty sweet. I hope to retire in Nicaragua myself. The people are in general happier and far friendlier than the US. Amazing how one of the most poverished nations in the western world is one of the best places to live... tells you something about your situation.
So the employee gets to pay 4.2%. Does the employer still have to pay the 6.2%? If so, this will do little for job growth.
Forget that sh*t your parents taught you.
He who borrows the most wins. He who holds "the bag" loses. The "bag" is the motley group of theives that are your counterparties.
It's a confidence game and the U.S. is winning.
It's mutually assured destruction for all the people of the US and the world...big win for TPTB. They will print money and buy everything and we'll be glad for the $50k for the house we owed $250k except they'll buy it w/ money they got for free.
Payroll tax, Schmayroll tax... won't change a thing.
If they are serious about fixing the deficit, take your pick(s) and chop away.
http://www.usa.gov/Agencies/Federal/All_Agencies/index.shtml
20% across the board is a good start.
If not across the board...get rid of Big Sis's department in toto.
Energy Dept. too...repeal ObamaCare (hidden taxes throughout that piece of garbage)...and could someone please explain to me why we have a federal Dept. of Education on top of State Depts. of Education?
There's so much damn fat we could start a soap factory.
Gimme graphs!
The 8 graphs that shine a light on America's growing debtThis is the only way they can justify the increase Americans will be paying to live everyday, It spackles over their ineptness by giving the money back in another form. However in the long run when there will be one contributor of SS to every 10 recipients, they will come up another 2% short. Reality is SS was supposed to reach the red in 2016?... sorry folks we are already there. Keep kicking the can anyway possible to fool the masses into spending. All roads lead to the same town called Desperado...Like the saying goes, robbing Peter to pay Paul, nothing more then borrowing a little more time.
edited for stupidity
now there's a rare treat...........someone that actually took himself out :)
Spend your SS now ya slackers!
I'm all for tax cuts, but with constant QE lite QE 2 who's gonna pay for it?
Social security is headed for the toilet anyway, so why not? It all started when Ronald Reagan started robbing social security to finance tax cuts and huge deficits. Both parties have raped social security. There is nothing left but worthless paper.
Unable to gather revenue & unable to cut spending. This will end well.
+1 gazillion
Dem's get what they want, Repubs get theirs...and American citizens lose their future for some trinkets called dollars.
Might as well kick down that company match for a year too. Ain't like it's ever going to get repaid.
Seems First Bro didn't consider that the one year holiday will expire in '12 when he is ready to re-up. Pugs will then kick his ass for raising SS taxes. Too funny.
Tax cuts are almost meaningless without spending cuts because even though they're stealing less from people's paychecks up front they'll end up stealing more in the form of the inflation and more debt.
The "deal" between Obama and the Pubs to further extend unemployment benefits while also extending the Bush tax cuts is another example of the same sort of behavior. People notice it less when you steal via inflation and debt so that's the route the politicians will keep taking until the whole god damn thing implodes. Path of least resistance applies here.
Entitlement spending is a problem; therefore, cut entitlement funding. Fucktardedly brilliant.
Not in my backyard though.
Is that wrong?
(getting all wistful about the eloquent lady.... sigh of intellectual affection)
We're going to outgrow the debt with these pro-business policies...
Only problem is we're not because we still aren't competitive in the world and the debt is impossible to grow out of in a finite world.
Watch the video and exlcusive interview of Infamous Washington Crook Ben Bernanke "Rare CBS Interview!! Ben Bernanke 100% Certain of Economic Recovery – Just like in 2007” at (http://www.youtube.com/watch?v=jtl_jHhNXWo).
by Anonymous
And that is a? spot on answer. Bendover and grab your ankles America.
Need more ITS ON LIKE DONKEY KONG graphics
We can add one-upsmanship to the list of silly games politicians play.
It is the spending you idiots. Where do these fools come from?
We could cut all spending and still not repay this. That is how profoundly bad it is. Our problem is we are getting ready to not even be able to pay the interest any more. The game of "flip my credit cardz" is running us into a tsunami of debt that is logistically going to crash they system.
There is nothing to be done except to reorganize with the existing resources. This is where bankruptcy and deflation come into play. The folks that have it have the purse strings to our legislature and they are paying to preserve their "rights" in the system to keep their position (monetary). They must let go or they will kill us all.
[quote]
The wheel is turning
and you can't slow down
You can't let go
and you can't hold on
You can't go back
and you can't stand still
If the thunder don't get you
then the lightning will!
[/quote] -- Grateful Dead
....reminds me that since taxes are nixed for the lucky 40 % , then the only remaining 100% correct sure bet for them becomes death....hmmmmm.
From CNBC -
The overall cost in lost revenue to the government is at least $450 billion in 2011 and could climb as high as $600 billion depending on how much the economy grows over the next two years.
Wow, now that is change you can believe in!!! and I voted for the fucker...think I'll go eat some worms and question every other decision I've ever made.
Deduction or reduction?
Thank you, Mr. President, for a wonderful Christmas present. This will have another positive effect on my business and on the markets.
That comment embodies one of the ills of our society, Harry. It is a "as long as I get mine" philosophy.
I believe it was once originally a sin. Now evidently it is virtue.
I think Harry was sarcastic.
No - he isn't, sadly. We've seen him long enough to know he isn't.
On second thought, no. I take it back.
....Harry's collecting more junk than Fred Sanford.
nice
Harry good call on Apple & Priceline. What do you see priceline trading at in 6 months.... ?
Thanks. I'm thinking we'll see AAPL definitely north of $350 and my target for PCLN is $475.
hope you have your offers in just in case of a flash dash. don't want to miss those completely over extended sales.
Maybe you should hold off asking for his opinion since he thought a long time ago Yahoo! was going to the moon.. Don't confuse luck with skill.
Never traded or made a call on YHOO in my life.
I don't normally do quite this, I find something good about everyone, usually. When I read this, I really hated you.
WHY THE FUCK DO YOU THINK YOU ARE ENTITLED? My tax dollars bitch, mine and my child's debt. Don't let people know who you are on the street.
There. If you are troll, you should be happy as hell, you just got a big assed rise out of me. If not, you should be scared.
You sir, are a thief.
Why the junk, ya bonehead(s)?
"To take from one, because it is thought his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it." - Thomas Jefferson
geeeezze....at one point I thought I saw a glimmer of hope for The Wanger (I think it was the day he 'fessed he really wasn't an active trader), but now this. Holy moley...all hope is gone
The point is to stimulate the economy, right? Well, that's what this will help to accomplish. And, it will help small business owners like myself, immensely. That's not being selfish, that's being hopeful and excited for the future.
Confuseus say.....keep one foot in pile of hope and one foot in pile of reality and always be well balanced.
Barry Soetoro ? Is that you?
We have structural problems in the economy. Payroll tax cuts will not solve the fact that we buy everything from China and have been running huge deficits with virtually every country. Our manufacturing base has been destroyed by endless free trade agreements where we give our country's middle class the middle finger and hand out our jobs to the emerging markets.
Let me get this straight you place onerous health care costs on small business and then you expect them to hire new employees. A payroll tax cut does not make up for this financial gap on small businesses. Crazy days we live in.
If we have to choose whether they increase the deficit with more spending or less taxes (understanding they will do both), less taxes is generally better. At least we get to decide how the money is used instead of the government.
The SS cut is a partial offset to extending the Bush tax cuts for the "rich." Relative to the "non-rich," the rich will be paying more than they do now (due to cap on SS income tax). Point for BHO and the liberals in the ongoing redistribution game.
The right has willingly played along with this game the past few decades as most tax cuts have resulted in the "rich" paying a higher percentage of the total federal income taxes. To the point now the bottom half pays nearly zero in federal income taxes and logically have a particular affinity for more government.
Its interesting that payroll taxes came into existence at the same time as the FRB because the Fed argued that the US government needed to prove a consistent monthly revenue stream in order for the Fed to sell America's bonds to pay for SS, etc.
Its interesting to show that at the same time as the Fed DEMANDS American Citizens issue more debt to bail out the FRB shareholders on their failed derivatives, the same Fed green-lights lower monthly payments to support that debt going forward - the opposite of "austerity" - more systemic risk. A 2%/2% increase in monthly payroll take home pay - for employers and workers alike translates into one single guy going to Sizzler each and every month for the next year. Of course you need to have a job for enjoy this crumb. Meanwhile gas trades at $89 - more $4 gallon gas in GS future?
Maybe its time for a real tax revolt.
No taxation without representation - Congressional bitchez.
This is a disaster! It will increase the deficit, and it will leave Social Security even LESS solvent!
Did anyone else notice that there are NO budget cuts here? This just advances the day when we will hit economic Armaggedon!
There is no future. Every day that comes next they are able to steal more money. Then whoever still is remaining will be left to either fight for a chance to prosper or be sold into a fairly far reaching form of slavery.
Yes...I expect Social security...in 25 years when I am eligible. Really? Really? Not. Why pay for a dead system? Wait a minute...I should pay for the boomers....Really...Really? Our economic survival is in question. The future is uncertain. The jig is up. I'd like to use as much fiat as possible to buy real money, and prepare for the uncertainty. I do know one thing...it ain't pretty.
It's hard to soar with the Eagles when you're represented by lame Ducks!
Payroll tax cut, extend the Bush tax cuts too for all, and on the way bailout the states
13- month extension of unemployment benefits,QE3
where does all the money come from?
The people in D.C just need to get a life in the real world, so sad for my kids.
Ambrose Bierce:
Politics is the sturm und drang of interests masquerading as a contest of principles.
Hey Tyler, your headline should say reduction, not deduction.
Confused me there for a bit.
Fuck this shit.
Futures are up of course. This was expected anyway. Must rally on this. I'm sure the rich will run out and hire a bunch of people right now and get those claims numbers now.
One fucking Tiffany ring or a single Tag watch is a decent job that could be here. Fuck one rolls can easily feed five families and make a better community. But fuck it. Rally on with free money nobody will pay back.
classic washington. a TEMPORARY payroll tax cut??? the only reason to do a payroll tax cut is to lower the cost of hiring someone. If the cost is low this year but higher the following years that is like a teaser rate on a subprime mortgage- oh we did that one already...
So when the Pugs win the 2012 election they are then going to raise taxes???
You will hear all the PUGS and some dims come out calling for fyscull reestraint and you dudes will nod and say yeah yeah. But they know that you are at least as corrupt as they are.
Chiiild Plueeze
The only way these tax rates go away is when the gvt is dead and buried and that may not be far behind 2012.
suckers.
AND the same fools that will cry over The Bernank QE'ing will suck bennie's big one if it means fiat in their pocket.
Gold and Silver acted like word got out early. QE => Infinity; PMs => Moon; Equities should move; Bonds? Bennie will buy them all.
Better get that Debt Ceiling raised quick...especially before some very pissed Tea Partiers show up soon to crash the spend and don't tax orgy.
We are at $13.9T and closing in on $14.2T ceiling w/ greater velocity.
Would be a great day if somebody wouldn't play ball and wouldn't yield for a vote...what I'd give for one honest, moral politician who would slam the brakes on and say no more...
Debt Ceiling........bwwwwaaaaaaaaaaaaaahhhhhahahahaa
As we go over the waterfall...I'm trying to grab at anything. Debt ceiling, dollar collapse, bond sell off...anything to stop this.
I've got plenty of PM's but this is like nuking America and the world and then saying it will be ok cause I've got a 50yr shelter in my backyard. Not how any of us likely want to live and watch mayhem all around.
Uncle $ugar to the rescue.
Mo Money.
Con$umption $aved.
Eat $hit euro.
What, our bonds are being downgraded?
Bread and circuses for the Ignorati -- it's all good! </sarc>
Another inning in the game of Kick the Can!
This won't be good for the Dollar!
This will be spun as stimulus Thought we were well on the way BEN!?