I Have A Question For Republicans

[BuckToothMoron]

When Bill Clinton left a balanced budget with surpluses in line to completely eliminate the national debt by 2012, why did George W. Bush slash tax rates for the rich and double the debt from $5.7 trillion to nearly $12 trillion?

Can anyone here tell me the problem with having a national debt? And please avoid the ever popular "if you don't know then you're stupid" or similar responses.

Debt is so massive, when interest rates rise the economy will be crippled to pay interest only. The principal will never go down w/o drastic action now.

I don't necessarily agree, the government can keep paying the interest by issuing securities to the Federal Reserve, and theoretically there is no limit to how big the Feds balance sheet to get. As long as the $ is the reserve currency.....what difference does it make? USA is the only company who can "mine" dollars.

Zimbabwe could "mine dollars" as well, since they print their own currency. Hows that working out for them?

Mark

it all about the reserve currency. Everything is traded and based in US dollars, not Venezuela dollars or Zimabwes dollar. The world economy runs on US dollars, and again, we are the only ones who make em.

 

[nat4900]

Who ever said whites on welfare vote R?

Let;s see poor whites are LESS educated.....have a good dose of latent racism.....are overly religious......are against abortion rights......and they think that "libs" were placed on earth to make them look stupid.

 

[leftwinger]

I am far from economic major, but if they print "too many" they begin to become worthless?

 

[leftwinger]

Soon it will be $1T/yr interest payment on debt. That amount will swamp out other spending, then they come ask more Tax. Less $$$ avaiable in private sector=no GDP growth, less revenue.

 

[ClosedCaption]

Sigh. Math doesn't lie. "Creative" accounting does. Please tell me, in any situation on the planet(other than our government) where an increase in debt equals a "surplus"?

PERFECT EXAMPLE!!!

Remember a few pages back I said Republicans just simply change the definition of Surplus and viola! No Surplus (in their minds).

He says: Please tell me, in any situation on the planet(other than our government) where an increase in debt equals a "surplus"?

But LOOK! We ARE talking about Government! And according to GOVT STANDARDS we had a surplus. NOW you want to change the meaning to mean something else.

 

[80zephyr]

When Bill Clinton left a balanced budget with surpluses in line to completely eliminate the national debt by 2012, why did George W. Bush slash tax rates for the rich and double the debt from $5.7 trillion to nearly $12 trillion?

Can anyone here tell me the problem with having a national debt? And please avoid the ever popular "if you don't know then you're stupid" or similar responses.

Debt is so massive, when interest rates rise the economy will be crippled to pay interest only. The principal will never go down w/o drastic action now.

I don't necessarily agree, the government can keep paying the interest by issuing securities to the Federal Reserve, and theoretically there is no limit to how big the Feds balance sheet to get. As long as the $ is the reserve currency.....what difference does it make? USA is the only company who can "mine" dollars.

Zimbabwe could "mine dollars" as well, since they print their own currency. Hows that working out for them?

Mark

it all about the reserve currency. Everything is traded and based in US dollars, not Venezuela dollars or Zimabwes dollar. The world economy runs on US dollars, and again, we are the only ones who make em.

Everything is traded in US dollars...until it isn't. The "value" of money is in the eye of the beholder. Too much debt will cause those to rely on stability to look elsewhere. Several credit rating agencies around the world have downgraded their credit ratings of the US dollar already.

I suspect that every great power on earth figured it "wouldn't happen to them"...until it did.

Mark

 

[80zephyr]

Who ever said whites on welfare vote R?

Let;s see poor whites are LESS educated.....have a good dose of latent racism.....are overly religious......are against abortion rights......and they think that "libs" were placed on earth to make them look stupid.

Instead of relying on your big, fat, mouth, why don't you post a link showing us that what YOU think is happening is correct?

I have already posted you a link. You're obviously an idiot, but I can at least show the other posters the truth.

It Looks Like Red States Take Most in Federal 'Welfare' from this Map. But Looks Can Be Deceiving.

From the link:

When it comes to choosing a party’s candidate in the voting booth, one pattern in modern American politics is so familiar it has become a truism: the rich vote Republican, the poor vote Democratic. And while the reality of the situation is much more nuanced, in broad strokes it has been the case that Republicans have consistently garnered disproportionate levels of support from the financially well-off, while the least financially secure Americans have been significantly more likely to back Democrats.

You should be paying me for the schooling I'm giving you today.

Mark

 

[BuckToothMoron]

Can anyone here tell me the problem with having a national debt? And please avoid the ever popular "if you don't know then you're stupid" or similar responses.

Debt is so massive, when interest rates rise the economy will be crippled to pay interest only. The principal will never go down w/o drastic action now.

I don't necessarily agree, the government can keep paying the interest by issuing securities to the Federal Reserve, and theoretically there is no limit to how big the Feds balance sheet to get. As long as the $ is the reserve currency.....what difference does it make? USA is the only company who can "mine" dollars.

Zimbabwe could "mine dollars" as well, since they print their own currency. Hows that working out for them?

Mark

it all about the reserve currency. Everything is traded and based in US dollars, not Venezuela dollars or Zimabwes dollar. The world economy runs on US dollars, and again, we are the only ones who make em.

Everything is traded in US dollars...until it isn't. The "value" of money is in the eye of the beholder. Too much debt will cause those to rely on stability to look elsewhere. Several credit rating agencies around the world have downgraded their credit ratings of the US dollar already.

I suspect that every great power on earth figured it "wouldn't happen to them"...until it did.

Mark

Of course they did, and eventually they all failed. It's a fact about fiat currency, it always ends bad, and virtually all major countries and most of Europe deal in Fiat currency now. Good luck guessing when it will all come crashing down.

 

[80zephyr]

Sigh. Math doesn't lie. "Creative" accounting does. Please tell me, in any situation on the planet(other than our government) where an increase in debt equals a "surplus"?

PERFECT EXAMPLE!!!

Remember a few pages back I said Republicans just simply change the definition of Surplus and viola! No Surplus (in their minds).

He says: Please tell me, in any situation on the planet(other than our government) where an increase in debt equals a "surplus"?

But LOOK! We ARE talking about Government! And according to GOVT STANDARDS we had a surplus. NOW you want to change the meaning to mean something else.

What the government says doesn't interest me. The accounting practices that our government uses would have any company in America in serious legal trouble.

Reality is our guideline here. If the country actually ran a surplus, then our total debt would be LESS from one year to the next. Like I said, math doesn't lie.

Mark

 

[80zephyr]

Debt is so massive, when interest rates rise the economy will be crippled to pay interest only. The principal will never go down w/o drastic action now.

I don't necessarily agree, the government can keep paying the interest by issuing securities to the Federal Reserve, and theoretically there is no limit to how big the Feds balance sheet to get. As long as the $ is the reserve currency.....what difference does it make? USA is the only company who can "mine" dollars.

Zimbabwe could "mine dollars" as well, since they print their own currency. Hows that working out for them?

Mark

it all about the reserve currency. Everything is traded and based in US dollars, not Venezuela dollars or Zimabwes dollar. The world economy runs on US dollars, and again, we are the only ones who make em.

Everything is traded in US dollars...until it isn't. The "value" of money is in the eye of the beholder. Too much debt will cause those to rely on stability to look elsewhere. Several credit rating agencies around the world have downgraded their credit ratings of the US dollar already.

I suspect that every great power on earth figured it "wouldn't happen to them"...until it did.

Mark

Of course they did, and eventually they all failed. It's a fact about fiat currency, it always ends bad, and virtually all major countries and most of Europe deal in Fiat currency now. Good luck guessing when it will all come crashing down.

You were asking "what is wrong with having debt"? Have we just answered that question?

Mark

 

[80zephyr]

I am far from economic major, but if they print "too many" they begin to become worthless?

Sort of. Even "scarce" dollars can become worthless. Like I stated earlier, people accept money UNTIL they believe that accepting it will be of less value to them.

Then the shit hits the fan.

Mark

 

[BuckToothMoron]

I don't necessarily agree, the government can keep paying the interest by issuing securities to the Federal Reserve, and theoretically there is no limit to how big the Feds balance sheet to get. As long as the $ is the reserve currency.....what difference does it make? USA is the only company who can "mine" dollars.

Zimbabwe could "mine dollars" as well, since they print their own currency. Hows that working out for them?

Mark

it all about the reserve currency. Everything is traded and based in US dollars, not Venezuela dollars or Zimabwes dollar. The world economy runs on US dollars, and again, we are the only ones who make em.

Everything is traded in US dollars...until it isn't. The "value" of money is in the eye of the beholder. Too much debt will cause those to rely on stability to look elsewhere. Several credit rating agencies around the world have downgraded their credit ratings of the US dollar already.

I suspect that every great power on earth figured it "wouldn't happen to them"...until it did.

Mark

Of course they did, and eventually they all failed. It's a fact about fiat currency, it always ends bad, and virtually all major countries and most of Europe deal in Fiat currency now. Good luck guessing when it will all come crashing down.

You were asking "what is wrong with having debt"? Have we just answered that question?

Mark

We have confirmed what I already thought, that is, it doesn't matter until it does matter, and nobody knows when that will happen.

 

[kaz]

businesses writing off their expenses is "welfare." got it. stupid mother fucker

Curiously enough, the above reminds me of the only two tax returns that Trump ever submitted....They showed ZERO tax liability,while Trump realized millions in profits. Go figure

You don't know the difference between accrual and cash accounting

 

[kaz]

How dare businesses write off their expenses. Shouldn't be allowed, I feel you

So, if I manage to have a pretty good business profit one year, I can buy myself a Lear Jet and simply state that my business expense was more than my profit so screw you, tax man. Love capitalism.

Can you? Depends whether that's a legitimate expense for the business you're in or not

 

[kaz]

How dare businesses write off their expenses. Shouldn't be allowed, I feel you

So, if I manage to have a pretty good business profit one year, I can buy myself a Lear Jet and simply state that my business expense was more than my profit so screw you, tax man. Love capitalism.

Not the way it works. You had better PROVE that the jet is for business, not pleasure. The government understands that buying that jet stimulates the economy, and they hope the purchase will help to cultivate your business so you'll pay more taxes in the future.

Mark

Gnat doesn't believe in stimulating the economy, he believes in politicians who stimulate him with that special little tug

 

[nat4900]

Gnat doesn't believe in stimulating the economy, he believes in politicians who stimulate him with that special little tug

Another right wing moron, chimes in.......Yes, folks like Trump can "legitimize" ANY business expense and wind up with zero tax liability.....and all this, while spewing "we billionaires live in a country that has the highest tax rate on the planet"........While still paying ZERO in taxes.

 

[Markle]

Simple question.

Please share with us all the RATE of blacks and whites on welfare, food stamps, Medicaid and whatever.

Same inane baits by slow-witted right wing hicks.....The ISSUE is whether welfare recipients are bribed into voting for democrats AND the dilemma faced by these same hicks as to why WHITES who also receive welfare are too dumb to vote for their own best interests and instead vote, republican......

(I typed the above real slllllllooooowww so that even hicks could comprehend.)

Thank you! Once again my Progressive good friends are AFRAID to post the truth and FACTS.

Who might be surprised? Still a chance for you, what is the RATE of blacks and whites on welfare, food stamps, and other forms of welfare? Come on, no guts, no glory!

Can we include all the big businesses on welfare that pay no taxes and get millions of dollars in grants etc etc ??

Other than solar companies, what big businesses get millions of dollars in grants?

Please share with us specifically who pays corporate taxes?

 

[Markle]

This should answer your question and theres more
The next time you hear someone complain about how the poor get “all this free stuff,” show them this.

A small number of incredibly wealthy Americans are ridiculing Bernie Sanders’ base for wanting “free stuff” when the costliest programs are, by far, corporate welfare and entitlements for the top 1 percent. Fox News has been working hard to tear down Sanders’ proposals to provide Medicare for all, institute tuition-free public college, boost infrastructure spending, and expand Social Security.

“That’s not fiscally possible unless the federal government starts seizing private assets,” said Bill O’Reilly.

But O’Reilly is wrong. The money for Sanders’ platform can easily come from eliminating the costliest entitlement programs for the top 1 percent and multinational corporations. Here’s a breakdown of the most superfluous giveaways to the rich and how much they cost the rest of us:

1. Tax Breaks for obscene CEO bonuses ($7 billion/year)
Currently, the biggest corporations are exploiting a 20-year-old loophole that allows them to write off inflated compensation packages for CEOs, billing stock options, and performance-based bonuses to taxpayers. In 2010, the Economic Policy Institute found out that the biggest corporations cost Americans $7 billionby writing off inflated executive pay. Between 2007 and 2010, this loophole accounted for more than $30 billion in corporate welfare. According to The Guardian, fast food industry CEOs cost taxpayers $64 million through this loophole.

That $7 billion could singlehandedly fund the annual budget for the National Science Foundation — which, as I recently reported for US Uncut, funds 11,000 scientific research projects each year and has funded 26 Nobel laureates in the last 5 years.

2. Tax cuts for luxury corporate jets ($300 million/year)
Currently, corporations can claim a huge tax deduction every year by writing off purchases of corporate jets, lavish cars, and chauffeurs as “security” for their top executives. A Bloomberg analysis from 2011 showed that these tax breaks for some of the wealthiest Americans cost the rest of us $300 million each year. While that may not sound like much, that’s approximately 50 percent of theannual budget for the Consumer Financial Protection Bureau, the brainchild of Elizabeth Warren that protects Americans from the financial sector’s most predatory schemes.

3. Big oil subsidies ($37.5 billion/year)
According to Oil Change International (OCI), the U.S. government spends anywhere between $10 billion and $52 billion per year on corporate welfare for the fossil fuel industry — one of the wealthiest industries in the world. OCI estimated that total combined subsidies to big oil approached $37.5 billion in 2014, which includes $21 billion on production and exploration subsidies.

These subsidies alone cost more than what we currently spend on providing rental assistance for low-income families. In 2013, the department of Housing and Urban Development allocated a total of $34.3 billion toward tenant-based rental assistance ($19 billion), project-based rental assistance ($8.7 billion), and general public housing programs ($6.6 billion). These programs helped 4.5 million families — half of whom are elderly — keep a roof over their head.

4. Pharmaceutical subsidies ($270 billion/year)
As US Uncut has previously reported, the pharmaceutical industry costs taxpayers roughly $270 billion a year when accounting for the cost we pay for life-saving drugs whose patents have been bought up by Big Pharma. This is over $1,914 per household in corporate welfare. This is partly due to the Medicare Part D bill that George W. Bush signed into law in 2003, which prevents Medicare from negotiating drug prices with pharmaceutical companies. But the biggest drug companies also make a pretty penny (a combined $711 billion in profits between 2003 and 2012) by buying patents for drugs that were largely developed with taxpayer-funded research, then jacking up the price by absurd amounts after cornering the market.


Combined profits of top pharma companies. Data courtesy of healthcareforamericanow.org.

This $270 billion annual subsidy could be virtually eliminated by passing Bernie Sanders’ bill to establish a government fund that buys up drug patents as soon as they become available for purchase. Then, the government would sell drugs at-cost to save money for those who need them. The money saved could pay for the annual $270 billion in insurance costs from Obamacare that would help more Americans get access to healthcare.

5. Capital gains tax breaks ($51 billion/year)
When anyone makes money from selling off investments, the IRS classifies that as capital gains, which are taxed at a lower rate (20 percent as of 2012) than real, actual work (35 percent). Pew Research found that 53 percent of Americans own no stock at all, and out of the 47 percen

I've never seen Bill O'Reilly wrong before. When he has been, he's made a correction.

I take it that you realize that capital gains are money invested which has already had taxes paid.

Please list the gross sales of the companies you listed.

 

[Markle]

Another right wing moron, chimes in.......Yes, folks like Trump can "legitimize" ANY business expense and wind up with zero tax liability.....and all this, while spewing "we billionaires live in a country that has the highest tax rate on the planet"........While still paying ZERO in taxes.

ANY business expense is a LEGITIMATE expense.

ANYONE with a business or independent contractor can deduct hundreds of things.

 

[Markle]

How dare businesses write off their expenses. Shouldn't be allowed, I feel you

Call it anything you want BUT IT"S WELFARE FOR THE RICH

businesses writing off their expenses is "welfare." got it. stupid mother fucker