Those clowns in DC really don't have a clue. If I bring home $100 in my paycheck, I can only spend $100. In DC, if you bring in $100, you spend at least double that amount. And somehow, that is supposed to bring us to prosperity.:icon_eek:
Are the US taxes really that low? Actually they aren't. A lot is made of US tax rates, but the rates themselves are only a small part of the story. The US is one of only two countries in the world that taxes its citizens on their worldwide income. Also there are huge layers of tax that people don't even think about. There are excise taxes on cars and tires and even guns. There are huge employment taxes on all payrolls among other federal taxes. We can talk about raising taxes all we want, but there is only so much that can be raised by taxes. It is complicated by the fact that our system is geared toward those that produce. Right now, the more you produce, via income, you are penalized and the less you produce you are rewarded by government subsidies and handouts. If we keep on penalizing those that produce eventually they will stop producing and providing government with income. We have continued to reward those that don't produce and they will continue to use the system until there is no system left to work. Probably the only sensible solution is to both raise taxes and reduce expenses. Is that likely? In the short term, no. We have one party that owes its existance to handouts and give aways. We have another party that is dead set against any tax increases. We have a media that is so ignorant it cannot understand that we can't keep spending money we don't have. Eventually either someone in office will develop a set of gonads and display some leadership and say we've got to change the mindset and reduce the entitlements or the system will collapse. Most of our debt is not held by the Chinese, but rather by you and me. That's right, we hold the debt. Most of the federal debt is owed to the Social Security Administration, not the Chinese. So how comfy does your retirement look now? Add to it that we have a President who does not understand that you can't always fix a problem by throwing other people's money at it. Maybe he and his cohorts in DC need to look at the problems that the money pipeline has caused and try to fix it rather than just increasing the size of the deficit and taxing those that work.
And China would tank ASAP as well, hence they wont do this. If the use of the word humanity by the murderous Che isn't irony, I don't know what is....
