Is the economy really that bad?

[hentob]

If over 30% of Americans do NOT pay taxes (after credit, EIC, etc) how are they getting a cut? How do you cut 0?

They get even more funds. He wants to increase social programs. Again....yay! Let's reward people who have children that they can't afford

 

[jimmiej]

we spend a billion dollars a month in Iraq, without a single tax increase on the wealthy....again you dont need to be an economist to figure this out. This administration will end with the BIGGEST national debt in history....that is NOT CYCLICAL!!!!

So did Reagan. A few years later (thanks IMO to the Reagan tax cuts), the economy rebounded. It will again.

 

[JimFitz]

we spend a billion dollars a month in Iraq, without a single tax increase on the wealthy....again you dont need to be an economist to figure this out. This administration will end with the BIGGEST national debt in history....that is NOT CYCLICAL!!!!

Why should the wealthy be taxed more? Do you realize how much many "rich people" already pay in taxes?

Honestly, I want to know why you think the rich should be taxed more.

 

[hentob]

Why should the wealthy be taxed more? Do you realize how much many "rich people" already pay in taxes?

Honestly, I want to know why you think the rich should be taxed more.

I would like to know this too

 

[jimmiej]

I would like to know this too

As Rush says, liberals want everyone to be equally miserable!

 

[Took]

I would like to know this too

Why not? They use a "system" set up to benefit them and keep them bilking most folks. They get lots and lots of corporate welfare (I speak authoritatively here as THE local business in my area does just this). Then, their income (millions) is so high that they never miss the tax money, while those that they employ (on the bottom end of the scale) miss every penny.

Or, if you wish to look at it from practical standpoint: Greatly uneven distributions of wealth tend to make for volatile socio-economic conditions. Just look at history. In this sense, the rich pay more in taxes so that the masses of folks who don't have a 1/10th of what they do will be fairly placated by the schools, roads, etc and not start the next French Revolution.

 

[JimFitz]

Why not? They use a "system" set up to benefit them and keep them bilking most folks. They get lots and lots of corporate welfare (I speak authoritatively here as THE local business in my area does just this). Then, their income (millions) is so high that they never miss the tax money, while those that they employ (on the bottom end of the scale) miss every penny.

Or, if you wish to look at it from practical standpoint: Greatly uneven distributions of wealth tend to make for volatile socio-economic conditions. Just look at history. In this sense, the rich pay more in taxes so that the masses of folks who don't have a 1/10th of what they do will be fairly placated by the schools, roads, etc and not start the next French Revolution.

Thats the mindset. The Rich should be taxed more to make it even? Is it even when the rich person works 20 hours a day to succeed? Is it even when the rich man works non stop to set himself apart? Is it even when the rich man works his buns off while the rest of society accepts mediocracy?

 

[hentob]

Why not? They use a "system" set up to benefit them and keep them bilking most folks. They get lots and lots of corporate welfare (I speak authoritatively here as THE local business in my area does just this). Then, their income (millions) is so high that they never miss the tax money, while those that they employ (on the bottom end of the scale) miss every penny.

But why does someone making, let’s say, $165K a year have to pay a way higher percentage in taxes than someone making less? It is ridiculous.

 

[Barb]

The majority of people feeling the pain is their own fault. The majority of foreclosures in the country right now are peoples own fault. Greed.

If it's not their fault, whose is it?

That is unbelievably insulting. Why not just kick everyone while they're down? Then those of you who blame us for our own troubles can feel even better.


I don't give rat's behind how it happened, it did and now there are millions of people in trouble.

 

[JimFitz]

I am sorry if you took my post personally. I am not trying to kick anyone while they are down. I am simply posting what I think is the truth. We're a greedy society and we are seeing the results of it.

 

[hentob]

Or when the “rich man” has to send his three children to school and has to pay every cent out of pocket, while the others that chose not to work are eligible for every ounce of aid?

Even state schools are 25K+ a year. Times that by three. Four for some folks. Suddenly, making 100K+ doesn’t seem like a ton of money.

 

[hentob]

That is unbelievably insulting. Why not just kick everyone while they're down? Then those of you who blame us for our own troubles can feel even better.


I don't give rat's behind how it happened, it did and now there are millions of people in trouble.

Oh, I care how it happened.

I will always pity the folks that have medical issues.

But, I will resent the people that went out and had a good time and were irresponsible and now the taxpayers are picking up the tab.

Not all of these foreclosures and bankruptcies were created equally


So, you bet I give a rat’s behind about how it happened since I (as a taxpayer) will be picking up the tab

 

[DISUNC]

Our economy is in a BIG TIME mess. There is no ONE reason for this. many have already been mentioned.

But I do believe there should be alot more Corporate responsibility in todays Corporate world. Along with satisfying their Stockholders, they also should be satisfying their customers, employees and communities. WAY TOO much emphasis is on the Stockholders ONLY, however these CEO's are getting WAY TOO MUCH financial compesation for doing a LOUSY job. That attitude will certainly burst sooner or later. And then what????

I also believe that Taxes have nothing to do with any of it. The Govt collects way more than it already should, its what they do with it that is shameful.

 

[ginnibobb]

we spend a billion dollars a month in Iraq, without a single tax increase on the wealthy....again you dont need to be an economist to figure this out. This administration will end with theBIGGEST national debt in history. ...that is NOT CYCLICAL!!!!

Meanwhile , if what i have read is true, Iraq is expected to have a 79 Billion dollar surplus this year.

 

[ginnibobb]

But why does someone making, let’s say, $165K a year have to pay a way higher percentage in taxes than someone making less? It is ridiculous.

Actually, under both candidates tax plans, someone making 165k per year would be paying 2-3% less.
OB's plan will increase taxes on those making over 600k per year.

 

[Bobbles]

Maybe duckfan could make a poll for this question.

 

[loco4dis]

Whatever one believes about the economy, more government is not the answer. It has never been the answer. It never will be the answer. Since many seem to be so interested in the Clinton economy, I have to point out that Clinton moved to the center and adopted free market economic principles (like those McCain proposes) — not socialist principles (like those Obama proposes).

Clinton gave us NAFTA (for which he went against big labor) and further expanding free trade, welfare reform, tax cuts on small businesses, and tax hikes on the top 1.5 percent of earners. Largely because he was working with a Republican Congress, Clinton promoted programs that got government OUT of people's economic lives, not put it further into them, as Obama plans to do. The only aspect of Bill Clinton's economic policies that Obama wants to continue are the tax hikes, except that he wants to raise the taxes of far more Americans than Bill Clinton did, and with a democrat-controlled Congress, he'll be able to. If you think your economic picture is bad now, hold onto your wallets!

 

[wall*e2008]

That's how DMIL prepared too and due to all the advances in the medical field she outlived all her preparation. Sometimes no matter how much you prepare, it just isn't enough. Many seniors are in that boat right now. I hope you never have to experience it first-hand or try to negotiate the way for an elderly parent.

Would she have been better to have not prepared and been out of money decades earlier? Nobody, except the super rich, will know if they have enough until they live long enough to run out of money or they die with $$$ in the bank. In addition to this we also carry LTC insurance to pay for our nursing home or in home care if we need it.

The fact is that the majority of people in this country that declare bankruptcy do it because of medical bills.

Link please.

Big screen TV's and trips to WDW.

This is so true.

---------

The general economy is not booming but is also not in the crapper. There are areas of the economy that are booming or in the crapper. We are talking about the general economy.

A big part of the problem is that the middle class wanted and bought what were really not affordable for them. McMansions, new cars for all drivers, cell phones for every family member, IPODs for every family member, computers for every family member.... you get the idea. One or two of them were in their reach, but they over reached. I know that not everybody did this (we did not and many of our friends did not either) but the % who did was too many and caused some to use their homes as ATMs and others to max out CC after CC.

No president is going to solve that problem. What will solve that problem is for the CC companies and banks to stop the money flow (which is happening now) and force the general us to live more within our means, like our parents and grandparents had to.

When my grandparents bought their meager half of a duplex, that they lived in all their life, they HAD to have 20% down or nobody would talk to them.

Maybe we can find a happy median, not as hard to buy a home as back then but also not as easy as it was to buy a home.

I remember about a year ago they were so proud that we had the highest rate of home ownership ever in the history of the US. Now we know why so many could buy. We now will get back to where only the ones who can really afford a home will own it. In a perfect world everybody would own a home if they wanted to.

Oh, I care how it happened.

I will always pity the folks that have medical issues.

But, I will resent the people that went out and had a good time and were irresponsible and now the taxpayers are picking up the tab.

Not all of these foreclosures and bankruptcies were created equally


So, you bet I give a rat’s behind about how it happened since I (as a taxpayer) will be picking up the tab

MTE

Our economy is in a BIG TIME mess. There is no ONE reason for this. many have already been mentioned.

But I do believe there should be alot more Corporate responsibility in todays Corporate world. Along with satisfying their Stockholders, they also should be satisfying their customers, employees and communities. WAY TOO much emphasis is on the Stockholders ONLY, however these CEO's are getting WAY TOO MUCH financial compesation for doing a LOUSY job. That attitude will certainly burst sooner or later. And then what????

I also believe that Taxes have nothing to do with any of it. The Govt collects way more than it already should, its what they do with it that is shameful.

I agree with both of the bolded above.

 

[LuvDuke]

Is the economy really that bad?

Alan Greenspan says YES:

Greenspan: This Is The Worst Economy I've Ever Seen

Former Federal Reserve Chairman Alan Greenspan offered a woeful outlook of America's economic situation on Sunday, saying the crisis with the country's financial institutions was as dire as he had ever seen in his long career, and predicting that one or more of those institutions would likely collapse in the near future.

http://www.huffingtonpost.com/2008/09/14/greenspan-this-is-the-wor_n_126274.html

But what does Alan Greenspan know?

Who the hell does he think he is .......... the former chairman of the Federal Reserve?

Oops ................

 

[sahd2one]

As a nation we are wealthier than we have ever been. No the economy is not that bad.

Are people suffering: Yes

Are many people suffering as a result of their own doing and reaction to their situation: YES

Stop blaming everyone else and take responsibility for your own situation!