So, we're fucked, right?

[BVS]

Federal Spending Is Growing Faster Than Federal Revenue

I see revenue that was raising about the same rate as spending until 2007. I then see spending EXPLODING since 2007 and revenues dropping due to the recession.

Restore spending to 2007 levels and I'd more than support raising tax revenues to begin paying down the debt. I don't support raising anyone's taxes to fund the frivolous spending of the past 5 years.

The Heritage Foundation? That's your source? What happened, did all the other sources actually include the wars and not support your theory?

 

[PhilsFan]

If you make the argument that we need to give the rich tax breaks so that they can invest in the economy ... then they damn well better invest in the economy.

They have not. Thus, their tax breaks should end.

 

[Irvine511]

Restore spending to 2007 levels and I'd more than support raising tax revenues to begin paying down the debt.

i think it's great you'd support raising tax revenues. i also think that a massive simplification of the tax code would raise more revenues, and i think this is an idea popular with everyone.

however, this also means you don't get your war with Iran.

 

[Caleb8844]

however, this also means you don't get your war with Iran.

Suppose Iran procures a nuclear weapon. What other options are there?

 

[KhanadaRhodes]

some say bush liberated iraq. I say, he liberated our wealthy.

+1

 

[Irvine511]

Suppose Iran procures a nuclear weapon. What other options are there?

http://www.nytimes.com/2011/11/15/o...d-constrain-iran.html?_r=1&ref=nuclearprogram

 

[Caleb8844]

http://www.nytimes.com/2011/11/15/o...d-constrain-iran.html?_r=1&ref=nuclearprogram

I'd be supportive of this

 

[Earnie Shavers]

Contain/constrain. They're not going to use the fucking thing. An attack/war is by far the dumbest way to handle it. Don't believe the hype - Iran, for all their bluster, are supremely rational. Containment and a mini-MAD will work just fine.

 

[yolland]

Christian Science Monitor, Nov. 21

The Dow Jones industrial average lost almost 250 points after the special committee of Congress assigned to come up with $1.2 trillion in deficit cuts over 10 years indicated that there would be no deal.

The supercommittee stalemate is supposed to trigger automatic spending cuts across the government, but there were already hints that Congress would find a way around them. Analysts say that could lead to another downgrade of the US credit rating.

 

[corianderstem]

Argh.

 

[Steved1998]

Suppose Iran procures a nuclear weapon. What other options are there?

Diplomatic isolation, funnel money to the opposition and hope they get the military on their side the next time around.

Otherwise it's a European problem.

 

[Caleb8844]

Otherwise it's a European problem.

If Iran, who quite often associates with terrorists, gets a nuke, it's not going to stay just a "European problem" for long.

 

[INDY500]

Since we're all quoting Newt now:

"I think this super committee is about as dumb an idea as Washington has come up with in my lifetime"
-Newt Gingrich during a GOP debate Aug 11th.

 

[PhilsFan]

"It's nearly as dumb as child labor laws, that's how dumb it is."

 

[mama cass]

Suppose Iran procures a nuclear weapon. What other options are there?

oh i'm sure there's loads of other options... just look at how our leaders swiftly pulled the plug on wikileaks/Assange basically showing that they could shut down/cripple any operation, bring down governments even (look at the impact of credit ratings right now), by withdrawing financial/credit services alone if they really wanted to...

i mean, really, when you think about it, they could do that in any situation... they could even use it for good to shut down crime networks, drug rings, etc., but weirdly choose not to...

 

[Steved1998]

If Iran, who quite often associates with terrorists, gets a nuke, it's not going to stay just a "European problem" for long.

That's a big assumption. So once again, not our problem.

We don't need to send any more young men and women to risk their lives and limbs in another shithole.

 

[adam4bono]

The USA will collapse, it's merely a question of when, not if. If the capitalist state the USA has created will not destroy it, it's dependance on a finite resourse (oil) will. And that looks to run out around 2035 at the human races current rate of consumption.

If the USA collapses, so will the rest of the world.

 

[adam4bono]

Of course it should be mentioned that Obama kept much of Bush's spending in place and in fact increased it in several areas.

 

[adam4bono]

3 words - tax the rich!

Agreed! The Capital Gains Tax needs to go back to 35% at least. Clinton reduced it from 28% to 20%, and Bush reduced it from 20% to 15%.

Most of the "income inequality" occurs because of capital gains which is wealth from stocks, bonds, property etc. This wealth needs to be taken and put back into the economy, paying for defense or reducing the debt.

 

[adam4bono]

a vast percentage of US debt is to China
the Chinese have already stated they deem the US is guilty of irresponsible behaviour over the way this has been handled
the damage has been done and the interest rate the US will have to pay over their debt will increase

I don't much understand much about US politics, but I do understand a fair bit about economics
and the US is playing an incredibly dangerous game
if they haven't lost the game already

But remember, China exports far more to the US, than the US does to China. China's continued growth is heavily dependent on exports to the United States. In the overall game, China, developing country, needs the United States, more than the United States needs China.

 

[Canadiens1131]

Just to clear up an oft-repeated misconception:

Only about 8% of United States public debt is held by China. (source) If you are seeing larger numbers, it is referring to the fact that China holds 26% of foreign-owned U.S. Treasury Securities.

 

[adam4bono]

Just to clear up an oft-repeated misconception:

Only about 8% of United States public debt is held by China. (source) If you are seeing larger numbers, it is referring to the fact that China holds 26% of foreign-owned U.S. Treasury Securities.

Good point. There are lots of countries around the world that hold $Billions of dollars worth of US public debt.

 

[mama cass]

oh i'm sure there's loads of other options... just look at how our leaders swiftly pulled the plug on wikileaks/Assange basically showing that they could shut down/cripple any operation, bring down governments even (look at the impact of credit ratings right now), by withdrawing financial/credit services alone if they really wanted to...

i mean, really, when you think about it, they could do that in any situation... they could even use it for good to shut down crime networks, drug rings, etc., but weirdly choose not to...

so they did go for the sanctions approach then...

UK breaks with Iran, but can anything sway the regime? | World news | guardian.co.uk

The EU will look at expanding the list of Iranian individuals and organisations subject to targeted sanctions for their connection to nuclear and missile activities. There will also be an undertaking to look at more far-reaching measures in the New Year, including a severance of ties with the Iranian banking system and a ban on imports of Iranian crude, although Greek dependence on such imports will be a stumbling block.

 

[WalkOn21]

Diplomatic isolation, funnel money to the opposition and hope they get the military on their side the next time around.

Otherwise it's a European problem.

It wouldn't be anyone's problem, really. In its 32-year existence, the Islamic Republic of Iran has never carried out offensive action against another nation. In the Iran-Iraq war, it was Iraq that invaded Iran, not the other way around.

Also, the claims that Ahmadinejad has said that he plans on "wiping Israel off the map" are the result of a deliberate mistranslation. What he actually said was that Israel will "crumble like the Soviet Union". And as we all know, the Soviet Union fell apart without anyone firing nuclear missiles at it.

If Iran were to procure nuclear weapons, it would just be as a show of power. They wouldn't actually be stupid enough to use them, as they know full well that the much bigger American, Israeli and European military will crush them in an instant.

In conclusion, this whole Iran threat is hyped-up nonsense. It's nearly election time and Obama needs a pointless war to boost his poll results.

 

[kramwest1]

All I want when I hear whatever American politician talk tough about Iran is for them to say how the fuck we would pay for any action there.

 

[Earnie Shavers]

The Saudis should pay for it.

 

[kramwest1]

The Saudis should pay for it.

I need to find pictures of the billions of dollars of U.S. military equipment they have bought and is just sitting around in the desert.
(at least they buy shit that people need to build in factories instead of just buying our debt like China does )


We are fucked.

 

[Earnie Shavers]

Well, your gas is cheap, no?

 

[Irvine511]

Well, your gas is cheap, no?

not like it used to be. thanks Obama!

 

[mama cass]

not like it used to be. thanks Obama!

it should be though, with all the reserves the US is sitting on... the US just needs to start pumping its own oil... it has plenty! lol