Tax break coming for 170-240k
09-14-2010, 04:11 AM
#11
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Posts: 3,527
Originally Posted by frozenboxhauler
unfortunately, our National Debt rose $1,000,000 in the 30 seconds that I was looking at it!
And we borrowed money from whom ?
Ally
09-14-2010, 12:51 PM
#13
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Joined APC: Jun 2010
Posts: 233
Dynasty...
you...as a US citizen, and thus party to the federal government, borrowed money from China and others...who bought the US treasury securities (IOUs) ...and you promised to pay it back with intrest. At this point, much of the 1.3 trillion dollar US debt is financed by loans from foreign countries, because they buy these securities from us. You will continue to be taxed until they are all paid back with intrest. My unemployment checks are being made possible in part, thanks to these loans from foreign governments and investors, because the US doesn't have enough money to pay for all it's spending.
In effect, the US government (you and me) is living on it's credit card, like some in the general population did with their credit. When they had no way of paying back, their homes were foreclosed on. That's an oversimplified analogy, but that's the danger that the US faces with it's enormous debt.
you...as a US citizen, and thus party to the federal government, borrowed money from China and others...who bought the US treasury securities (IOUs) ...and you promised to pay it back with intrest. At this point, much of the 1.3 trillion dollar US debt is financed by loans from foreign countries, because they buy these securities from us. You will continue to be taxed until they are all paid back with intrest. My unemployment checks are being made possible in part, thanks to these loans from foreign governments and investors, because the US doesn't have enough money to pay for all it's spending.
In effect, the US government (you and me) is living on it's credit card, like some in the general population did with their credit. When they had no way of paying back, their homes were foreclosed on. That's an oversimplified analogy, but that's the danger that the US faces with it's enormous debt.
09-14-2010, 05:14 PM
#15
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Position: whale wrangler
Posts: 3,527
Originally Posted by captfurlough
Dynasty...
you...as a US citizen, and thus party to the federal government, borrowed money from China and others...who bought the US treasury securities (IOUs) ...and you promised to pay it back with intrest. At this point, much of the 1.3 trillion dollar US debt is financed by loans from foreign countries, because they buy these securities from us. You will continue to be taxed until they are all paid back with intrest. My unemployment checks are being made possible in part, thanks to these loans from foreign governments and investors, because the US doesn't have enough money to pay for all it's spending.
In effect, the US government (you and me) is living on it's credit card, like some in the general population did with their credit. When they had no way of paying back, their homes were foreclosed on. That's an oversimplified analogy, but that's the danger that the US faces with it's enormous debt.
you...as a US citizen, and thus party to the federal government, borrowed money from China and others...who bought the US treasury securities (IOUs) ...and you promised to pay it back with intrest. At this point, much of the 1.3 trillion dollar US debt is financed by loans from foreign countries, because they buy these securities from us. You will continue to be taxed until they are all paid back with intrest. My unemployment checks are being made possible in part, thanks to these loans from foreign governments and investors, because the US doesn't have enough money to pay for all it's spending.
In effect, the US government (you and me) is living on it's credit card, like some in the general population did with their credit. When they had no way of paying back, their homes were foreclosed on. That's an oversimplified analogy, but that's the danger that the US faces with it's enormous debt.
Whatever happened to living within ones own means and I wonder if people 10-20 years ago would have ever thought that we would have our hand out to a Communist country in order to keep this country going ?
Would the definition of insanity apply to what we are doing monetarily wise ?
Ally
09-15-2010, 06:32 PM
#16
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Joined APC: Feb 2008
Position: Cessna 150
Posts: 655
Would the definition of insanity apply to what we are doing monetarily wise?
If you don't, then probably not. Those who are financially responsible, most likely, have always been financially responsible. Those who got the fuse lit for the meltdown, probably got good results until their creditors wanted payment. I do like how you say "we" are responsible for the current situation. Although it may not be you and I, many Americans failed to pay their debts. Ultimately, when you don't pay your creditor, he can't pay his creditors, and so on. This happened all the way to the top.
09-16-2010, 04:38 PM
#17
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Posts: 2,730
Originally Posted by DYNASTY HVY
.. I wonder if people 10-20 years ago would have ever thought that we would have our hand out to a Communist country in order to keep this country going ?
Ally
Ally
09-18-2010, 03:19 AM
#18
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Posts: 105
Originally Posted by K0H1K0
Did anybody else notice that the US Federal Spending, US Federal Budget Deficit, and US Total Debt clocks were all decreasing rapidly? So were quite a few other of the debt clocks.
09-18-2010, 08:06 AM
#19
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Absolutely amazing.
Let me get this straight, we made trade deals with countries that we knew damn good and well that we could not compete with living standards wise ?
So the wages in this country have either stayed flat or gone down which has resulted in less taxes coming into the federal government in order to support various entitlement programs , so in order to sustain these programs we are borrowing money from the same trade partners .
I wonder if the powers that be saw this coming and if they even cared.
As far as tax breaks are concerned ,once the economy starts back up again those will be negligible to say the least due to an increase in inflation.
Enjoy that $2.59 a gallon gas while you can.
Ally
So the wages in this country have either stayed flat or gone down which has resulted in less taxes coming into the federal government in order to support various entitlement programs , so in order to sustain these programs we are borrowing money from the same trade partners .
I wonder if the powers that be saw this coming and if they even cared.
As far as tax breaks are concerned ,once the economy starts back up again those will be negligible to say the least due to an increase in inflation.
Enjoy that $2.59 a gallon gas while you can.
Ally
09-19-2010, 03:58 AM
#20
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Joined APC: Feb 2010
Position: Cessna 150
Posts: 105
Originally Posted by DYNASTY HVY
Let me get this straight, we made trade deals with countries that we knew damn good and well that we could not compete with living standards wise ?
So the wages in this country have either stayed flat or gone down which has resulted in less taxes coming into the federal government in order to support various entitlement programs , so in order to sustain these programs we are borrowing money from the same trade partners .
I wonder if the powers that be saw this coming and if they even cared.
As far as tax breaks are concerned ,once the economy starts back up again those will be negligible to say the least due to an increase in inflation.
Enjoy that $2.59 a gallon gas while you can.
Ally
So the wages in this country have either stayed flat or gone down which has resulted in less taxes coming into the federal government in order to support various entitlement programs , so in order to sustain these programs we are borrowing money from the same trade partners .
I wonder if the powers that be saw this coming and if they even cared.
As far as tax breaks are concerned ,once the economy starts back up again those will be negligible to say the least due to an increase in inflation.
Enjoy that $2.59 a gallon gas while you can.
Ally
Not to say that we don't need to reduce the debt, but it's not nearly the situation some would like you to believe.
Last edited by BigTime; 09-19-2010 at 04:56 AM.
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