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Someone who voted for continued spending explain this?
if the us government took every penny of the wealth of the entire Forbes 400, it wouldn’t get us out of the hole one year.
If the the Bush-era taxes on people earning more than $250,000 were boosted from 33 percent up to almost 40 percent, the estimated 10-year DEFICIT of $13,600 billion (1.36 Trillion) would be reduced by only five percent (assuming the government did not increase spending elsewhere.)
The US Federal Government spends $1 Billion in roughly 2.5 hours
The US Federal Gov. pays almost $32 Billion a year just in interest each year on the money it has borrowed. How many doctor visits could that pay for? So borrowing money IS a big deal. And getting a credit downgrade IS a big deal, because our interest rate increases.
--->>> QUESTIONS: So what do we do NEXT year when there are no 'rich' left to take from and spending continues to increase?
http://www.pagetutor.com/trillion/index.html
http://www.treasurydirect.gov/govt/reports/ir/ir_c...
EDIT:
no, my argument is that the dire consequences outweigh the miniscule benefits - miniscule benefits that would be, at best, temporary and soon disappear, while the dire consequences are here to stay.
EDIT:
if you think Pew is a non-partisan org, you are sadly mistaken.
and 1.1 Trillion over 10 years? exactly how much is that per year, especially when spending is projecting (even only counting current levels) to increase 1 Trillion each year??
3 Answers
- scott bLv 79 years agoFavorite Answer
So, your argument is "we shouldn't do it, because it would only help a LITTLE"??
- Anonymous4 years ago
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- AlexLv 79 years ago
None of those 4 sources seem to support what you're saying. Most of them appear to be rather irrelvant.
According to the non-partisan Pew Charitable Trusts, letting the cuts on the rich expire as Obama intends would save $1.1T over 10 years compared to making them permanent.
We cannot cut our way to a balanced budget. It would require across the board (including Medicare, Social Security, and Defense) cuts of ~35%.