Timex,
It was the Democratic Congress AND George Bush (with his Medicade Drug Benefit) that started this mess...but the Obama Stimulas, the Massive budget, the take over of the Car companies and the rest of the mess that put us over the top.
726 - A couple of things. 1) If you make 100K and your buy a house worth 300k - and you borrow the money at 6%- you can afford it (barely) because as a % of income your debt (spread over 30 years)is about 28%. You don't have much money left to do anything else but you can swing it. If interest rates are lower..maybe a bit more...or higher ...much less.
If you have 100K in income and you borrow 600K - as a % of income you are about 57% per year and you are going down fast.
That is the issue with the current deficit. If it it lower than 68% of GDP you have a potential issue (depending on the interest rates). With Bush it crossed 70% in his last year - but interest rates were at 3.5%.
It is now reaching 90%+ of GDP and interest rates are set to rise. THAT is the issue...debts do not matter if you have a hope in hell of paying it off....but once you reach the point that you don't - that is when the trouble starts.
2)Iraq cost less than 200B. A NIT in a 1.4Trillion hole.
3)REAL ASSETS will climb as investors avoid have $ which are becoming worthless. You pump 1.4 Trillion into the economy - three things happen. 1) value of the $ falls 2) Value of real assets rise (gold, companies, land) 3) Inflation will increase.
and DANNI:
www.taxfoundation.org
In 2007, the top 1 percent of tax returns paid 40.4 percent of all federal individual income taxes and earned 22.8 percent of adjusted gross income. Both of those figuresshare of income and share of taxes paidare significantly higher than they were in 2004 when the top 1 percent earned 19 percent of adjusted gross income (AGI) and paid 36.9 percent of federal individual income taxes.
top 0.1% of tax returns (the top 10 percent of the top 1 percent). This 10 percent of the returns in the top 1 percent amounts to only 141,000 tax returns but accounts for nearly 12 percent of the adjusted gross income earned and approximately 20 percent of the nation's federal individual income taxes
So the super rich make only 12 % of the adjusted gross income and pay 20% of the taxes and the Qusi- rich make 22%% of the income and pay 40% of the taxes.
Seems like they are paying MORE than their "fair share" now...how much more do you think we can soak them for? What do you think if "fair" that they pay all of it.
Sorry - I did not know you were not: Driving on the roads, visiting the libraries, being protected by the military and police.
OH...you have the benefit of these and other services and you pay next to nothing for them? Good for you.
