Janet Yellen says rising deficits are unsustainable and would cut benefits and raise taxes

adroit · 2018-12-14T19:10:29.667Z

Cratic3947:

Oh, look another record tax collection for month of October…

" The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today."

Feds Collect Record Taxes Through November; Still Run $305.4B Deficit

Trump is Cool…

Much lower than had we kept our previous system. Sad.

Cratic3947 · 2019-01-03T18:16:04.438Z

I wonder, if Nancy listens to Yellen?

Guvnah · 2019-01-03T18:39:43.026Z

The debt will eventually kill us.

No pols want to listen to those of us who are concerned about this.

The national debt has grown in every year since before any of us were born. So the bickering over Trump-this and Obama-that is just … bickering.

And in my opinion, the upshot of this thread is really just an exercise in poking thumbs in the eyes of those of us who decry the debt and the deficits, but who have absolutely no representation and no voice in our government.

Maybe something would change if we all showed concern for out-of-control spending.

highroller · 2019-01-03T18:49:17.920Z

The problem is the people who benefit the most from debt spending (Well connected wealthy households & Elderly Baby Boomers) are the only people the politicians listen to anymore. This is through low taxes and spending mandates.

What’s the breaking point? 200% Debt to GDP? 400%? Is there a breaking point? Deficits don’t matter to some, but they do to me and we should raise taxes to eliminate them.

Guvnah · 2019-01-03T18:53:02.576Z

highroller:

Deficits don’t matter to some, but they do to me and we should raise taxes to eliminate them.

Raising taxes just enables even more spending.

reflechissez · 2019-01-03T18:57:15.389Z

Guvnah:

highroller:

Deficits don’t matter to some, but they do to me and we should raise taxes to eliminate them.

Raising taxes just enables even more spending.

And lowering taxes enables…?

Guvnah · 2019-01-03T19:00:45.249Z

reflechissez:

And lowering taxes enables…?

Not my argument. If you have an idea for an answer, share it.

I would have left taxes alone and just cut spending.

reflechissez · 2019-01-03T19:02:39.371Z

Guvnah:

reflechissez:

And lowering taxes enables…?

Not my argument. If you have an idea for an answer, share it.

I would have left taxes alone and just cut spending.

Raising taxes actually causes people to pay more attention to spending, not less.

highroller · 2019-01-03T19:08:17.168Z

If you borrow and spend, you’re spending.
If you tax and spend, you’re spending.

Raising taxes enables you to spend more, but it also enables you to pay down debt or borrow less for the spending.

If Congress has it’s heart set on spending (which it apparently does from its track record), what is the solution to mounting debt in the treasury other than raising taxes?

reflechissez · 2019-01-03T19:10:41.539Z

highroller:

If you borrow and spend, you’re spending.
If you tax and spend, you’re spending.

Raising taxes enables you to spend more, but it also enables you to pay down debt or borrow less for the spending.

If Congress has it’s heart set on spending (which it apparently does from its track record), what is the solution to mounting debt in the treasury other than raising taxes?

Just keep repeating that you would cut spending, knowing that it will never happen.

Guvnah · 2019-01-03T19:11:42.715Z

highroller:

Congress has it’s heart set on spending (which it apparently does from its track record)

Yup. that’s the problem.

The solution is to change that focus, not enable it.

highroller · 2019-01-03T19:19:04.445Z

The TEA Party revolution was elected to make that change. Nothing happened. If there can be such a resounding victory in 2010 and the focus was not changed, what can be the change?

I don’t want our nation to continue down the road to ruin, but cutting taxes has done nothing to reduce spending. Maybe we need to go back to the gold standard.

Cratic3947 · 2019-01-03T19:21:24.167Z

highroller:

The TEA Party revolution was elected to make that change. Nothing happened. If there can be such a resounding victory in 2010 and the focus was not changed, what can be the change?

I don’t want our nation to continue down the road to ruin, but cutting taxes has done nothing to reduce spending. Maybe we need to go back to the gold standard.

Sadly, only the dems can propose the cuts we need . And they won’t do it… I think they want payroll taxes to hit 25% of payroll…

highroller · 2019-01-03T19:25:48.708Z

Sigh…

If you can’t cut spending and still want to reduce the deficit, what should you do then?

Do you care about the deficit? Or is it a political prop?

dantes · 2019-01-03T19:26:37.909Z

Cratic3947:

Sadly, only the dems can propose the cuts we need .

Really? Why is that?

Cratic3947 · 2019-01-03T19:29:30.536Z

dantes:

Cratic3947:

Sadly, only the dems can propose the cuts we need .

Really? Why is that?

Because all the networks will say reps want to kill grand ma… Over and over for weeks on end We’ve all seen that in the past…

Cratic3947 · 2019-01-03T19:30:34.161Z

highroller:

Sigh…

If you can’t cut spending and still want to reduce the deficit, what should you do then?

Do you care about the deficit? Or is it a political prop?

Dems just demagogue the issue with the help of the media. It’s like Nixon to China.

mobulis · 2019-01-03T19:38:02.760Z

Cratic3947:

dantes:

Cratic3947:

Sadly, only the dems can propose the cuts we need .

Really? Why is that?

Because all the networks will say reps want to kill grand ma… Over and over for weeks on end We’ve all seen that in the past…

So why does that mean its up to dems?

Guvnah · 2019-01-03T19:43:13.894Z

highroller:

The TEA Party revolution was elected to make that change. Nothing happened. If there can be such a resounding victory in 2010 and the focus was not changed, what can be the change?

Get even more people calling for cuts in spending.

I get the impression you don’t want to be one of them.

And I don’t want to be one who endorses more taxation and more spending.

I’d bet money that the approach you are endorsing will be the prevailing governmental response here. And I also predict it will keep us on the very same trajectory we’ve been on for nearly a century.

The TEA party guys who were elected earlier in this decade were not a resounding number. And the coalition they formed was squelched by GOP party leadership. they were removed from committees, marginalized in their respective chambers, and overrun by business-as-usual from the rest of Congress.

highroller · 2019-01-03T19:57:12.804Z

I don’t know what the answer is to be fair. I was a republican voter for many years, but they have continually let me down on reducing the debt levels.

Maybe you are older and remember a different time where the government raised taxes and the debt increased anyway. I don’t trust the politicians to do the right thing either.