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deleted643396
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Those taxes paid for you to hide in your basement eating canned beans with a side of Plaquenil. Maybe you should send a thank you note to the people of the United States?
Those taxes paid for you to hide in your basement eating canned beans with a side of Plaquenil. Maybe you should send a thank you note to the people of the United States?
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@BLADEMDA what middle class? Capitalism has sent all jobs that belonged to the middle class overseas. I’m not an advocate for socialism but I were a middle class worker there’s no way I’d be voting Republican.
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Blade writes entire essays about his national debt fear but at the same time is literally salivating over the amount of cheap equities he can buy while posting his target S&P levels. Conveniently, the debt fear mongering is never followed by a post about how he's buying some treasuries or sending an extra check to the IRS to help ease the burden.
I also find it amusing that most (not Blade, but most others, he gets this) that complain about the national debt decry spending but love low taxes. If you want to pay down the debt you've gotta do both
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Cheap Equities? Of course, we as individuals should take advantage of market sell-offs based on fear. That is Capitalism. As for buying Treasuries I hold a diversified portfolio which includes that as well. As for an extra check to the IRS I pay my fair share. For the majority of my career I paid the highest marginal rates and didn't have any tax advantaged plans except a 401K. I fully expect the next Democratic administration to raise income taxes to the highest level of my lifetime. So, that IRS bill you so love to write about is coming very soon.
What is also true is that govt. spends too much money relative to its revenue. That is fact. The debt to GDP Is over 107% after that last stimulus bill.
By the time the next Democratic administration finishes its 4 year term the debt to GDP could easily be over 130%. Since we aren't even paying for current social programs and military budget taxes need to be raised just cover existing obligations on the books. That is responsible government.
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The most indebted households also are likely to have family members lose their jobs in the wave of unemployment that's washing over the economy, according to Asti Sheth, Moody's managing director for credit strategy. The nation's four largest banks have set aside so far this year more than $18 billion to cover their anticipated losses on consumer and other loans, a level of reserves not seen since the 2009 financial crisis.
"The distribution of debt and income is uneven," Sheth said. "And that is something we're watching."
Congress has granted some mortgage relief, and Trump has suspended student loan payments for most borrowers through Sept. 30. But that won't be enough to avoid a debt-driven economic spiral, according to Tomasz Piskorski, an economist at Columbia Business School.
A severe recession that drove the unemployment rate to 30 percent would send nearly one-third of mortgages into default and lead to 1½ times as many foreclosures as occurred after the housing bubble collapsed.
"In a few months, the recovery will not be there," Piskorski said. "And these households will be saddled with very high debts, and they won't have jobs, and they will start to default."
www.stamfordadvocate.com
"The distribution of debt and income is uneven," Sheth said. "And that is something we're watching."
Congress has granted some mortgage relief, and Trump has suspended student loan payments for most borrowers through Sept. 30. But that won't be enough to avoid a debt-driven economic spiral, according to Tomasz Piskorski, an economist at Columbia Business School.
A severe recession that drove the unemployment rate to 30 percent would send nearly one-third of mortgages into default and lead to 1½ times as many foreclosures as occurred after the housing bubble collapsed.
"In a few months, the recovery will not be there," Piskorski said. "And these households will be saddled with very high debts, and they won't have jobs, and they will start to default."
Record government and corporate debt risks 'tipping point' after pandemic passes
The United States is embarking on a rapid-fire experiment in borrowing without precedent,...
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just increase sales tax or have some sort of vat tax so that the more you spend the more you are taxed. (10000$ gucci bag taxed at a higher percentage than your big mac)
The problem with this is that VATs discourage economic activity beyond a certain point. If spending money you already have is cheap, it encourages spending. If you're taxed heavily on consumption, people tend to save. This can reduce taxes and economic activity more than a straight income tax, and in a consumer-driven economy like the United States, could result in crippling consequences. You'd be better off with a blend of taxes that target both income and spending in a manner that minimizes the penalty to engage in consumer activity.
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It's also a very regressive tax, that affects low income workers more than wealthy ones.
Of course, we all know that the only way to raise significant amounts of tax revenue is to levy taxes at the 99%, not the 1%. And a VAT would certainly do that.
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Wait wait wait wait, Fed intervention according to all you guys is a distortion of true free market capitalism, but when that distortion causes an opportunity to profit (even though you ultimately think that distortion is harmful to the country as a whole), you go ahead and jump in the pool immediately and call the part that benefits you personally capitalism?
The lack of shame is galling, dude
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Well who knows. If coronavirus continues to decimate the elderly population Medicare and social security might just be solvent.....😉
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The attempt at a guilt trip is mind boggling. The fact that you call it fear mongering is a lack of understanding of the basic mathematics of our debt. We are running roughly a Trillion of new debt a year since 08, and that's before Covid. So let me follow the logic; because one points out that this debt is crushing us and will never be repayed in full at today's value (it will either be defaulted or monetized), one should therefore feel guilty and shamed into throwing their own money down that debt rabbit hole? It's fascinating how political fanaticism can shut off the ability to reason.
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deleted171991
Funny how he doesn't notice that this republican government had created more deficit than any previous, even before Covid-19.
It should be called the myopic fox syndrome. It may have to do something with that lack of shame you mentioned. Both are becoming endemic.
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95% of people follow their party like blind sheep. We have maybe 5% that think for themselves and realize neither party works to the benefit of society as a whole.
Typical American thinking of national debt regardless of party and wealth:
Cut spending but not spending that benefits me. Raise other's taxes; lower mine.
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deleted171991
Any economy that's dependent on frivolous consumer spending is a Ponzi scheme.
VAT encourages saving and thinking twice whether one really needs to buy something? Great. So do sales taxes.
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deleted162650
I had that thought back when this whole thing really got going. Take out the old and sick (and the disproportionate spending on them)which paves the way for unprecedented levels of economic prosperity (after the initial fallout clears). The whole thing is very Thanos-esque in a way.
Of course now I feel all kinds of dirty for thinking that way.
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deleted171991
Let me fix that for you: 95% of party members follow their party like blind sheep. That's the whole point of convincing a ***** to register as a non-independent.
It's the same as the psychology of making people sign a petition for a cause. It's about consistency and commitment.
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This left wing attempt at a guilt trip is so painful to read. Reminds me why I avoid all trips to one side of my family. So following the logic again, if one is against government policy (and has no chance of changing this policy), he should no longer act is his and family's best interest? This is killing me. It's like being locked in a room and forced to watch Don Lemon and Rachel Maddow. I'd rather be water boarded.
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Mikkel, is it you?!
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deleted171991
Nope. IQ too high.
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Puhhlease. It's funny you keep throwing those stones considering von Mises and Friedman aren't the academics you follow, they're the prophets of your religion. Your financial advice is typically about as useful as the snake oil salesman hocking silver eagles to the dolts who watch midday fox news.
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that literally can't be true. We had top marginal rates of 50% into the 1980s, 70% through the 70s, and 91% until the 60s.
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deleted697535
Some good points. Amazing that every recession has reduced the death rate. Also the notion of what is money anyway.
I have a lot less money than many of my peers, I rent a crappy enough house in a crappy neighbourhood, I drive a crappy old Subaru, I don't own anything expensive bar my 300$ tv or $400 laptop. But my peers can't pay their freaking mortgage already 1 month into this. Like they're literally dying for cash. And they're older than me with many more years staff than me. I don't understand it. What do people waste their "money" on?
Money is a total illusion. If you choose to spend 100k on new car every year then why should we open the economy up so you can repay that debt knowing it will cost someone their life. Do they deserve that? Just because some people ' need' a lavish lifestyle on tick that they can't actually afford.
We should reopen the economy at some stage but for the right reasons. Not for credit millionaires to pay back their borrowings
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deleted697535
Well no offense but is your mortgage inside your means? Do you shop at the most expensive stores and waste food?
Money is totally an illusion. It is a means of bartering for stuff. It hasn't been anything but an illusion for hundreds of years.
Just because some people put a lot of value on some things doesn't make those things worth that much.
The country could collapse tomorrow, and every single one of those paper bills and every number in every spreadsheet pertaining to them would be worthless. Money only has value because we have agreed it does, but fiat currency is objectively nothing but a barter system we all play along with using scraps of paper with dead white men on them
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Oil is trading below $0? Will we see this sort of deflation in real estate?
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deleted697535
I hope so! I need to buy a house... Joke joke
It was out of control 6 months ago anyway... Any blip was going to take the housing market after a 10year run...
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deleted162650
Wait, so right now someone will pay me to give me a barrel of oil??
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Problem is this wasteful spending on healthcare is called our paycheck....
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deleted162650
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My Working Lifetime as a Resident or Attending. Most of us have never paid 70%++ in income taxes. I fully expect Biden to raise the top bracket to around 49% plus Obamacare Tax (likely raise that) as well as unlimited FICA taxes.
So, those in NYC or California will likely pay over 70% in total taxes to city/state/federal governments. The price of socialism is fairly high in terms of taxation, there is no doubt about it. That only encourages more people to avoid taxation, look for loopholes and avoid W-2 work.
Unlike Sweden the majority of people paying the most taxes will be excluded from the benefits of that taxation. They will get worse healthcare, no more Social Security money and higher fuel costs. I assume they are just paying their fair share. But, in Sweden even the middle class pays very high taxes for those social benefits. They understand that the government can't afford all the freebies to the people without a broad taxation base.
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The 1980s
The Economic Recovery Tax Act of 1981 slashed the highest rate from 70 to 50 percent, and indexed the brackets for inflation.
Then, the Tax Reform Act of 1986, claiming that it was a two-tiered flat tax, expanded the tax base and dropped the top rate to 28 percent for tax years beginning in 1988.4 The hype here was that the broader base contained fewer deductions, but brought in the same revenue. Further, lawmakers claimed that they would never have to raise the 28 percent top rate.
The 28 percent top rate promise lasted three years before it was broken
The Economic Recovery Tax Act of 1981 slashed the highest rate from 70 to 50 percent, and indexed the brackets for inflation.
Then, the Tax Reform Act of 1986, claiming that it was a two-tiered flat tax, expanded the tax base and dropped the top rate to 28 percent for tax years beginning in 1988.4 The hype here was that the broader base contained fewer deductions, but brought in the same revenue. Further, lawmakers claimed that they would never have to raise the 28 percent top rate.
The 28 percent top rate promise lasted three years before it was broken
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Monetization
We can see politicians already testing the waters. Elizabeth Warren talks about a wealth tax. Many politicians talk about death taxes. Monetization achieves the same things as these taxes except that it takes from everyone, not just the rich and the dead.
For an object lesson in monetization, one need look no further than Venezuela. When the government there found its back against the fiscal wall, it printed more money. And it kept right on printing until the money became utterly worthless. How worthless? People took to weighing it instead of counting it because counting it would have taken too long and the individual bills didn’t have enough value to be worth anyone’s time.
The results of America's irresponsibility will be remarkably similar to Venezuela’s if we do not get our financial house in order soon.
The Venezuelan disaster was born of governmental irresponsibility. The government there simply spent more money than it had for too long, and when it found itself up against this sad reality, it simply printed more.
American irresponsibility is no different, and the results of our own actions will be remarkably similar to Venezuela’s if we do not get our financial house in order soon. No one seems to be interested in that, though. So we once again “celebrate” Deficit Day as an annual reminder of our collective unwillingness to behave reasonably. There will come a day, not too terribly far off at this point, when this metric will be as useless as the Venezuelan bolivar. The smart, prudent thing would be to address this problem now. Sadly, no one, neither the present crop of politicians nor the American people themselves, is interested in addressing the problem. They will all, without question, be quick to point the finger of blame when the issue finally comes to a hard boil, but by then it will simply be too late.
fee.org
We can see politicians already testing the waters. Elizabeth Warren talks about a wealth tax. Many politicians talk about death taxes. Monetization achieves the same things as these taxes except that it takes from everyone, not just the rich and the dead.
For an object lesson in monetization, one need look no further than Venezuela. When the government there found its back against the fiscal wall, it printed more money. And it kept right on printing until the money became utterly worthless. How worthless? People took to weighing it instead of counting it because counting it would have taken too long and the individual bills didn’t have enough value to be worth anyone’s time.
The results of America's irresponsibility will be remarkably similar to Venezuela’s if we do not get our financial house in order soon.
The Venezuelan disaster was born of governmental irresponsibility. The government there simply spent more money than it had for too long, and when it found itself up against this sad reality, it simply printed more.
American irresponsibility is no different, and the results of our own actions will be remarkably similar to Venezuela’s if we do not get our financial house in order soon. No one seems to be interested in that, though. So we once again “celebrate” Deficit Day as an annual reminder of our collective unwillingness to behave reasonably. There will come a day, not too terribly far off at this point, when this metric will be as useless as the Venezuelan bolivar. The smart, prudent thing would be to address this problem now. Sadly, no one, neither the present crop of politicians nor the American people themselves, is interested in addressing the problem. They will all, without question, be quick to point the finger of blame when the issue finally comes to a hard boil, but by then it will simply be too late.
Deficit Day 2019 Just Arrived
From 12:01 a.m. on October 4 until the stroke of midnight on New Year’s Eve, every dollar the federal government spends it must borrow.
fee.org
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Honest question -
Wikipedia says the US strategic petroleum reserve tanks and caverns have a 797 million barrel capacity. As of April 17th, it held 635 million barrels.
Why are we not taking the opportunity to top it off?
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Covid 19 is real. Covid 19 kills people. More people will die in the USA before a vaccine is introduced. I suspect another 30,000-50,000 deaths
in the USA this year alone. Covid 19 may kill me, a friend or a loved one.
That said, I believe the economy should be re-opened in 2 weeks. I should have the right to decide for myself whether to go to the gym or a restaurant.
Others may decide to self quarantine. As long as the hospitals can handle the volume of patients in their communities the businesses/economy should stay open. Local leaders like Mayors should have input into this decision.
This is the USA and our freedoms have always come at a price.
Your decisions affect other people, however. People that may have no choice in the matter.
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like someone said, its the same concept as a sales tax. and make it so it's adjusted based on the product. luxury goods get taxed more. other countries already do this. it's not a new concept, and they seem to be doing just fine
is saving so bad? probably not, if all these big companies saved some money instead of spend spend spend, they may not have needed those bailouts.
the strength of our economy is an illusion built on debt. if most americans dont have enough money saved to pay for 2 months of rent/bills/food, and large companies are failing bc of 2-3 months of closure, that sounds pretty awful to me.
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Thanos is non-discriminatory. Everyone has 50/50 chance.
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deleted162650
Ya . . . I like the COVID method better.
Never really got why he didn't just create more universe to go around
It's my BODY and I will DIE to LICK THE BOOTS of BILLIONAIRES if I DAMN WELL please!
Really though, the problem with re-opening the economy ends up being that people who are forced to work or risk losing their jobs often aren't the people on the front lines interacting with customers, but rather the business owners. We're going to end up in a situation where people are fired left and right because they (rightly) fear for their lives and the lives of their loved ones
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deleted697535
The people who want to reopen the economy on here or social media out of some misplaced interest in the greater good are just after feathering their own nest.
If you all are so concerned about the economic wellbeing of those less well off, well where was your charity 5 weeks ago? Truth is most don't really care and just want to go to the gym.
Doesn't matter who dies. But how about if it was your son or daughter with cystic fibrosis, or your wife post chemo? Does that make it more realistic? Would you still reopen?
If you all are so concerned about the economic wellbeing of those less well off, well where was your charity 5 weeks ago? Truth is most don't really care and just want to go to the gym.
Doesn't matter who dies. But how about if it was your son or daughter with cystic fibrosis, or your wife post chemo? Does that make it more realistic? Would you still reopen?
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deleted270145
oh the irony
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Sure, but you said your lifetime. My point is that for most of the 20th century the top marginal rates in the US were way, way, way higher than they are currently.
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deleted87051
The issue is that when you decide to take that risk, you put people like me who are more risk averse in danger. We just had a patient who was COVID negative when they had surgery last week develop symptoms and test positive over the weekend. Fortunately the doctor taking care of him wears a filtered snorkel mask at all times.
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