[Beej]

PostFactum wrote:

martin14 wrote:

Beej wrote:

Some interesting sites that some of you have likely seen before:

http://www.usdebtclock.org/

That US one is really scary

It's normal, look at the taxation income)

Normal? Yes the US does make a lot, but the total debt is almost 55 trillion and the US doesn't seem to want to do anything about it. A 14.2 trillion GDP versus a 54.7 trillion debt does not look good at all.

[sandorski]

Beej wrote:

PostFactum wrote:

martin14 wrote:

That US one is really scary

It's normal, look at the taxation income)

Normal? Yes the US does make a lot, but the total debt is almost 55 trillion and the US doesn't seem to want to do anything about it. A 14.2 trillion GDP versus a 54.7 trillion debt does not look good at all.

Comparing Current GDP to eventual Debt load decades into the future is deceptive. With decent GDP Growth the 2 numbers close in to parity. Not that Parity is sufficient or that Economic Growth will continue(see now), but it's not as bad as the 300% Debt load that figure implies.

[BartSimpson]

andyt wrote:

Yet it's the president who is always (held) responsible. So you're saying the Democrats under Reagan slashed taxes like fiends, for which he is given "credit" while the Republicans under Clinton raised taxes?

The Democrats under Reagan DID cut taxes! The uppermost tax rates went from a scorching 80%+ to a more rational 30%+ and it was House Speaker Tip O'Neill who went along with Reagan's tax cut ideas. It should be noted that Reagan's Vice President, George H. W. Bush, had called Reagan's ideas about taxes 'voodoo economics' and when he got into the White House he engaged the Democrats to raise taxes and then the Republicans undid the Bush 1 tax increase in 1995 and that helped Clinton beat Dole in 1996 because, as you've observed, the President always gets credit for these things even if he originally opposed them.

[PostFactum]

Hey Guys, USA has the strongest army in the world, they may not hurry to give them back) From the other way they'll pay from iraq oil.

[Faye]

History repeating: Republicans spend money, democrats create jobs while rebuilding the country: Reagan-Clinton, etc. Obama has a lot to do, but the clock is ticking...

[angler57]

Faye wrote:

History repeating: Republicans spend money, democrats create jobs while rebuilding the country: Reagan-Clinton, etc. Obama has a lot to do, but the clock is ticking...

A very simple view of a very complex problem. Also incorrect.
The first thing I was impressed with about Canadian government was this.
If you had NO IDEA which country you were in, you would realize common folks in either country have the same problems with their countries.
Things happen in smaller amounts because Canada has less population
than California.

[Mr_Canada]

BartSimpson wrote:

The uppermost tax rates went from a scorching 80%+ to a more rational 30%+ and it was House Speaker Tip O'Neill who went along with Reagan's tax cut ideas.

I disagree that the latter is the rational tax rate for the obscenely rich.

[Freakinoldguy]

Mr_Canada wrote:

BartSimpson wrote:

The uppermost tax rates went from a scorching 80%+ to a more rational 30%+ and it was House Speaker Tip O'Neill who went along with Reagan's tax cut ideas.

I disagree that the latter is the rational tax rate for the obscenely rich.

Like or dislike the rate, the fact is that if you over tax the rich they just pack up and take their money elsewhere.

A prime example of this is Paul Martin and his shipping company.

[Robair]

Freakinoldguy wrote:

A prime example of this is Paul Martin and his shipping company.

[muskokagirl]

wow thats crazy...