patrick.net

Zlxr says

The Baby Boomer pot of money was probably the biggest pot of money in the history of the world and if you want to think there could be a conspiracy - then someone just pulled off the heist of the century.

No, the heist is going to be the boomers (or their children) not getting the benefit from the $1.5T in FICA overtaxation.

We're not quite there yet. The important pea to watch in this shell game is what happens to the current $4T in trust funds. To the extent these aren't run down to $1T or so by 2050, that will be the theft.

Or if the Fed prints the money instead of taking it back from the general fund. Right now we don't have much of an inflation problem but if that $4T is inflated down to $1T in today's money or something by 2030 then yeah, QE will be a big part of the theft and all the people complaining about it will have been proven right.

did he make an agreement in writing that spelled out how it would be paid for

The plan was to only make cuts from the surplus. Of course, he cut too far and too fast, so they became an attempt at stimulus instead.

Zlxr says

We need to prove to ourselves that “YES WE CAN” do something. Don’t wait for the Gov’t - by then it will be too late.

Maybe like minded people getting together in a grass roots movement to change the government might be better, in the sense that it would help us all. Once the class warfare becomes increasingly obvious, that might be possible. But then again, the rich and the corporations have done a much better job mobilizing (you know getting many middle class and lower middle class on their side with the issues about Gays, immigrants, guns etc. ).

Marcus ... what Milton Friedman had to say about "Soaking the Rich." Check it out. You might learn something:

http://www.youtube.com/watch?v=Wi-D24oCa10&feature=related

marcus says

I’m still waiting to see whether I have to give up on Obama, if the tax cuts for the rich don’t expire.

Hey Marcus .... have you given up on Obama yet?

RayAmerica says

marcus says

I’m still waiting to see whether I have to give up on Obama, if the tax cuts for the rich don’t expire.

Hey Marcus …. have you given up on Obama yet?

Two years is a good compromise. $140B to the wealthy is peanuts these days.

Let the 2012 elections be about making these silly tax rates permanent.

Troy says

Two years is a good compromise. $140B to the wealthy is peanuts these days.
Let the 2012 elections be about making these silly tax rates permanent.

Nice to see you're still lapping up the Kool-Aid. If the "silly tax rates" are so silly, why didn't Obama put up a fight now?

RayAmerica says

Hey Marcus …. have you given up on Obama yet?

I'm more than a little disappointed, with him and with this, what is it, oligarchy the US has become.

marcus says

RayAmerica says

Hey Marcus …. have you given up on Obama yet?

I’m more than a little disappointed, with him and with this, what is it, oligarchy the US has become.

It's a tough call. He knows Dem control of the Senate is largely ceremonial now that the new House majority's got the ball as far as legislation goes.

The fact is the Dems got thrown out of office last month. The House *is* the seat of government. The Republicans have every right to hold middle class tax cuts hostage for the top 2%.

That's what the people voted for, and if they're too stupid to see it (or worse, agree with it) that's their funeral.

The cold hard fact is that the rich can handle the 3% tax rise in their top marginal rate better than the middle class -- losing the $1000 child tax credits &c. So any showdown over this is going to end badly, as far as the macro situation goes.

Thanks to the 60% electorate not showing up last month, we're f---ed.

Troy says

So any showdown over this is going to end badly, as far as the macro situation goes.

Okay, but putting up a fight would have been politically good, because the people weren't for this(continued cut for the rich), and I'm pretty sure that the people don't understand. I've heard people here say, "what do you call rich," as if to say, hey 250K isn't that high. But what I'm pretty sure many don't understand it's only the income over that that is taxed higher. If they had ended the tax cut for high income earners, a household that makes 260K would have had to pay only $400 more in taxes. It's the truly rich that would have felt it ( a little ), and who can easily afford to pay more.

Trade deficit and national debt is too high, and both have to be resolved with probably tariffs and cuts. But this is a nation where almost noone wants cuts or want to make less money. They'll just kick the can down the road and hope to not be present when it all crashes down (a mistake Bush made when he stuck around long enough to see mistakes of his administration materialize)

marcus says

It’s the truly rich that would have felt it ( a little ), and who can easily afford to pay more.

Sounds like a good thing to run on in 2012.

2010 didn't end up so well, thanks to 60% of the electorate not bothering to vote.

Don't vote, pay the man.