Democrat Majority Power Delivers--The largest tax increase in history!!!

[cucamelsmd15]

It never ceases to amaze me how the Republicans are like people who live beyond their means and overspend, yet the Democrats are like money-hungry bankers with high interest rates who feed off the aforementioned.

[AZXD]

In reading all of this, the only thing that makes sense is a smaller government and less spending. Both parties have faults. Both are equally capable of increasing or decreasing our national debts. It does not matter where the debt came from because as a nation we have one. We are subject to paying interest on the debt we incur and thus I see overspending as an issue that needs to be addressed. Yet, however we look at it, our present way to pay-off an incurred debt is via our tax system. So while a tax reduction seems nice, up front. It has the effect of transferring the debt by deferment. This deferment can never be good as we are still paying interest on the loan. So what is the solution?
Placing blame upon one party without including the other in the equation is a statement of choosing sides over an argument that only has one solution, and the solution will not be found in the field behind the school. We really need to stop spending what we do not have.

Take this scenario out of government and most anyone will tell you that you are living beyond your means. They will also tell you that if you do not change your spending habits you will eventually face financial ruin. Or need to find a second job to pay-off your debt.

From a party standpoint, both parties are wrong. Ask any financial advisor who wins in this type of situation. The answer is really quite simple, spend what you do not have and the bank will always win. Who is our bank?

[FrankRizzoXD40]

Originally Posted by AZXD

In reading all of this, the only thing that makes sense is a smaller government and less spending. Both parties have faults. Both are equally capable of increasing or decreasing our national debts. It does not matter where the debt came from because as a nation we have one. We are subject to paying interest on the debt we incur and thus I see overspending as an issue that needs to be addressed. Yet, however we look at it, our present way to pay-off an incurred debt is via our tax system. So while a tax reduction seems nice, up front. It has the effect of transferring the debt by deferment. This deferment can never be good as we are still paying interest on the loan. So what is the solution?
Placing blame upon one party without including the other in the equation is a statement of choosing sides over an argument that only has one solution, and the solution will not be found in the field behind the school. We really need to stop spending what we do not have.

Take this scenario out of government and most anyone will tell you that you are living beyond your means. They will also tell you that if you do not change your spending habits you will eventually face financial ruin. Or need to find a second job to pay-off your debt.

From a party standpoint, both parties are wrong. Ask any financial advisor who wins in this type of situation. The answer is really quite simple, spend what you do not have and the bank will always win. Who is our bank?

Good post. Our bank, is basically other nations who decide to lend money to us in various different forms. Since the US economy has a history of being very strong and productive, these countries generally don't have a problem lending to us because they know they will get their money and a sizeable return.

To address your thoughts about how we should go about paying off what we owe. A tax increase is NOT the answer. The answer is to cut spending to a level that is below what we currently take in from taxes. Then we will be running a surplus and can start to pay more of the debt down. Another way, which is what Bush is currently doing (but not good enough) is to stimulate economic growth enough so that our tax receipts actually increase, due to new businesses opening and sales increasing. The debt has actually been reduced by several billions of dollars over the last couple of years. It's not enough, but it's a start.

In the short-term, the federal deficit is not really hurting anybody. However, over time, it can have negative affects on our economy and our dollar.

Frank

[NMCB3]

Yet, however we look at it, our present way to pay-off an incurred debt is via our tax system.

Actually the preferred system of Congress to pay loans is simply to borrow more money. Either from the federal reserve, by printing it, or borrowing it from the Chi-coms, etc.

All the income tax collected in a year in the US only pays something like 1/2 of the interest on the national debt. That is how pathetic the whole system is.

[Powerman]

AZXD I like a lot of your thinking. I get suckered into partisanship too often. The reality is I am completly disapointed by our leaders. The system has taken on a life of it's own by many of the things talked about here. The revenue act, printing money, running deficits. This has gone one too long.

The pres has very little control over the economy, the House can't see past their own spending projects. Every election they make promises our treasury is used to pay for. Nobody owns anything. Projects and programs are out of control. It's nothing but a shell game on a scale of billions. Every year McCain gets in front of a camera and says ,"do you see what these people are doing with your money?" Nothing.

The country has turned fat, dumb, and lazy. The mightiest industrial nation has turned into a consumer based entertainment capital of the free world. Anna Nicole is more important than the fact that we can only turn out a few armored troop carriers a month for our troops! How pathetic. The older I get, the more I understand my parents. The sky isn't falling today, but he road we are one leads to ruin.