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The Basement
2011 U.S. Budget Cut in Perspective
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<blockquote data-quote="John Roberts" data-source="post: 33880" data-attributes="member: 126"><p>Re: 2011 U.S. Budget Cut in Perspective</p><p></p><p></p><p>I didn't call my number absolute or complete. I even mentioned aid to Pakistan and others. If you want 3 opinions ask two economists, (we must count all the camels who were displaced). Do we at least agree it was over 10 years? </p><p></p><p>OK use whatever number you want.. That is a sunk cost, as in already spent, we can only change the future. I'm (pretty) sure it's all in the total debt number. </p><p></p><p>Social programs are considered the third rail of politics and most career politicians are afraid to address this seriously.</p><p></p><p>I would be willing to forgo all this government largess, despite the fact that I paid into it for several decades, but this isn't about what I am willing to do. Warren Buffet say's he would be willing to pay more taxes.. good for him. </p><p></p><p>Realistically old people vote, so they will be the last people cut... Bush expanded the program a bunch with prescription plans, and since then this just keeps expanding. I look at how many medicines my 82 YO neighbor takes chronically.. I know for a fact if he was paying with his own money he would be taking a lot less medicine... Not because he couldn't afford it, but now he has no reason to question the merit of spending the marginal extra money because he isn't.. </p><p></p><p>Some simple things we can do that reflect modern longevity is increase the threshold age for receiving pay out. Long term we need to put this on a self sustaining actuarial basis where it is actually paid for by those receiving the benefit...boomers like me get to ride on the backs of younger workers. We can't keep kicking the can down the road, but the politicians are trying. </p><p></p><p>While I agree, that is wishful thinking. I fear a great deal of damage has already been done as business adapts to the new paradigm. The number of exemptions that have been granted should be grounds for repeal or at least a re-write. And where are all these doctors and health professionals going to come from? Any Dr with half a clue is taking early retirement or leaving dodge... </p><p></p><p>I don't see any simple answer for this, we have already blown a huge ass hole in the bottom of the boat... and we're taking in water. </p><p></p><p>I hope I'm wrong about this. </p><p></p><p>this is just one of several abuses.</p><p></p><p>The PO is already crumbling under the weight of email and e-pay erosion of their cash cow, first class mail business.. the end is in sight and it will be ugly. </p><p></p><p>I don't mind more compliance efforts, as long as it is productive, but simplify simplify simplify. There is too much financial engineering in the code. These old exemptions and deductions (more properly called tax expenditures) need to be sunsetted and/or periodically reviewed. The tax code has become a way for special interests to manipulate the system for personal gain through lobbying. At the risk of shocking you, how about reducing the mortgage and children's deduction? </p><p></p><p>Home ownership was considered some wonderful panacea that solved all problems, until they rode that pony too hard and killed it. You haven't mentioned Fannie and Freddie, surely we need to euthanize them too? </p><p></p><p></p><p>We are a charitable people but simply taking wealth from the productive sector of our economy and transferring to the nonproductive will kill the golden goose that was america. </p><p></p><p>Note: I am not accusing you of that, but our congress who is responsible for spending and budgets IS NOT DOING THEIR JOB. It will take a few more election cycles to get more adults in the senate. The house turns over quicker. </p><p></p><p>JR</p></blockquote><p></p>
[QUOTE="John Roberts, post: 33880, member: 126"] Re: 2011 U.S. Budget Cut in Perspective I didn't call my number absolute or complete. I even mentioned aid to Pakistan and others. If you want 3 opinions ask two economists, (we must count all the camels who were displaced). Do we at least agree it was over 10 years? OK use whatever number you want.. That is a sunk cost, as in already spent, we can only change the future. I'm (pretty) sure it's all in the total debt number. Social programs are considered the third rail of politics and most career politicians are afraid to address this seriously. I would be willing to forgo all this government largess, despite the fact that I paid into it for several decades, but this isn't about what I am willing to do. Warren Buffet say's he would be willing to pay more taxes.. good for him. Realistically old people vote, so they will be the last people cut... Bush expanded the program a bunch with prescription plans, and since then this just keeps expanding. I look at how many medicines my 82 YO neighbor takes chronically.. I know for a fact if he was paying with his own money he would be taking a lot less medicine... Not because he couldn't afford it, but now he has no reason to question the merit of spending the marginal extra money because he isn't.. Some simple things we can do that reflect modern longevity is increase the threshold age for receiving pay out. Long term we need to put this on a self sustaining actuarial basis where it is actually paid for by those receiving the benefit...boomers like me get to ride on the backs of younger workers. We can't keep kicking the can down the road, but the politicians are trying. While I agree, that is wishful thinking. I fear a great deal of damage has already been done as business adapts to the new paradigm. The number of exemptions that have been granted should be grounds for repeal or at least a re-write. And where are all these doctors and health professionals going to come from? Any Dr with half a clue is taking early retirement or leaving dodge... I don't see any simple answer for this, we have already blown a huge ass hole in the bottom of the boat... and we're taking in water. I hope I'm wrong about this. this is just one of several abuses. The PO is already crumbling under the weight of email and e-pay erosion of their cash cow, first class mail business.. the end is in sight and it will be ugly. I don't mind more compliance efforts, as long as it is productive, but simplify simplify simplify. There is too much financial engineering in the code. These old exemptions and deductions (more properly called tax expenditures) need to be sunsetted and/or periodically reviewed. The tax code has become a way for special interests to manipulate the system for personal gain through lobbying. At the risk of shocking you, how about reducing the mortgage and children's deduction? Home ownership was considered some wonderful panacea that solved all problems, until they rode that pony too hard and killed it. You haven't mentioned Fannie and Freddie, surely we need to euthanize them too? We are a charitable people but simply taking wealth from the productive sector of our economy and transferring to the nonproductive will kill the golden goose that was america. Note: I am not accusing you of that, but our congress who is responsible for spending and budgets IS NOT DOING THEIR JOB. It will take a few more election cycles to get more adults in the senate. The house turns over quicker. JR [/QUOTE]
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