If the US defaults on its debts on August 2

[JayAtl]

No, I wrote that myself.



Where did Obama cut the taxes is the question. Whom did he cut them for? Just last December, he extended all the Bush tax cuts. He said that the 2% of the population earning more than $250k would be given tax hikes, did that happen?



You clearly have a problem understanding things. Even if the companies are making record profits overseas, they are not helping the state of the US economy, or creating jobs for the American people.



Entitlements & increased domestic spending on bodies like the EPA, FDA are eating up the economy of this country. The current healthcare bill is still wasteful & ineffective. Medicare & medicaid needs to be abolished, it's pretty simple. When these entitlement programs are removed, easy credit finished; the US economy will be in a much better position. The question is: are the American people ready for all these hardships, or do they want the US economy to sink deeper & deeper?



Again, you failed to read the starting sentence of my post, that we all need to get out of this Republican vs Democrat spectrum. Outsourcing of labor happens because big corporations can get cheap labor abroad. The sooner Americans can compete with that, the sooner jobs will stop getting outsourced, & coming back to America.



Big corporations are making huge profits overseas, & the industries inside the US are lagging behind. People don't have jobs, labor is being outsourced, manufacturing & services are being outsourced. It wasn't like that in the 90s.



That is the crux of the problem. Why hasn't he done that already? Why do they still get tax cuts?

lol , you really need to educate yourself with facts , Like I did . I typically stayed out of this thread because I knew you were mimicking talking points. The stimulus plan had tax cuts, what part of that was not clear? here another fact I did not state - The recent payroll tax cut was another form of tax cut too.

Obama said he wants to give the middle class families continued tax cuts which had come up for renewal but not the rich- Yes. BUT he could not do that distinction because the " Bill" if you had known the facts brother... would have been clear that it itself had no distinction between the two i.e. the bill had all tax cuts being up for renewal--- Obama was not presented w/ two separate bills to make the cuts only for the middle class...and then push for more cuts as promised ONLY for the middle class.

what is the EPA's budget? what is FDA's budget... what percentage of GDP do they eat up? I mean you throw abbreviations out without having a clue about what really is the issue.

Obama and the world's other economies ( in fact China spent most I believe) spent more on stimulus because of the recession. the man was handed a historical recession and on top that bush never accounted for war spending in his budget. entitlements , a portion of them need to be tweaked not removed- we are a country- the richest in the world, the greatest in the world that takes care of its seniors and children...if you don't want yourself or your seniors in the family ( who would be of age to claim it I would presume) or others like you- don't want any govt senior health care? simply opt out of it - thats gonna be offered too soon.. ( means testing is coming soon, as a part of Mediacre/mediaid proposal)


This is a global economy and the only way you can grow is by being a part of it..so talking about shutting it down or being only inclusive is against free market principles..

talking about removing entitlements that not even the tea party or any economist calls for? is absurd.

 

[53fd]

Obama said he wants to give the middle class families continued tax cuts which had come up for renewal but not the rich- Yes. BUT he could not do that distinction because the " Bill" if you had known the facts brother... would have been clear that it itself had no distinction between the two i.e. the bill had all tax cuts being up for renewal

Tax cuts or hikes personally have no meaning to me, because they will not be solving the problems faced by the US economy. It might give temporary relief, but it does not solve the underlying problems faced by the US economy. Which is why the effects of the stimulus package have worn off, & the US economy is about to undergo another recession.

what is the EPA's budget? what is FDA's budget... what percentage of GDP do they eat up? I mean you throw abbreviations out without having a clue about what really is the issue.

I am contracted with Pfizer, so I know a lot about the FDA, & health insurance companies too. The fact of the matter is that a lot of money was thrown around for R&D without getting any new products launched, lots of failures in the pharmaceutical industry. The FDA has a lot more stringent regulatory policies than all the governing bodies in Asia, strict requirements of QA & QC, validation requirements; & these make the products launched in the US markets by FDA regulated companies very expensive. On top of the fact that labor in the US is more expensive than Asia. Generic drugs are three or more times cheaper than the drugs produced by these companies. Which is why the US pharmaceutical industry is losing out big time. All because of the FDA, & the power it holds over pharmaceutical industry here, boosted by government spending on it:

http://www.aapm.org/pubs/enews/documents/fda_002.pdf

FDA fared far better than other government agencies in the fiscal 2011 spending bill compromise backed by both parties and the White House, with the agency receiving a 4 percent spending increase even though Congress is cutting $39 billion in domestic spending. The increased funding – which boosts FDA's direct appropriations from $2.35 billion in fiscal 2010 to $2.45 billion in fiscal 2011

So the cost of the FDA's actions is not just the $2.45 billion annually, but also the effects it has on the pharmaceutical industry here in the US, & the lack of jobs in it for the American people.

talking about removing entitlements that not even the tea party or any economist calls for is absurd.

Which is why I want to come out of this whole Democrat vs Republican spat. The Republicans are no way right. But what have the Democrats done to solve the problems of the US economy? They have put a band aid on the situation, but the US economy is bleeding more & more, & sinking deeper & deeper everyday.

 

[53fd]

talking about removing entitlements that not even the tea party or any economist calls for? is absurd.

Social Security cost the US government $715 billion a year. Medicare costs $451 billion every year. Medicaid costs $275 billion every year. All other entitlements, including Food Stamps, Unemployment Compensation, Child Nutrition, Child Tax Credits, Supplemental Security for the Blind and Disabled, Student Loans, and Retirement/Disability programs for Civil Servants, the Coast Guard and the Military cost $571 billion. The total comes out to be $2 trillion per year, 57% of the US Federal Budget.

FY 2010 US Federal Budget - How the FY 2011 Social Security Budget and Health Care Budget Affects the US Economy

 

[VCheng]

Social Security cost the US government $715 billion a year. Medicare costs $451 billion every year. Medicaid costs $275 billion every year. All other entitlements, including Food Stamps, Unemployment Compensation, Child Nutrition, Child Tax Credits, Supplemental Security for the Blind and Disabled, Student Loans, and Retirement/Disability programs for Civil Servants, the Coast Guard and the Military cost $571 billion. The total comes out to be $2 trillion per year, 57% of the US Federal Budget.

FY 2010 US Federal Budget - How the FY 2011 Social Security Budget and Health Care Budget Affects the US Economy

Correct.

These sacred cows must come under the knife for ANY program to work effectively.

 

[JayAtl]

Social Security cost the US government $715 billion a year. Medicare costs $451 billion every year. Medicaid costs $275 billion every year. All other entitlements, including Food Stamps, Unemployment Compensation, Child Nutrition, Child Tax Credits, Supplemental Security for the Blind and Disabled, Student Loans, and Retirement/Disability programs for Civil Servants, the Coast Guard and the Military cost $571 billion. The total comes out to be $2 trillion per year, 57% of the US Federal Budget.

FY 2010 US Federal Budget - How the FY 2011 Social Security Budget and Health Care Budget Affects the US Economy

Understand this- social security is in the black and not a burden. all the other programs are rights given to American citizens... you have a fundamental misunderstanding of America, it values and Americans it seems.

You see we Americans take care of our seniors, children and many other citizens and being the richest country we have no issues with it. What is being called for is for waste and fraud being trimmed over removal of these entitlements . You are basically advocating Somali policies and its absurd...

It seems like you have taken a very simple black and white path to the issues. This is ain't take the greatest country in the world and make it treat its citizens like a third world country-- I don't think you get it and nobody in either parties are calling for abolishment, hell like I said no economist - you are the first one I have ever had say something like that...

you throw things out but take unemployment insurance- citizens pay for it and for every dollar you give out in unemployment you get 1.6 dollars back into the economy. this presumption of taking black and white simplistic view is absurd!

if we follow your logic or if your country men follow it. Pakistan should abolish its military, all govt services today to save itself economically . Thats equally absurd.

Overwhelmingly economist say that America has a revenue problem too ( taxes being too low) . Bowl- simpson read up their recommedations. Taxes are going to have to go up, period. Taxes right now as a percentage of GDP are at a 50-year low.

Pharma companies are making profits hand over fist, if regulations are in place its because we don't want to see fake medicines like in Asia. medicines cost more in the US because phrama rapes us for its R&D. how is it Pharma sells Tylenol cheaper in Canada vs America? because it is freaking is robbing Americans blind and the current health care system allows it to do so. The new one puts limits on it ...

The debt ceiling deal will cause 1.8 million jobs to be lost!

 

[53fd]

Understand this- social security is in the black and not a burden. all the other programs are rights given to American citizens... you have a fundamental misunderstanding of America, it values and Americans it seems.

You claim it is not a burden, but it consumes US government costs of $715 billion every year.

You see we Americans take care of our seniors, children and many other citizens and being the richest country we have no issues with it.

What about the 9.3% of the population unemployed in the US?

What is being called for is for waste and fraud being trimmed over removal of these entitlements . You are basically advocating Somali policies and its absurd...

Waste being trimmed, but fraud being eliminated.

It seems like you have taken a very simple black and white path to the issues. This is ain't take the greatest country in the world and make it treat its citizens like a third world country--

The American citizens might have to start living like third world country citizens, before they really let the crises of the US economy out of hand, & the situation cannot be rectified, something future generations would have to suffer.

I don't think you get it and nobody in either parties are calling for abolishment, hell like I said no economist - you are the first one I have ever had say something like that...

Which is why both parties are in the wrong.

Overwhelmingly economist say that America has a revenue problem too ( taxes being too low) . Bowl- simpson read up their recommedations..

America has a revenue problem, & an expenditure/spending problem.

 

[JayAtl]

You claim it is not a burden, but it consumes US government costs of $715 billion every year.



What about the 9.3% of the population unemployed in the US?



Waste being trimmed, but fraud being eliminated.



The American citizens might have to start living like third world country citizens, before they really let the crises of the US economy out of hand, & the situation cannot be rectified, something future generations would have to suffer.



Which is why both parties are in the wrong.



America has a revenue problem, & an expenditure/spending problem.

dude, this like talking to a wall. you are talking in platitudes now--- I have shown you 3 charts above demystifying your claims. have at it-- I can't speak bilahaider speak ...

The crucial thing to remember, when we talk about Medicare, is that our goal isn’t, or at least shouldn’t be, defined in terms of some arbitrary number. Our goal should be, instead, to give Americans the health care they need at a price the country can afford. And throwing Americans in their mid-60s off Medicare moves us away from that goal, not toward it.

For Medicare, with all its flaws, works better than private insurance. It has less bureaucracy and, hence, lower administrative costs than private insurers. It has been more successful in controlling costs. While Medicare expenses per beneficiary have soared over the past 40 years, they’ve risen significantly less than private insurance premiums. And since Medicare-type systems in other advanced countries have much lower costs than the uniquely privatized U.S. system, there’s good reason to believe that Medicare reform can do a lot to control costs in the future

cheers.

 

[53fd]

The debt ceiling deal will cause 1.8 million jobs to be lost!

I don't care how many jobs losses are being projected (projections are bad & unreliable, the US's GDP growth rate was projected to grow at 4% for 2011, but is only growing at 0.8% right now) to be lost, the raising of the debt ceiling is only a smokescreen for what is about to come, unless the US reforms its economic structure:

 

[53fd]

The US economy problems explained beautifully by Ron Paul:

 

[jeypore]

"they won't have enough to pay back the interest" Asim Aquil

Chinese-Dragon

That was in fact the reason for the whole debt limit issue.

No it was not, until you can prove it with great link!!!! HOT SHOT............

America did not have enough cash in hand, to cover the interest payments on their debt. Which is why they needed to raise the debt limit, so they could borrow more money to finance it.

Here is another great revelation for you, Mr. NO IDEA, the money was already spent!!!!, but the question was where do we cut???????

Even though I can discuss this forever, but the bottom line is, there is going to be greater incidents like this in future, even with the dozen hired to control the YES and NO votes... The problem is Medicare,,, expect this as the new buzz words for the next presidential candidates...

 

[Juice]

Well, the U.S. is still here....sorry