On 22/02/2011 11:24 PM, wrote:
On Tue, 22 Feb 2011 23:14:21 -0500, wrote:

or they could restore the bush tax cuts...taht would elminate AOT of
the deficit since those cuts are the single largest component of the
deficit


I agree they should have let ALL of the tax cuts expire but don't
expect that to do much for the deficit.
It was only supposed to be $700 Billion over 10 years for the $250K
and above people.
If you let all of the cuts expire it was $3.7 Trillion over 10 years.
That is still only about a third of the deficit.

http://money.cnn.com/2010/09/15/news...faqs/index.htm

Forgetting inflation and interest rates which only make it worse. $3.7
trillion over 10 years is 370 billion per year. Obama be well over
$1600 billion on the over spend, so that is about 23% if you believe
Obama big mouthed liar. In fact, Obama now overspends more than all the
income taxes collected. That is, doubling the income tax for everyone,
and Obama still can't balance the budget.

The only half way sane thing is to massively cut federal spending and
reduce the size of the fed by over 50% AND increase taxes, or
alternatively cut fed spending by 60%.

Not going to happen, we will see a hyper-inflationary devaluation of the
USD, oil, gold, silver, copper, iron, wheat, barley, flour, you name it
will go up in double digit inflation.

That is until Americans riot along with other countries.

--
Socialism is a great ideal as long as someone else pays for it. And when
no one is left to pay for it, they all can share nothing.