Bailout Reaches 3.7 Trillion

[bigsby]

I wouldn't mind seeing a value added tax on the first 200K and a progressive tax above that threshold. Call it a progressive Value Added Tax. The VAT is much more efficient as it is collected at the point of sale. We would still need a progressive tax structure for the top 10% of income earners.

A straight VAT it would amount to a monumental tax cut for the rich, as the percentage of income they spend on consumption is marginal in comparison to their earnings and to 90% of regular Americans. That is why introducing a straight VAT is a pet project of the GOP. Even with a modified VAT I'm certain we could do away with at least 1/2 our tax code and 3/4 of the IRS. Still, accountants wouldn't be too pleased.

[Islandborn]

Progressive is just another word for socialist nowadays. Progressing towards what exactly? A Govt. that is big enough to give you everything you need is big enough to TAKE AWAY everything you have. Not to mention the slippery history of progressives and their fascination with Stalin and Mao.....two of the biggest MASS MURDERERS in human history.

Want the Govt trying to reach into your home and adjust the temperature of your shower or what type of shower head you use? Vote Democrat. Cause thats exactly what the Department of Energy wants to do.

From Todays Wall Street Journo
New Regulation of Multi-head Shower Fixtures - WSJ.com

Thanks, I'll put a 5000 dollar shower head in my bathroom if I choose too. Unbelievable. Mind ya Buisness.

[Islandborn]

true, but it didn't it take repub congress to finally get Bubba in line? (financially speaking that is :rastasmoke. seems to me the 80's we have a dem congress and repub white house, things hum along okay nothing real earth shaking, we switch the two and we got a balanced budget and the greatest economic boom in our lifetime. put either of the parties in charge of both branches and all hell brakes loose. :twocents: financially speaking.

and a big hat tip to BILL GATES AND SILICON VALLEY for the 90's boom.

[bigsby]

The jury is still out on Obama regardless of what shrill voices like Spinning Top Islandboy say. I'm not overly impressed in some regards, but I'm reasonably pleased with health care reform, the financial reform that just passed, SCHIP expansion, credit card reform, and a few others. You can't expect him to fix in 2 years what it took Bush 8 years to break.

Yes that's right, I lay it at the feet of Bush. Recall that Bush started with a $236 billion surplus. He introduced huge unfunded programs that make up 33% of today's debt burden - the unfunded Medicare Prescription plan, and the unfunded tax cuts for the rich, including $630 billion for the top 1% of income earners.

By 2004 Bush had blown through the Clinton surplus, raided the social security trust fund for $150 billion, and racked up $415 billion in deficits (total deficit is $565 if you add in the $150 stolen from social security and $801 billion if you add the $236 billion surplus that he squandered). By the time he left office we were $1.2 trillion in debt (not including sums raided or inherited), we were bleeding money from two unfinished wars in Iraq and Afghanistan, the housing market had collapsed resulting in unprecedented government intervention to bailout our financial institutions (TARP), and on top of all that our labor market was hemorrhaging 750,000 jobs per month.

Sorry, you broke it, you own it. With a record like that do you really expect us to believe that the Republicans should be in charge of anything? I wouldn't trust them with my checking account, would you? Or is this the new and improved Republicans (read Glenn Beck + Sarah Palin Teabaggers)? Hahahahaha. Give us a break already.

OK Islandboy. Your turn. Spin baby spin.

Hey it just occurred to me why you think I must be a Journo (Glenn Beck speak). It is because I can pull together disparate and complex facts and weave them into a convincing narrative that is historically accurate. Sorry. I'm just educated. It took me 3 years to get my undergrad not 7 and 2 years to get my Masters. But prove me wrong. You write and equally convincing and historically accurate rebuttal. Yeah... didn't think so. Go back to Call of Duty. That's something you do well.

Bill Gates created the $236 billion dollar surplus that Bush inherited? You really should join the Palin 2012 campaign. Cut 'n Splice Islandboy is spinning like a top again. Unable to deal with hard facts he tries to avoid accountability by burying the true with a few mindless posts. Like I said, yeah... I didn't think so. You have no response. Typical.