Obama; Here come the skyrocketing taxes, baby!

[Larry Gude (Premo)]

Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update2) - Bloomberg.com

May 14 (Bloomberg) -- President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

At first glance, this may seem a call to reign in spending and a reaction that says "Obama is calling for less spending? What next, a call to drill more oil here at home?"

Well, note what he is saying. Defecit spending. Borrowed money. What he is saying is he wants to raise taxes. Given how much he's spending, that would mean HUGE tax increases.

[This_person]

Originally Posted by Larry Gude

Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update2) - Bloomberg.com



At first glance, this may seem a call to reign in spending and a reaction that says "Obama is calling for less spending? What next, a call to drill more oil here at home?"

Well, note what he is saying. Defecit spending. Borrowed money. What he is saying is he wants to raise taxes. Given how much he's spending, that would mean HUGE tax increases.

But only for 5% of working families. I'm sure that there will be no trickle down effect of those higher taxes - those people (and businesses) will merely absorb the cost.

[bcp (Premo)]

Originally Posted by This_person

But only for 5% of working families. I'm sure that there will be no trickle down effect of those higher taxes - those people (and businesses) will merely absorb the cost.

I agree, my household does not bring in 250k a year, so none of this will affect me at all. My bread, milk, gas, electric etc... will still be next year what it is today.
those that are going to be hit by something like this are those people that are too stupid to realize that the education they got required them to work for those of us smart enough to just stay uneducated.

[Larry Gude (Premo)]

Originally Posted by This_person

But only for 5% of working families. I'm sure that there will be no trickle down effect of those higher taxes - those people (and businesses) will merely absorb the cost.

This is just me, but, in my view, ANY dollar spent by the government comes, by definition, out of the general economy which affects everyone and is, in effect, a tax on everyone.

Money is fungible.

[Larry Gude (Premo)]

Originally Posted by bcp

I agree, my household does not bring in 250k a year, so none of this will affect me at all. My bread, milk, gas, electric etc... will still be next year what it is today.
those that are going to be hit by something like this are those people that are too stupid to realize that the education they got required them to work for those of us smart enough to just stay uneducated.

I beg to differ. I think it will be felt in ALL homes, far and wide.

[bcp (Premo)]

Originally Posted by Larry Gude

I beg to differ. I think it will be felt in ALL homes, far and wide.

Look, obama clearly stated that the increases in taxes would not apply for those making less than 250k, he very clearly read from his teleprompter that those of us below that income, would actually have more money.

I know you cant be suggesting that its not going to happen this way

[Larry Gude (Premo)]

Originally Posted by bcp

Look, obama clearly stated that the increases in taxes would not apply for those making less than 250k, he very clearly read from his teleprompter that those of us below that income, would actually have more money.

I know you cant be suggesting that its not going to happen this way

Here's the thing: I think he was just kidding.

[bcp (Premo)]

Originally Posted by Larry Gude

Here's the thing: I think he was just kidding.

well then, that certainly makes it all ok.

right?

[Larry Gude (Premo)]

Originally Posted by bcp

well then, that certainly makes it all ok.

right?

No! To the barricades!

[This_person]

Originally Posted by Larry Gude

This is just me, but, in my view, ANY dollar spent by the government comes, by definition, out of the general economy which affects everyone and is, in effect, a tax on everyone.

Money is fungible.

Did I need the , or am I missing yours?