Greenspan in favor of raising taxes

The issue for the US is a structural one. Medicare/Medicade and Social Security are not sustainable in their current form,and they are political land mines, so the likelihood of getting them under control is remote: Below are links to the 2010 and 2011 budgets, you will note that Mandatory Spending of 2.18 Trillion almost equals Tax Revenue of 2.38 Trillion in 2010. I have no idea what the long term fix is but history suggests that the most likely outcome is a montization of the debt through inflation or default. The timeframe is anyone's guess, but its clearly linked to the willingness of bond buyers to fund the debt. Things work, until they don't. The U.S. may be able to carry on for decades more or it could all come crumbling down within the next decade. People orders of mangitude more informed and intelligent than I are all over the place on this, this includes acedemics and some of the best investors in the world. And if these people are arguing, then how is anyone else supposed to figure it out? The best source for a historical account of Governments Defaulting on their debt is "This Time is Different" written by Reinhart and Rogoff.

2010 Budget (3.552 Trillion, 2.381 Trillion In Taxes(*) , 1.171 Trillion Deficit(*))
http://en.wikipedia.org/wiki/2010_United_States_federal_budget

2011 Budget (3.69 Trillion)
http://www.nytimes.com/interactive/2010/02/01/us/budget.html

Default is not an option, inflation is the most likely outcome. But as europe shows if inflation doesn't turn into hyperinflation people can live in a mature democracy and still enjoy themselves.
It's just very hard to become very wealthy (unless they were born that way), which is what this country was built upon. But hey who needs to become wealthy if everything is provided by the government. All you need to do is instead of teaching your kids how to work hard you need to teach them how to game the system

So... A raise in the top rate to 39.6% which is where it was ten years ago makes it harder to get wealthy? It's stupidity like this that makes me cringe.

The discussion about the cost of the forgone taxes on the rich is false. If it was about balancing the budget spending could be lowered. This might be an argument about which economist one worships(The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist), but in listening to Pelosi, Obama and those that argue for higher taxes on the rich while at the same time supporting more spending, it sounds more and more like those on the left just despise the wealthy and how ironic it is that they don't look in the mirror...

You make Julia look good. On the left? Pelosi could buy and sell you ten times over.

You make Julia look good. On the left? Pelosi could buy and sell you ten times over

Julia the ugly one is a hopeless moron.

On the left? Pelosi could buy and sell you ten times over

Exactly! denial mixed with guilt. Ironic how Democrats are richer than g-d, while representing "the working man"..

cc, how do you know Julia is ugly, maybe she looks like Sarah Palin?

Julia the ugly one is a hopeless moron.

??

Have you finished?

Have you finished?

Riversider is a lying scumbag almost as bad as julia the ugly one.

http://www.youtube.com/watch?v=XOGWbzUM-y8

Riversider is a lying scumbag almost as bad as julia the ugly one.

Actually on second thought riversider is even worse than julialg. He is not be trusted. He is a consummate liar.

Actually on second thought ........
is even worse than julialg. He is not be trusted. He is a consummate liar

Julia has failed yet again.

Julia has failed yet again

Actually on second thought riversider is even worse than julialg. He is not be trusted. He is a consummate liar.

Actually on second thought ....... is even worse than julialg. He is not be trusted. He is a consummate liar.

Julia voted for Barack Obama for president.

Julia voted for Barack Obama for president.

I thought Julia was childish before, but aping others' posts, classic. I can't wait for the "I know you are, but what am I!" posts.
Keep it classy gurl:)

The founder of The Home Depot just said on cnbc that because of ALL the regulations placed on business in the last 30 years that he would be UNABLE to start a company like HD today. To my 'freinds' on the left, That is the death of the middle class. He wants a reality tv show called 'small business'. He wants the academics in government to start and run a business with their own money. After two months, he said, they would hate the government too.

ynotie29.. I just wanted everyone to see how vulgar,dishonest and pathetic cc is. And i take any criticism from you as a compliment.

And, in the process, you've shown us who you really are.

columbiacounty Ignored comment. Unhide

damn, I can't read it.