Interesting Days Ahead

KRAM1 · February 12, 2011

I count eleven. Everybody drink up. Hangover, here we come! Does that Sheen guy have an extra bunk?

And, some had questions about whether you could count at all. Rumors dispelled, at least you can go to eleven. Good for you.

Hey, you can start by showing up at the Denton Chapter of the Alumni Association's WKY watch party today at 2:30PM at Fox and Hounds in Lewisville. We might even let you count George's rebounds or something just so you can impress everyone with your counting skills. Are you buying???? :goodjob:

You are too funny...thanks for the laughs this morning. Hope to see you this afternoon at Fox and Hounds. I am looking forward to you buying me eleven beers! Carry out perhaps?

UNT90 · February 12, 2011

And stop bringing Carter into this discussion. He can't be properly analyzed until at least 2026.

He brings himself into the discussion by constantly being in the media trying to rewrite his legacy.

2011 or 2026, he will still be seen as one of the worst presidents of the 20th century.

UNT90 · February 12, 2011

I don't doubt your stats at all . ... but where is the cut line for the top 5%.... It is far below $250,000 and a lot of the high earning "middle class" are the ones getting beat-up with a 33% tax on their WAGES**... not the super wealthy they don't make money on wages and often pay 15%.... Go to the top 1% (the super wealthy) and see if what you state is still holds true...

--What answer do you have to stop this insane increase in the national debt... from 1992-2001 it gained 2% per year... .. since then it has gone from $5 trillion to $13 trillion and getting worse. How can you defend this increase in ten years.

--What is your answer to stop it??? I agree with cutting federal spending.. but they aren't doing that either. people once thought the $5 trillion was terrible..... it will soon be triple that...... The big problem is what do you do when the interest almost equal the yearly "income" from taxes. ... it could happen.

**read tax tables if you doubt me.

We need to drastically cut soending, especially entitlement programs. Adding arguably the largest entitlement program in this nation's history (health care) while we are essentially broke is a recipe for disaster.

Problem is, very few politicians have the guys to do this. There has been an organized effort to vilify the tea party because they SAY they want to do this (let's see If they follow through, I kinda doubt it). They want to keep their position of power and influence and the perks that come with it.

I think it all cones down to whether you believe the government is the answer or if the private sector is the answer. This is the biggest difference between a liberal and a conservative. Calling for outrageous taxes on the rich is simply class warfare and isn't a solution to this problem.

And I actually partially agree with CBL (again? Sure sign of the apocalypse). The economy is cyclical, BUT the government does influence if with it's policies. Massive spending increases along with increased taxes is a sure recipe to extend a recession. The best thing a government can do is make it as easy as possible for businesses to reinvest and get the hell out the way.

Edited February 12, 2011 by UNT90

cwb · February 12, 2011

And, some had questions about whether you could count at all. Rumors dispelled, at least you can go to eleven. Good for you.

Hey, you can start by showing up at the Denton Chapter of the Alumni Association's WKY watch party today at 2:30PM at Fox and Hounds in Lewisville. We might even let you count George's rebounds or something just so you can impress everyone with your counting skills. Are you buying????

You are too funny...thanks for the laughs this morning. Hope to see you this afternoon at Fox and Hounds. I am looking forward to you buying me eleven beers! Carry out perhaps?

Only had to use one toe.

DoubleEagle · February 12, 2011

I don't doubt your stats at all . ... but where is the cut line for the top 5%.... It is far below $250,000 and a lot of the high earning "middle class" are the ones getting beat-up with a 33% tax on their WAGES**... not the super wealthy they don't make money on wages and often pay 15%.... Go to the top 1% (the super wealthy) and see if what you state is still holds true...

Alright, the top 1% paid 38.02% of all federal taxes, earning 20.00% of all income and had an average tax rate of 23.27%.

Also, your referral to "wages" doesn't hold in this analysis as the income figures I quote are AGI...which include wages, dividends, interest, etc. Thus the average tax rate includes all of those income items and the wealthy STILL pay much more than any other income group.

To your other point, the income split point for the top 5% is $160K, for the top 1% it is $380K.

As for the federal debt (and deficit), the important number is not the nominal amount, i.e. $13 Trillion. That amount in and of itself is meaningless. The important figures are debt (and deficit) as a % of GDP, which are both going in the wrong direction.

IMHO, the first step to address this is the reduction in the size and scope of the federal government and a corresponding reduction in federal spending. Functions such as the Dept of Education should be turned over to the states, while the post office, AMTRAC, FNMA and FHLMC should be privatized. Furthermore, the health and pension benefits provided to public sector union members needs to be overhauled, with a move towards defined contribution retirement plans and more member contributions for health benefits.

The second step involves increasing economic growth, starting with an overhaul of the corporate tax structure. We currently have the second highest corporate tax rate in the developed world (behind only Japan) and it is a barrier to growth.