Obama and his new budget: Debt will surpass total US Economy

This really is the best chart to look at because it expresses the debt as a % of GDP. The limitation is that the graph doesn't show what will happen in 2011 and beyond; Obama's budget is projecting the blue to spike above the 100 line, the only other time that happened was the 1940s and WW2.

Shortly following that time our economy boomed in the 1950s, but that was a different world. Economies are globalized now, the US has a great deal more competition than in the 1950s.

We won't be able to grow our way out of debt, we're going to have to do it through very hard spending cuts.

It most certainly won't. Cuts in spending alone won't cut it, the rich will have to cough up some dough too.


Going above 100% GDP is definitely going to be problematic. The wealth of a nation can't be spent on paying your debt.

It most certainly won't. Cuts in spending alone won't cut it, they rich will have to cough up some dough too.

Why the rich how about the 40 plus % that pay nothing.

Why the rich how about the 40 plus % that pay nothing.

I agree, screw the large catholic families and take away their child tax credit. 25% flat tax across the board anyone?

I agree, screw the large catholic families and take away their child tax credit. 25% flat tax across the board anyone?

25% seems high. That means I have to work 3 months for the goverment. I'll revert back to tis post I made earlier.

F them all because they all spend too much money. Even back when Newt/ Clinton had a surplus they were still spending too much money. This is not a party problem this is a goverment problem which starts with the federal goverment all the way down to city goverment. F them all.

I agree, screw the large catholic families and take away their child tax credit. 25% flat tax across the board anyone?If the gov't goes to the FairTax yes, 25% until we're back in the black. Then revert to around 22% or so.

I didn't know it was the Catholics who were screwing the gov't with the child tax credit all along that put us in this mess. :doh:

The child tax credit is not that much money compared to the cost of a child.

If the gov't goes to the FairTax yes, 25% until we're back in the black. Then revert to around 22% or so.

I didn't know it was the Catholics who were screwing the gov't with the child tax credit all along that put us in this mess. :doh:

It worked for my boy's dad. Had him five kids paid absolutely zero taxes for 40 years. I mean, we got to get away from encouraging credit for kids. I got zero kids and my effective tax rate 25%. What's your effective tax rate?

On behalf of all single people I accept the gratitude of all catholics with baby mama's and 3 kids :p

The child tax credit is not that much money compared to the cost of a child.

These are life choices you made and the problem is the more kids you have the more credit you get. You shouldn't be rewarded for having more kids.

If the gov't goes to the FairTax yes, 25% until we're back in the black. Then revert to around 22% or so.

...

Agreed

It worked for my boy's dad. Had him five kids paid absolutely zero taxes for 40 years. I mean, we got to get away from encouraging credit for kids. I got zero kids and my effective tax rate 25%. What's your effective tax rate?

On behalf of all single people I accept the gratitude of all catholics with baby mama's and 3 kids :p

For him to pay zero in tax then he must have been low income and actually received a tax credit because he was low income. There is a limit that a family can claim no matter how many kids they have. I think its capped at $6000 so if they are in a 25% tax bracket then they can reduce their tax liability by $1500. Its not really that big of a tax break.

Now if your boy is consider low income they get a tax credit even if they did not pay taxes. So if your boy did not have to pay any taxes then claimed his child then he could actually get a refund and not paid a penny into the system. Thats the screwed up part if you ask me. You pay zero federal tax over the year but you get a child tax credit and get back like $1200 for up to 2 or 3 children. Not sure how many you can claim because back in the 90's it was capped but that cap could have been removed.