Five Fun Facts About the $14 Trillion National Debt

[one...two...tree 2,762]

The Right should own this debt they mostly created with their tax cut & spend policies. Until they do, they'll keep trying to pass the blame onto someone else and we'll continue down this path of fiscal stupidity.

[Mr. Big Dog 10,747]

You mean that didn't work for Obama?

Not so much. It matters little what you try to get done, it matters much what you do get done.

[I AM NOT THAT GUY 5,715]

Not so much. It matters little what you try to get done, it matters much what you do get done.

I agree. No brownie points for good intentions.

[mawilson 2,133]

The Right should own this debt they mostly created with their tax cut & spend policies. Until they do, they'll keep trying to pass the blame onto someone else and we'll continue down this path of fiscal stupidity.

Let's say "the Right" (whoever they are) "own" it. Now what?

[one...two...tree 2,762]

Let's say "the Right" (whoever they are) "own" it. Now what?

Stop with the tax cut nonsense and start making everyone pay. End the Bush Tax Cuts across the board.

[Mr. Big Dog 10,747]

Let's say "the Right" (whoever they are) "own" it. Now what?

Then we might actually get somewhere. The deficit, let alone the debt, is not going to be resolved until we openly speak about the fact that closing the gap between revenues and expenditures (aka the deficit) will take action on both sides of the equation - raising the former and lowering the latter. As long as we continue to live with the lie that spending cuts alone can do the trick or - to take it to the extreme - that we can lower revenues and still close the gap, nothing will change. The deficit and the debt will continue to rise.

[Captain Hammer 113]

Stop with the tax cut nonsense and start making everyone pay. End the Bush Tax Cuts across the board.

Exactly.

If both sides are serious about fixing the budget, we need to be serious about increasing taxes across the board. Cutting discretionary spending alone just is not going to cut it. Ending tax cuts for the wealthy would be a start, followed by closing tax loopholes for corporations who incorporate off-shore in name only. We keep saying that we don't want to leave our debts for our grandchildren to pay, but we don't seem very willing to back those words up with action. Even 5 years of higher taxes would dig us almost completely out of this fiscal hole. (I don't have a link to that stat, so call it bogus if you want, think I saw it on the WSJ)

[I AM NOT THAT GUY 5,715]

So, you want to raise taxes on the poor and middle class more than the rich?

Edited March 25, 2011 by Some Old Guy

[one...two...tree 2,762]

So, you want to raise taxes on the poor and middle class more than the rich?

End the Bush Tax Cuts across the board. That actually will be more of a pinch on Middle Class Americans than on the poor, but it's a pinch they can handle if we are serious about reducing the deficit.

[Captain Hammer 113]

I'm not sure I understand. How does eliminating tax cuts for those making more than $250k increase taxes on the poor and middle class?

[I AM NOT THAT GUY 5,715]

I'm not sure I understand. How does eliminating tax cuts for those making more than $250k increase taxes on the poor and middle class?

That's what happens when you believe the hype and not check the facts yourself.

[one...two...tree 2,762]

I'm not sure I understand. How does eliminating tax cuts for those making more than $250k increase taxes on the poor and middle class?

Ending the Bush Tax Cuts across the board means everyone will be paying a little more. This was the big fight in Washington. The Democrats wanted to extend the tax cuts for the Middle Class. I think a good compromise is to end all of them, which is already off the table for now, which is sad.

[mawilson 2,133]

I'm not sure I understand. How does eliminating tax cuts for those making more than $250k increase taxes on the poor and middle class?

He said "across the board".

[Captain Hammer 113]

He said "across the board".

Ahhhh never mind, I wasn't paying close enough attention. So ok yes, I understand repealing the whole kit and kaboodle will increase taxes for everyone. Honestly my preference would be to repeal only the tax cuts for the wealthy, but if it came down to it, I'd be open to an across the board repeal. I'd have to hold my nose though, as I think the middle class are already carrying more than their fair share of the burden. I'd want to see corporate loopholes closed down too.

[Amby 490]

none of this sounds very fun to me