American Reality Check

benjamen

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http://www.24hgold.com/english/news...4063694G10020&redirect=false&contributor=Mish

Current U.S. federal yearly spending: $3.2 trillion

How to make the rich pay their fair share to cover that expense...
"1. Would fair share tax hikes be enough to fund US government spending?
2. What if we took 100% of the profits of Walmart and Exxon Mobile?
3. What if the corporate tax rate was 100% for every corporation?
4. What if we confiscated 100% of the wealth of the super-wealthy including Warren Buffet and Bill Gates?
5. What if we did ALL of the above? Would that balance the budget?"

"To meet total spending requirements of $3.2 trillion, but not counting $117 trillion in unfunded liabilities, not only would we have to do everything in the five point list above, but we would have to take the combined salaries of all players in the NFL, Major League Baseball, the NBA, and the NHL, cut military spending by $254 billion, and tax everything people make above $250,000 at a 100% tax rate."



Now look at the projected future U.S. federal yearly spending:
"Please consider projected budgets for the next decade, straight from the White House Office of Management and Budget....
The projected cumulative budget for the next 10 years is an unbelievable $46.956 trillion dollars. Government spending is projected to escalate to a whopping $5.8 trillion a year in 10 years."

IT IS NOT A REVENUE ISSUE!
 

benjamen

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Slave labor is big business in the U.S.
http://money.cnn.com/2012/08/14/smallbusiness/federal-prison-business/index.html?iid=HP_LN

"Unicor is a government-run enterprise that employs over 13,000 inmates -- at wages as low as 23 cents an hour -- to make goods for the Pentagon and other federal agencies."

"Unicor made over $900 million in revenue last year and faces more heat from businesses and lawmakers as the economy takes a toll on small manufacturers."

:noevil:
 

Jay

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this is a little tin-foilish, but read an interesting essay about how when the PTB lost slave labor, in the 60's they introduced a new form of music called rap in order to glorify crime and violence and fill the prisons. Well, it worked....
 

benjamen

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Continuing my idea from post #41, I went and looked up the actual U.S. revenue and expenses for 2012.

Here is what I found:
Revenue: $2.469 trillion
$2.243 trillion is from individual and corporate income taxes

Expenses:
Mandatory: $2.252 trillion
Discretionary: $1.338 trillion
Total: $3.59 trillion

I wanted to see how much of a tax hike on individual and corporate income taxes (currently $2.243 trillion) it would take to have balanced this budget.

After a little math, you figure out it would have taken a 50% hike in ALL individual and corporate taxes to balance this budget!!
:flail:


References:
http://www.hivegroup.com/gallery/2012budget/
http://budget.house.gov/fy2012budget/
http://en.wikipedia.org/wiki/2012_United_States_federal_budget

As an aside, we could just go back to a 2005 spending budget (2.4 trillion USD).
http://en.wikipedia.org/wiki/United_States_federal_budget
 
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benjamen

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http://thenewamerican.com/usnews/fo...3-29-killed-by-us-drones-in-yemen-in-one-week

Logic loops are fun! I spot two in the above article.

1) The war/not war loop
(a) We do not need Congress to declare war, because what we are doing isn't war. Therefore go to (b)
(b) It is okay that we are bombing civilians in other countries because they are "terrorists". Therefore go to (c)
(c) We can kill "terrorists" and the surrounding civilians because we are at war with "terror". Go to (d)
(d) The Constitution says we need to go to Congress if we want to go to war. Go to (a)

2) Bombing/Blowback loop
(a) You need a war czar because terrorists want to kills us. Go to (b)
(b) War czar bombs other countries killing terrorists and civilians alike. Go to (c)
(c) People that would not normally care about the U.S.A one bit are now really mad at that country because drones bombed their civilian families/friends. Go to (d)
(d) The mad people become terrorists that want to kill us. Go to (a)

:flushed:
 

benjamen

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So what if we are running massively in the red, lets relax the rules on handing out free money and spend more money to advertise it domestically and abroad.

http://thenewamerican.com/usnews/po...-doubled-number-of-able-bodied-on-food-stamps

"As The New American reported in early August, Obama also eased the income limits that affect eligibility for food stamps. The GAO revealed that some three percent of those receiving food stamps wouldn’t be getting them but for the changes the president made to the eligibility rules. That cost the taxpayers an extra $460 million in fiscal 2010, with GAO estimating that “2.6 percent (473,000) of households that received Supplemental Nutrition Assistance Program (SNAP) benefits would not have been eligible for the program without broad-based categorical eligibility (BBCE) because their incomes were over the federal SNAP eligibility limits.”

Additionally,administration officials began running advertisements urging Americans to sign up for food stamps, and the government even enlisted the aid of Mexican officials to publicize food stamps among Mexicans living in the United States. “Mexico will help disseminate this information through its embassy and network of approximately 50 consular offices,” the program website says. That program came from President George W. Bush."
 

pmbug

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Obama thought Romney's 47% comment sounded too low.
 

bushi

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I am so sick and tired with all the money redistribution, that goes in the governments today, I am ready to puke at anyone who starts babbling how "socially responsible & fair" it is. It is NOT, not fair, nor smart - remember the whole "give the poor a fishing rod, NOT a fish" thing? Why we have a generational poverty & welfare problems now - when kids risen in welfare families, sometimes a third generation now in European countries, simply don't know other ways of living - is it because capitalism has failed them, or is it because of the welfare itself? The answer is pretty clear to me. Why we have such a high divorce ratios in western societies - is it why we "need" to provide tax money to the "single parents", or is it the other way around- people are making irresponsible life choices, just because they do not have to care for the consequences? And for feck's sake, if the parent is "single", does it mean, that her children were all cases of immaculate inception - or is there a father somewhere, who SHOULD be paying for them (bar genuine tragedies, like widowed mum - in which case, I would make exceptions).

Heres the deal: are we ready to accept, that our society reached such a high productivity level, that people do not have to work anymore, to get food? Fine. I am fine with that - that's probably true, with all the food waste, productivity increase through decades, etc. So, here's the thing: if we are ALL EQUAL, than please, pretty please: make these minimal FOOD (& food only) stamps, available in equal amounts (say, average daily intake calories requirements + 10% spare), free to EVERY MEMBER OF THE SOCIETY. Are we fecking equal in law, equal in "state"-provided benefits, or are working people being discriminated, TWICE, for feck's sake - once, when paying for those in need, in their taxes, and secondly, when not getting the same goods delivered by the "state", that they have paid for others to receive?

This kind of system, I could stomach, eventually (but it is already a stretch -why don't just leave soup kitchens to the charity)? Surely, if left alone with money paid in my taxes, or given the option to divert part of my tax money to local charities, local hospitals, and other non-profits - I would do that IN A HEARTBEAT. And I can bet my money on it, that money would be 10 times better spent, than how it is done by the government(s)

...is it Saturday, by chance?
 

benjamen

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http://www.24hgold.com/english/news...6G10020&redirect=false&contributor=James+Turk

"The US federal government spent $369 billion in August, but only received $179 billion in revenue. The resulting $190 billion deficit was a record for any August and the third highest monthly deficit in the current fiscal year, which ends on September 30th.

Looking at this deficit another way, the federal government borrowed 51.6% of the dollars it spent in August."

:flail::flail:
 

pmbug

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Let the bubble deflate or keep inflating until it pops catastrophically. Pain in the short term or death in the long term. Yeah choices.
 

benjamen

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http://www.321gold.com/editorials/schiff/schiff101612.html

"...Bernanke thinks inflation is so low that he is actually worried about deflation, which he believes is a more dangerous issue. As a result, he is recommending policies that look to raise the inflation rate, not just to combat the phantom menace of deflation but to boost the housing market and reduce unemployment."

"According to the results of a Fox News poll released last week (a random telephone sample of more than 1,200 registered voters), 41% identified "inflation" as "the biggest economic problem they faced." This is nearly double the 24% that named "unemployment" as their chief concern. For further comparison, 19% identified "taxes" and 7% "the housing market" as their primary concern. A full 44% of women, who often do more of the household shopping and would therefore be more sensitive to price changes, identified rising prices as their primary concern."

:noevil:
 

pmbug

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Deflation isn't a "phantom menace". It's just an issue for banks as the deflation is in the credit markets. Inflation in everything else will be the collateral damage cost of keeping the banks in zombie mode.
 

DCFusor

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I really notice inflation, since 90%+ of what I buy is energy and food, which are no way in a low inflation state - why do you think the necessities are left out of CPI anyway? Hell, I remember when a big, really full shopping cart got to $100 and how shocked I was then - only a couple years ago. Now I get half a cart and it's $150 or more.

And hint - don't smoke, you'll get broke long before you get cancer. Over 50 bucks a carton here.

Once they can no longer use the dropping real estate prices to cancel the other stuff, we're even going to see the official CPI shoot way up - or get a new method of cooking those books.

And gas? Thank god for that Volt and solar panels, I'd be dead. I only make so much trading without hitting my "seed corn", and SS is a few years out for me, and isn't enough to live on in my case - and I live cheap as it gets, so I don't dare spend any of my trading stake, just profits. Good thing I almost never get sick!
 

bushi

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http://www.321gold.com/editorials/schiff/schiff101612.html

"...Bernanke thinks inflation is so low that he is actually worried about deflation, which he believes is a more dangerous issue.(...)"
...and rightly he thinks so, as deflation is what will shot the current "borrow money into existence" paradigm DEAD, in one quick hurry.

Once they can no longer use the dropping real estate prices to cancel the other stuff, we're even going to see the official CPI shoot way up - or get a new method of cooking those books.
...yep, that is my feeling, too - as if people were buying houses every other week. That must be the loudest screaming idiocy of including house prices in the CPI, but not including crucial everyday items. Good thing, that house prices have still a long way to go down :D
 

ancona

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Deflation?!?!?

Yeah, there may be deflation......if you don't eat food, put gas in your tank, take medicine, use electricity,............never mind. : - (
 
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