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Debt ceiling

http://www.domain-b.com/economy/worldeconomy/20110813_austerity_measures.html

Italian Prime Minister Silvio Berlusconi yesterday announced $65 billion in austerity measures including tax hikes and spending cuts over the next two years in order to balance the budget by 2013.

And this happened in just 2 weeks. In 2013, Italy will have a balanced budget. France is already getting its act together. Germany, even in the depths of recession - 2008, had a budget deficit that America would run in its best years.

I believe America should stop acting like a hypocrite ( SEC probing S&P) and instead focus on getting its house in order by raising taxes on super rich and cutting frothy spending.

If the above things materialize, once the dust settles-debt crisis in Europe because of huge amount of debt maturing in 2011 and 2012- the euro will blast off against the dollar come 2012 and 2013. In fact, despite the crisis in Euro zone, I have to say Euro has held up extremely well against the dollar.
 
You're right. Half this country pays no federal taxes. The entitlements that are making us broke are not benefiting the rich. The Rick already pay the top tax bracket which is 35%, plus state taxes, but that isn't enough. Let's milk them more and more. Or maybe we can cut spending and wait for the economy to rebound so revenues will increase. Every dollar the government takes is a dollar that is not invested or spent. The US needs more spending and investing, not government waste.
 
Money in savings accounts gets lent out in mortgages and small business loans. Remember, deposits are the core of bank lending.

When I say half this country pays no federal taxes I am talking about taxable adults, not diluted with children, etc.

http://www.nationalaffairs.com/publications/detail/spending-in-disguise

Great article that illustrates how government spends and influences our personal lives. Frankly, I find it disgusting.
 
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