Earn cash as you plan. Get a $20 gift card for every 200 points with The Knot Rewards
Snarky Brides
K Byte
member
"You Fix the Budget" (U.S. politics)
http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html
Ok, it's not easy, but I did it with 32% tax increases and 68% spending cuts. I found it most interesting that all the things politicians talk about (cutting "earmarks," cutting foreign aid, reducing/eliminating farm subsidies, reducing the federal workforce, medical malpractice reform, etc.) really are a drop in the bucket compared to the BIG cuts and revenue increases such as raising the Medicare and Social Security eligibility ages, and returning the estate tax and investment tax rates to what they were under Pres. Clinton in the 90s. Of course no one from either party really wants to touch the sacred cows of those kind of entitlement programs in this country
There's really no sense in going after the (relatively) small budget items like earmarks when you can start cutting huge chunks of the budget from defense and Medicare/Social Security. It's like in college when your professor only wanted a five-page paper but you wrote eight pages; you cut your paper down to size by cutting out whole paragraphs and whole ideas at first before you messed with your font size and margins.
Here's what I did http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?choices=23t9n870
I chose cut pay of federal workers, cut some military items (saves a lot in the short-term), reduce troops in Iraq/Afghanistan to 30,000, increase Medicare and Social Security ages to 68, cap Medicare growth (the biggest long-term budget cut, I think), reduce Social Security benefits for people with higher incomes, pres. Obama's estate tax proposal, subject incomes over 106k to payroll tax, tax incomes over $1 million, and the Bowles-Simpson plan for closing tax loopholes. I left everything else alone, so no carbon tax/NST and I left the Bush-era tax cuts for all taxpayers.
Ok, it's not easy, but I did it with 32% tax increases and 68% spending cuts. I found it most interesting that all the things politicians talk about (cutting "earmarks," cutting foreign aid, reducing/eliminating farm subsidies, reducing the federal workforce, medical malpractice reform, etc.) really are a drop in the bucket compared to the BIG cuts and revenue increases such as raising the Medicare and Social Security eligibility ages, and returning the estate tax and investment tax rates to what they were under Pres. Clinton in the 90s. Of course no one from either party really wants to touch the sacred cows of those kind of entitlement programs in this country
There's really no sense in going after the (relatively) small budget items like earmarks when you can start cutting huge chunks of the budget from defense and Medicare/Social Security. It's like in college when your professor only wanted a five-page paper but you wrote eight pages; you cut your paper down to size by cutting out whole paragraphs and whole ideas at first before you messed with your font size and margins. Here's what I did http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?choices=23t9n870
I chose cut pay of federal workers, cut some military items (saves a lot in the short-term), reduce troops in Iraq/Afghanistan to 30,000, increase Medicare and Social Security ages to 68, cap Medicare growth (the biggest long-term budget cut, I think), reduce Social Security benefits for people with higher incomes, pres. Obama's estate tax proposal, subject incomes over 106k to payroll tax, tax incomes over $1 million, and the Bowles-Simpson plan for closing tax loopholes. I left everything else alone, so no carbon tax/NST and I left the Bush-era tax cuts for all taxpayers.
This discussion has been closed.
Re: "You Fix the Budget" (U.S. politics)
House / Baby blog
When the payroll tax – which finances Social Security and Medicare – was created, it covered 90 percent of all income. Today, with a ceiling at $106,800, it covers closer to 80 percent. This option would gradually raise the ceiling, until 90 percent of income was again subject to the tax.
House / Baby blog
Me-Diagnosed With PCOS - Hubby-Has Super Swimmers
TTC#1 Since March 2011
March/April 2011 - 150mg Clomid + Ovidrel + TI = BFN
May 2011 & June 2011 - 150mg Clomid = No Response
July 2011 - Gonal-F + Ovidrel + IUI#1(8/1/11)= BFN
August 2011 - Gonal-F + Ovidrel + IUI#2 (8/30/11)=BFN
September 2011 - BREAK NEEDED DUE TO ENLARGED OVARIES
October 2011 - Gonal-F + Ovidrel + IUI#3 (10/23/11) = BFP!!
Beta#1(11/7/11)=250 Beta#2(11/9/11)=487 Beta#3(11/17/11)=6500
[QUOTE]Ugh this government and politics suck. I cant wait for Obama to be out of office.
Posted by dawnmarie1279[/QUOTE]
So that the next Pres can inherit the mess and get blamed for it? I'm not a huge politics person or Obama fan but it's not like the economy tanked when he entered office.
House / Baby blog
So the government re-institutes the estate tax? Great. But if you don't take the gift tax into consideration, the estate tax is moot. People will just gift it out before they die and maintain life estate.
Raise the cap gains percentage for people with high income? Well, that's just going to discourage investment in the stock market by the people who do it most. People don't invest in the market because it's fun, they do it because it's going to make the most money for them from the money they have. And, I think we've seen what happens when people start pulling money out of the markets right and left. That's going to do a lot of harm to our economy, even though it might raise some income too.
The people who are really going to be affected by these tax changes are the ones who will plan to avoid them.
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : So that the next Pres can inherit the mess and get blamed for it? I'm not a huge politics person or Obama fan but it's not like the economy tanked when he entered office.
Posted by katiewhompus[/QUOTE]
It's been bad for quite some time, he just had no experience and got voted for all the wrong reasons. I hope he can make some good changes...he is my president so I do hope for the best.
Me-Diagnosed With PCOS - Hubby-Has Super Swimmers
TTC#1 Since March 2011
March/April 2011 - 150mg Clomid + Ovidrel + TI = BFN
May 2011 & June 2011 - 150mg Clomid = No Response
July 2011 - Gonal-F + Ovidrel + IUI#1(8/1/11)= BFN
August 2011 - Gonal-F + Ovidrel + IUI#2 (8/30/11)=BFN
September 2011 - BREAK NEEDED DUE TO ENLARGED OVARIES
October 2011 - Gonal-F + Ovidrel + IUI#3 (10/23/11) = BFP!!
Beta#1(11/7/11)=250 Beta#2(11/9/11)=487 Beta#3(11/17/11)=6500
House / Baby blog
[QUOTE]Of course it's possible if you click enough boxes. The descriptions are a little short for my taste. There are many more aspects of these things to consider than what they've got there. So the government re-institutes the estate tax? Great. But if you don't take the gift tax into consideration, the estate tax is moot. People will just gift it out before they die and maintain life estate. Raise the cap gains percentage for people with high income? Well, that's just going to discourage investment in the stock market by the people who do it most. People don't invest in the market because it's fun, they do it because it's going to make the most money for them from the money they have. And, I think we've seen what happens when people start pulling money out of the markets right and left. That's going to do a lot of harm to our economy, even though it might raise some income too. The people who are really going to be affected by these tax changes are the ones who will plan to avoid them.
Posted by pirategal03[/QUOTE]
I agree with this completely.
To add, I dont think taxing the rich is going to solve the problem. I think we need to stop spending. How that is to be done, I am not sure.
I think locally it can start with pension reform. Its a large contributing factor in my state to why we are going bankrupt fast.
That being said, I am not a financial expert. I do not know all of the pros and cons of cutting things that I would cut.
DX: PCOS/Recurrent losses/MTHFR mutation (compound hetero)
5 hysteroscopies/2 surgical
3 Inject IUIs = 2 m/c's and 1 BFN
IVF #1= BFP. m/c at 7w6d. Needed 2 D&C's and scar tissue removal. Mild OHSS
IVF #2 = BFP. Severe OHSS. 4 Drainings. TWINS!
Eat.Drink.BeMarried. Blog.
Then wtf am I doing still paying it?
House / Baby blog
[QUOTE]Steph, when I got my latest ss update mail thing it actually said "social security will cease to exist by 2030". Then wtf am I doing still paying it?
Posted by katiewhompus[/QUOTE]
<div>Yup. That's what prompted this opinion. At least I could opt out of paying it when I was a student.</div>
Eat.Drink.BeMarried. Blog.
[QUOTE]I wish I was more informed so I could effectively contribute to these conversations. That being said, I really wish social security would cease to exist or go to a private control. Why am I paying so much of my paycheck to a system that will dissolve before I can reap the benefits? Save for your own retirement, people.
Posted by Steph0871[/QUOTE]
The thing is, if social security benefits just get cut, then the people who were told all of their working lilves to rely on it would just be SOL.
I think social security sucks. But I do see why cutting it at this point in time would be a major problem for a lot of people. I think that we'll eventually get to the point where its elimination is possible.
They better cut every red cent that we send to other countries before they cut SS.
DX: PCOS/Recurrent losses/MTHFR mutation (compound hetero)
5 hysteroscopies/2 surgical
3 Inject IUIs = 2 m/c's and 1 BFN
IVF #1= BFP. m/c at 7w6d. Needed 2 D&C's and scar tissue removal. Mild OHSS
IVF #2 = BFP. Severe OHSS. 4 Drainings. TWINS!
[QUOTE]Ugh this government and politics suck. I cant wait for Obama to be out of office.
Posted by dawnmarie1279[/QUOTE]
I'm not up to date on the finances of the federal government, so I can't comment on that with anything factual, but this type of statement always bugs me. Most of this mess can't be attributed solely to Obama or even the current adminstration really. They came in after the house of cards collapsed. It also bugs me when people get all up in arms that everything isn't fixed already, like yesterday, and it's all the current administration's fault that things still suck. It's only been two years, it took longer for the problem to build, it's not going to be fixed in two years, or even close to it.
In MN, we had a complete switch over from Dems in control for the last two years, to now Reps in control again, like they were when the economy collapsed, and what I hear is that many Dems got voted out because the economy hasn't been fixed yet. How impatient are we? Maybe that's part of why the whole problem developed, too much nownownow.
*stepping off the soapbox*
Featured Showing: Planning Bio-The Original
Coming Soon: Married Bio
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : <strong>The thing is, if social security benefits just get cut, then the people who were told all of their working lilves to rely on it would just be SOL.</strong> I think social security sucks. But I do see why cutting it at this point in time would be a major problem for a lot of people. I think that we'll eventually get to the point where its elimination is possible.
Posted by pirategal03[/QUOTE]
<div>
</div><div>right, but what about me? I'm being forced into paying for those people, even though I know I will never see a penny of it. That's not any better, ya know? I realize they can't and shouldn't just cut it, but at the same time, come on. Obviously I don't know how to fix the problems, otherwise I'd be running for office ;)</div><div>
</div><div>I agree with you, too, Blue. I think it's time for the world to stop assuming the US can solve everyone's problems. We have enough at home to worry about first.</div>
Eat.Drink.BeMarried. Blog.
[QUOTE]I wish I was more informed so I could effectively contribute to these conversations. That being said, I really wish social security would cease to exist or go to a private control. Why am I paying so much of my paycheck to a system that will dissolve before I can reap the benefits? Save for your own retirement, people.
Posted by Steph0871[/QUOTE]
Yes I think our generation is going to be the one to get screwed with this. We're obviously already paying into Social Security, BUT at the current rate of everyone paying into the system vs. drawing from the system, it's going to be broke and probably out of commission well before the time we retire. />____>
Of course it's not possible to solve our budget problems simply by taxing the rich more (or by taxing everyone more). Especially the very wealthy have the resources to shelter their income so they pay the least amount of taxes. Perhaps closing some tax loopholes would help in some respects but a lot of making up the budget defecit is going to have to come from spending cuts from the big programs like Medicare and Social Security.
I don't know if you all have heard of the president's "debt commission" but they came up with an imo realistic plan that some of the news outlets have been talking about (<a href="http://www.nytimes.com/2010/11/11/us/politics/11fiscal.html" rel="nofollow">http://www.nytimes.com/2010/11/11/us/politics/11fiscal.html</a>) -- basically it would involve raising the gas tax, raising the Social Security retirement age, cutting a ton of military spending, eliminating various tax breaks, and now I can't remember all the ideas that the commission came up with BUT when I heard about the plan I thought none of it sounded all that unreasonable given our situation, and yet all the politicians on both sides are acting like it's a plan to have everyone pay 100% of their wages to the federal government and live in government housing until the debt's paid off.
Eat.Drink.BeMarried. Blog.
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : I'm not up to date on the finances of the federal government, so I can't comment on that with anything factual, but this type of statement always bugs me. Most of this mess can't be attributed solely to Obama or even the current adminstration really. They came in after the house of cards collapsed. It also bugs me when people get all up in arms that everything isn't fixed already, like yesterday, and it's all the current administration's fault that things still suck. It's only been two years, it took longer for the problem to build, it's not going to be fixed in two years, or even close to it. In MN, we had a complete switch over from Dems in control for the last two years, to now Reps in control again, like they were when the economy collapsed, and what I hear is that many Dems got voted out because the economy hasn't been fixed yet. How impatient are we? Maybe that's part of why the whole problem developed, too much nownownow. *stepping off the soapbox*
Posted by mocha beans[/QUOTE]
I dont think its that people expected it to be fixed overnight. I think its more that we were promised things that didnt happen. Also, by now, almost halfway through his term, he should have some kind of a plan.
I wish people would stop saying that we dont like him because things didnt happen overnight. Personally I never expected him to do anything. Thats why i dont like him. Plus, 2 years is a lot of time. He should be doing something by now.
DX: PCOS/Recurrent losses/MTHFR mutation (compound hetero)
5 hysteroscopies/2 surgical
3 Inject IUIs = 2 m/c's and 1 BFN
IVF #1= BFP. m/c at 7w6d. Needed 2 D&C's and scar tissue removal. Mild OHSS
IVF #2 = BFP. Severe OHSS. 4 Drainings. TWINS!
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : <strong>Yes I think our generation is going to be the one to get screwed with this.</strong> We're obviously already paying into Social Security, BUT at the current rate of everyone paying into the system vs. drawing from the system, it's going to be broke and probably out of commission well before the time we retire. />____> Of course it's not possible to solve our budget problems simply by taxing the rich more (or by taxing everyone more). Especially the very wealthy have the resources to shelter their income so they pay the least amount of taxes. Perhaps closing some tax loopholes would help in some respects but a lot of making up the budget defecit is going to have to come from spending cuts from the big programs like Medicare and Social Security. I don't know if you all have heard of the president's "debt commission" but they came up with an imo realistic plan that some of the news outlets have been talking about ( <a href="http://www.nytimes.com/2010/11/11/us/politics/11fiscal.html" rel="nofollow">http://www.nytimes.com/2010/11/11/us/politics/11fiscal.html</a> ) -- basically it would involve raising the gas tax, raising the Social Security retirement age, cutting a ton of military spending, eliminating various tax breaks, and now I can't remember all the ideas that the commission came up with BUT when I heard about the plan I thought none of it sounded all that unreasonable given our situation, and yet all the politicians on both sides are acting like it's a plan to have everyone pay 100% of their wages to the federal government and live in government housing until the debt's paid off.
Posted by K Byte[/QUOTE]
Absolutely we are. We're the first generation since many of these programs were created (ss and medicare/aid) that isn't going to be able to take advantage of them when we're supposed to. So while we're paying in to support those programs for those who use it now, we also have to almost plan to take care of ourselves, because there won't be the same programs to take care of us. So we're having to save/pay twice as much. And it's going to suck.
Featured Showing: Planning Bio-The Original
Coming Soon: Married Bio
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : I dont think its that people expected it to be fixed overnight. I think its more that we were promised things that didnt happen. Also, by now, almost halfway through his term, he should have some kind of a plan. I wish people would stop saying that we dont like him because things didnt happen overnight. Personally I never expected him to do anything. Thats why i dont like him. Plus, 2 years is a lot of time. He should be doing something by now.
Posted by Blueyed228[/QUOTE]
Took the words right out of my mouth blueeyes!
I also feel like too much time and money is being wasted on things that aren't of importance.
First thing is drug test the welfare people...stop letting them milk our system. My taxes are paying for these people! And the illegal immigrants. I am not racist nor do I care who lives here, but please be taxed and get a job. Thats all I ask for. Its so easy for them to get free medical and benefits but a hassle for the rest of us.
Me-Diagnosed With PCOS - Hubby-Has Super Swimmers
TTC#1 Since March 2011
March/April 2011 - 150mg Clomid + Ovidrel + TI = BFN
May 2011 & June 2011 - 150mg Clomid = No Response
July 2011 - Gonal-F + Ovidrel + IUI#1(8/1/11)= BFN
August 2011 - Gonal-F + Ovidrel + IUI#2 (8/30/11)=BFN
September 2011 - BREAK NEEDED DUE TO ENLARGED OVARIES
October 2011 - Gonal-F + Ovidrel + IUI#3 (10/23/11) = BFP!!
Beta#1(11/7/11)=250 Beta#2(11/9/11)=487 Beta#3(11/17/11)=6500
Especially given the fact that the baby boomers were not given fair warning that SS would not be available for them.
DX: PCOS/Recurrent losses/MTHFR mutation (compound hetero)
5 hysteroscopies/2 surgical
3 Inject IUIs = 2 m/c's and 1 BFN
IVF #1= BFP. m/c at 7w6d. Needed 2 D&C's and scar tissue removal. Mild OHSS
IVF #2 = BFP. Severe OHSS. 4 Drainings. TWINS!
[QUOTE]What is the current retirement age anyway? Doesn't that depend on what company you work for/how many years you are with a certain company?
Posted by katiewhompus[/QUOTE]
Yeah it does in some senses, say if you started a factory job at age 20 and put in your 35 years or whatever's required to retire with benefits from the factory, well then you'd be "retired" at age 55. To draw Social Security retirement benefits I think you need to be either 65 or 66.
Okay I don't think people should be drug tested to get on welfare. That's pushing a line.
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : <strong> right, but what about me? I'm being forced into paying for those people, even though I know I will never see a penny of it.</strong> <strong>That's not any better, ya know? </strong>I realize they can't and shouldn't just cut it, but at the same time, come on. Obviously I don't know how to fix the problems, otherwise I'd be running for office ;) I agree with you, too, Blue. I think it's time for the world to stop assuming the US can solve everyone's problems. We have enough at home to worry about first.
Posted by Steph0871[/QUOTE]
I think that what I pay in SS tax is less than what I would have to pay to take care of my family members who rely on SS. So yes, it can be better. I'm not going to tell my 85 year old Granny that she has to go back to work if her SS benefits cease.
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : Took the words right out of my mouth blueeyes! I also feel like too much time and money is being wasted on things that aren't of importance. First thing is drug test the welfare people...stop letting them milk our system. My taxes are paying for these people! And the illegal immigrants. I am not racist nor do I care who lives here, but please be taxed and get a job. Thats all I ask for. Its so easy for them to get free medical and benefits but a hassle for the rest of us.
Posted by dawnmarie1279[/QUOTE]
I cant get on board with all of that. I agree with the drug testing, however what happens if they fail? Do we punish their kids because of the parents? Do we take their kids away from them? I just dont see how that would help. I think welfare reform is needed, but more in terms of going back to food stamps etc. In Mass, you get a debit card and can buy whatever you want with it. They changed it so people are not embarrassed. I think thats stupid. I say give to the needy, but if they need money for bread, milk, and diapers, make the coupons only for bread milk and diapers. Not alcohol and cigarettes.
Also, I know some illegal immigrants, and they work and pay taxes. Im not sure the specifics of it, but they do pay them.
DX: PCOS/Recurrent losses/MTHFR mutation (compound hetero)
5 hysteroscopies/2 surgical
3 Inject IUIs = 2 m/c's and 1 BFN
IVF #1= BFP. m/c at 7w6d. Needed 2 D&C's and scar tissue removal. Mild OHSS
IVF #2 = BFP. Severe OHSS. 4 Drainings. TWINS!
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : Yeah it does in some senses, say if you started a factory job at age 20 and put in your 35 years or whatever's required to retire with benefits from the factory, well then you'd be "retired" at age 55. To draw Social Security retirement benefits I think you need to be either 65 or 66.
Posted by K Byte[/QUOTE]
The problem (maybe a problem?) I see now though is that most people don't work the same job from 30-55. Right now H and I have no retirement saved up at all because our jobs never offered options and we never had the money to put away. If he had to work in a job 30 years before he could retire he would be working until he was 67 (which is what is going to happen).
I think we have a problem when the retirement age is the same as life expectancy.
House / Baby blog
[QUOTE]In Response to Re: "You Fix the Budget" (U.S. politics) : Took the words right out of my mouth blueeyes! I also feel like too much time and money is being wasted on things that aren't of importance. First thing is drug test the welfare people...stop letting them milk our system. My taxes are paying for these people! <strong>And the illegal immigrants. I am not racist nor do I care who lives here, but please be taxed and get a job.</strong> Thats all I ask for. Its so easy for them to get free medical and benefits but a hassle for the rest of us.
Posted by dawnmarie1279[/QUOTE]
In the Fair Tax Book, the authors talk about how adding a national sales tax would effectively tax all the people working under the table such as illegal immigrants and people involved in the drug trade as they all need to buy goods. I read the book and still thought their numbers were a little fuzzy though. I don't see how having ONLY a national sales tax as well as giving people a tax credit for necessities would bring in the same amount of income as our current tax system, however messed up it might be.