Get ready for massive deficits…BEFORE any stimulus

Posted by Government Bytes | 19 Dec

Tyler Cowen at Marginal Revolution posts a terrific graph detailing just how bad our national debt, as a percentage of GDP, will be even if we simply extend current law! This, of course, is before we even talk about President-elect Obama's $600 billion stimulus plan. Or $1 trillion stimulus plan. Or whatever enormous number it ends up being. Somehow, some way, you always end up paying the piper. Our federal government has, unfortunately, been operating in La-La Land for decades now.

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watcher 1 year ago 1 point
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Where's the link the the chart??

http://www.marginalrevolution.com/marginalrevol...

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pattib 1 year ago 1 point
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I have tried to inform rep,sen,speaker of the house,congressmen and even fox news of the answer to this bailout situation.As I seeit.How many taxpayers are there in th US.Lets then mutiply $50,000. that many times(this is certainly less than the plans that exist in DC now. OK if we the people received this amount in a 6months intervalsWE would bail out every Bank,retail store,mortage co,finance co,We would buy cars thus we would be bailing out the big three.People would purchase homes,have homes built,purchase automobiles,save their homes,makepayments in all fields of business.Afford medical needs,pay college/school tutions.Therforth business would not have to suffer lossesand small business would flourish.The Joe the plummers,painters,carpenters,caregivers and the list goes on. Why not put money into the banks,pockets of the ones that can put everything back into our economy.Wealthy people willnot contribute in the places that need the imput.Giving a tax break is not the answer! I for one will only squeeze my dollars harderwaiting for the next shoe to fall.Now having said this is the way I think we can save our prosperity.Every one making less than $250,000. a year will indeed be the backbone of America.I know that with all the paid out moneys ,everyone of us could have received a1\2 million dollars and the pay back would nowhere be the cost that it is the way they have done. Each state would have plenty of folks spending within the counties that would keep a flow into the needs as well as the state continuing the state taxes etc....would not face the hardship that they are seemingly about to encounter. Now having said that I want to add that the (Golmert)idea of giving the working a tax break!What about the ones whose jobs have been lost ,where is the justice for the people here? They still have payments the same,some impossible to meet and hungry children and what does this do? Welfare!!now this WILLbe a burden on states(counties).This is a means to an end. I think if we get the amounts I said and how I said it gives our economy time to grow and to trickle up instead of down IS the answer.The infrastructure building Pres-elect Obama is planning on will as we all know go to the companies that have the winning "BID".That my friends can and is the chosen few.The certifications of the workers is another hurdle.Not just anyone off the street qualifies.Now having maybe set some wheels in motion by comments I would like to saythat I don't think anyone taxpayer would object to the way that we begin to pay this stimulus down is to not receive incometax refunds for a total of 4 years.This will put less of a debt on the wage earner in the future.I FEEL CERTAIN THAT WITH A STIMULUS THAT WILL PUT THE WHEEL IN FULL MOTION FOR A RECOVERY OF THIS NOW FAILED ECONOMY. The taxpayers,citizens will not prosper with the taxbreak spoke about.And as I said it is not just for the jobless.I would like for each of us to truly see that if $25,000. is put out and 6months later send another we will survive and become the great Nation we should be now..I look forward to your comments.If you wanted to start your own business what better way ? happy new year to all

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BeyondBailouts.org is a joint venture of the National Taxpayers Union (NTU) and Competitive Enterprise Institute (CEI). The purpose of the website is to educate about government’s role in our current financial difficulties, suggest reforms that address those root causes, and provide a clearinghouse for the latest analysis of the financial crisis. But most of all, it’s an outlet for Americans to contact their Members of Congress and the Administration to express their frustration.