The Truth About the Economy on less than 3 Mins

  • GQjock

    Posts: 11649

    Sep 29, 2011 12:35 AM GMT
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 1:28 AM GMT
    +10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
  • DanOmatic

    Posts: 1155

    Sep 29, 2011 2:08 AM GMT
    Throw in a couple of multi-trillion dollar wars, too. I wonder how those in Congress who oppose any sort of revenue generation (ie taxes) intend to pay for those.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 2:59 AM GMT
    NC3athlete saidThrow in a couple of multi-trillion dollar wars, too. I wonder how those in Congress who oppose any sort of revenue generation (ie taxes) intend to pay for those.
    They are the ones receiving the benefits.. They aren't gonna 'upset' the cart!

    I have known for a long long time this was coming. This video is awesome.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 5:44 AM GMT
    Wow such a simplistic view from Reich. Exactly what I'd expect from a Liberal. Perhaps instead of ever increasing spending that isn't necessary, the govt should reduce their spending to actually coincide with tax revenue. So many govt bureaucracies should be cut out PERIOD, turned over to states to handle, or be handled by private companies.

    I don't think it's fair to tax 'rich' people at a rate that is 'double or triple' what the avg middle class person is taxed. Every American who makes money in a job should pay a fair portion commiserate with their earnings, whether it be 10 or 20%. Why should some Americans have to foot the bill for some others who pay little to nothing? Heck, I'm in the middle class, making roughly $70k and I think every American should pay the same % in taxes. That seemsvfair when everyone has the same govt services. But the govt needs to budget accordingbto what it takes in, instead of having all these massive programs and expenses that are a waste of all our money. That is the biggest problem. Govt spending is way too high.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 6:00 AM GMT
    Inostrankan said+10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
    nead
    moar
    zero'z
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 6:02 AM GMT
    Trollileo said
    paulflexes said
    Inostrankan said+10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
    nead
    moar
    zero'z
    How many more?
    Just keep hitting the 0 key till I tell you to stop.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 6:18 AM GMT
    That video was amazing! Exactly what America and Congress needs to realize. I excluding congress from America for the simple fact that rather than simply banding together and doing whatever it takes to fix the issue, they're too budy fighting back and forth on WHO should be the one to fix the issue, and then what issue to tackle first. Just start with 1, then 2, then 3, and see? Progress.
  • Lincsbear

    Posts: 2605

    Sep 29, 2011 6:21 AM GMT
    Not simple.
    Clear.
    +100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000!

    His point about the middle class 'fighting' for the remaining(relative)scraps with the working class,minorities,immigrants,etc. is memorable.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 8:17 AM GMT
    cvilleguy saidWow such a simplistic view from Reich. Exactly what I'd expect from a Liberal. Perhaps instead of ever increasing spending that isn't necessary, the govt should reduce their spending to actually coincide with tax revenue. So many govt bureaucracies should be cut out PERIOD, turned over to states to handle, or be handled by private companies.

    I don't think it's fair to tax 'rich' people at a rate that is 'double or triple' what the avg middle class person is taxed. Every American who makes money in a job should pay a fair portion commiserate with their earnings, whether it be 10 or 20%. Why should some Americans have to foot the bill for some others who pay little to nothing? Heck, I'm in the middle class, making roughly $70k and I think every American should pay the same % in taxes. That seemsvfair when everyone has the same govt services. But the govt needs to budget accordingbto what it takes in, instead of having all these massive programs and expenses that are a waste of all our money. That is the biggest problem. Govt spending is way too high.


    Reich is a brilliant individual. If you think you have something worthwhile to say that counters his position, then I recommend submitting an op-ed to The New York Times, Wall Street Journal or Washington Post. Until then, perhaps you should shut it? And if you think that "work and sacrifice" from the Top 1%-2% comes from digging ditches, then you truly are ignorant. America's wealthiest don't work for their money; they invest it in the market, then turn around and invest those gains again, and again, and again, and again .... they do nothing to promote jobs, they simply keep investing.

    As Warren Buffett said (I really do no like quoting him, but the fact that he identified the problem and laid it on the table makes a huge difference to this debate), "My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice."

    According to Bruce Bartlett, who's held senior policy roles in both Ronald Reagan's and George H. W. Bush's administrations, as well as on the staffs of Reps. Ron Paul and Jack Kemp, "In 2008, those in the top 1 percent of the income distribution, with incomes over $380,000, had an effective tax rate of 23.3 percent. In 1986, a year when the real gross domestic product grew a healthy 3.5 percent, their effective tax rate was 33.1 percent. It has been much lower every year since. If this group were still paying 33.1 percent, federal revenue would have been more than $166 billion higher in 2008 alone. That would be enough to reduce the budget deficit by about 10 percent this year. If the top 1 percent of taxpayers had continued to pay the same effective tax rate they paid in 1986 every year from 1987 to 2008, the federal debt today would be $1.7 trillion lower."

    Does any of this make sense to you? No? I didn't think it would, and that's why the GOP loves people like you. icon_lol.gif
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 10:47 AM GMT
    RiverRising said
    cvilleguy saidWow such a simplistic view from Reich. Exactly what I'd expect from a Liberal. Perhaps instead of ever increasing spending that isn't necessary, the govt should reduce their spending to actually coincide with tax revenue. So many govt bureaucracies should be cut out PERIOD, turned over to states to handle, or be handled by private companies.

    I don't think it's fair to tax 'rich' people at a rate that is 'double or triple' what the avg middle class person is taxed. Every American who makes money in a job should pay a fair portion commiserate with their earnings, whether it be 10 or 20%. Why should some Americans have to foot the bill for some others who pay little to nothing? Heck, I'm in the middle class, making roughly $70k and I think every American should pay the same % in taxes. That seemsvfair when everyone has the same govt services. But the govt needs to budget accordingbto what it takes in, instead of having all these massive programs and expenses that are a waste of all our money. That is the biggest problem. Govt spending is way too high.


    Reich is a brilliant individual. If you think you have something worthwhile to say that counters his position, then I recommend submitting an op-ed to The New York Times, Wall Street Journal or Washington Post. Until then, perhaps you should shut it? And if you think that "work and sacrifice" from the Top 1%-2% comes from digging ditches, then you truly are ignorant. America's wealthiest don't work for their money; they invest it in the market, then turn around and invest those gains again, and again, and again, and again .... they do nothing to promote jobs, they simply keep investing.

    As Warren Buffett said (I really do no like quoting him, but the fact that he identified the problem and laid it on the table makes a huge difference to this debate), "My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice."

    According to Bruce Bartlett, who's held senior policy roles in both Ronald Reagan's and George H. W. Bush's administrations, as well as on the staffs of Reps. Ron Paul and Jack Kemp, "In 2008, those in the top 1 percent of the income distribution, with incomes over $380,000, had an effective tax rate of 23.3 percent. In 1986, a year when the real gross domestic product grew a healthy 3.5 percent, their effective tax rate was 33.1 percent. It has been much lower every year since. If this group were still paying 33.1 percent, federal revenue would have been more than $166 billion higher in 2008 alone. That would be enough to reduce the budget deficit by about 10 percent this year. If the top 1 percent of taxpayers had continued to pay the same effective tax rate they paid in 1986 every year from 1987 to 2008, the federal debt today would be $1.7 trillion lower."

    Does any of this make sense to you? No? I didn't think it would, and that's why the GOP loves people like you. icon_lol.gif

    So you think investing doesn't promote jobs? You just disqualified yourself from any intelligent discussion on the economy. And you're telling someone else to shut it? icon_lol.gif
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 10:52 AM GMT
    socalfitness said
    So you think investing doesn't promote jobs? You just disqualified yourself from any intelligent discussion on the economy. And you're telling someone else to shut it? icon_lol.gif


    That's right. Investing has done SUCH great things for jobs in the U.S., especially since the Bush Tax Cuts took effect, haven't they? Or maybe it's because corporations and SMBs are awaiting final word from the GOP that those tax cuts are going to be permanent. Only then will they begin to hire, right? icon_rolleyes.gif

    Please, Nancy, at least do the research before trying to discredit me.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 10:54 AM GMT
    RiverRising said
    socalfitness said
    So you think investing doesn't promote jobs? You just disqualified yourself from any intelligent discussion on the economy. And you're telling someone else to shut it? icon_lol.gif


    That's right. Investing has done SUCH great things for jobs in the U.S., especially since the Bush Tax Cuts took effect, haven't they? icon_rolleyes.gif

    Please, Nancy, at least do the research before trying to discredit me.

    You have already discredited yourself totally.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 12:49 PM GMT
    cvilleguy saidWow such a simplistic view from Reich. Exactly what I'd expect from a Liberal. Perhaps instead of ever increasing spending that isn't necessary, the govt should reduce their spending to actually coincide with tax revenue. So many govt bureaucracies should be cut out PERIOD, turned over to states to handle, or be handled by private companies.

    I don't think it's fair to tax 'rich' people at a rate that is 'double or triple' what the avg middle class person is taxed. Every American who makes money in a job should pay a fair portion commiserate with their earnings, whether it be 10 or 20%. Why should some Americans have to foot the bill for some others who pay little to nothing? Heck, I'm in the middle class, making roughly $70k and I think every American should pay the same % in taxes. That seemsvfair when everyone has the same govt services. But the govt needs to budget accordingbto what it takes in, instead of having all these massive programs and expenses that are a waste of all our money. That is the biggest problem. Govt spending is way too high.


    You call Reich simplistic and then demonstrate a 2nd grader's understanding of political economy and government programs.

    The proportion of people "pay little to nothing" has been greatly exaggerated by the right. The meme that 50% of American "pay not taxes" is a lie. That percentage of Americans pay little to no federal income tax. They pay the a huge percentage of their income in payroll, sales and other taxes.

    In terms of fairness, those who are wealthy actually use more of the government provided resources - e.g. infrastructure - than those who have more moderate incomes, so they pay more.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 1:04 PM GMT
    cvilleguy saidWow such a simplistic view from Reich. Exactly what I'd expect from a Liberal. Perhaps instead of ever increasing spending that isn't necessary, the govt should reduce their spending to actually coincide with tax revenue. So many govt bureaucracies should be cut out PERIOD, turned over to states to handle, or be handled by private companies.

    I don't think it's fair to tax 'rich' people at a rate that is 'double or triple' what the avg middle class person is taxed. Every American who makes money in a job should pay a fair portion commiserate with their earnings, whether it be 10 or 20%. Why should some Americans have to foot the bill for some others who pay little to nothing? Heck, I'm in the middle class, making roughly $70k and I think every American should pay the same % in taxes. That seemsvfair when everyone has the same govt services. But the govt needs to budget accordingbto what it takes in, instead of having all these massive programs and expenses that are a waste of all our money. That is the biggest problem. Govt spending is way too high.


    Warren-MAIN.jpg

    Running for Senate in MA.

  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 1:44 PM GMT
    These posts are typical of the left-right bickering that's left this country so polarized. There are valid points on each side, but neither is willing to concede any to the other.

    Of course "the rich" need to pay higher taxes. Every economist without an axe to grind agrees on that. How frustrating is it when Republicans open every negotiation with "everything's on the table ... EXCEPT higher taxes"?

    But even with higher taxes, there's also no disputing that government needs to cut back spending. The rate on entitlement spending, for example, cannot be sustained given demographic trends. Moreover, we all know that government spending is often wasteful and inefficient --- think of the $250 hammer and pork-barrel projects pushed by politicians of all stripes. Various bipartisian commissions over the years have acknowledged this and made recommendations. Never heeded though.

    What we need first and foremost are term limits. Get career politicians out of Washington and out of the pockets of "the wealthy," who as Reich points out greatly influence the move towards lower and lower tax rates. I bet we'd get fairer legislation and more efficient government over time.



  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 2:56 PM GMT
    obama+socialist.jpg
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 3:14 PM GMT
    You have GOT to be kidding.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 3:18 PM GMT
    Inostrankan said
    cvilleguy saidWow such a simplistic view from Reich. Exactly what I'd expect from a Liberal. Perhaps instead of ever increasing spending that isn't necessary, the govt should reduce their spending to actually coincide with tax revenue. So many govt bureaucracies should be cut out PERIOD, turned over to states to handle, or be handled by private companies.

    I don't think it's fair to tax 'rich' people at a rate that is 'double or triple' what the avg middle class person is taxed. Every American who makes money in a job should pay a fair portion commiserate with their earnings, whether it be 10 or 20%. Why should some Americans have to foot the bill for some others who pay little to nothing? Heck, I'm in the middle class, making roughly $70k and I think every American should pay the same % in taxes. That seemsvfair when everyone has the same govt services. But the govt needs to budget accordingbto what it takes in, instead of having all these massive programs and expenses that are a waste of all our money. That is the biggest problem. Govt spending is way too high.


    Warren-MAIN.jpg

    Running for Senate in MA.



    This woman talks out of her ass. She has been completely owned. I think she is smart (smarter than Jennifer Granholm, anyway...) but she appeals to the economically ignorant.

    She is hardly a "strong woman." She has been lauded for "speaking truth to power." But this stupid speech was given in someone's living room, before a willing and ignorant audience.

    Yes, she gave the big-wig money dudes what-fer. But not to their faces.

    I'm sure her speech would have been a hell of a lot different if she presented it before a group of businessmen and entrepreneurs.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 3:19 PM GMT
    The economy is a scapegoat for a broken political system. People can have fierce debates about how to fix the economy, but it's a waste of energy because no steps will be taken either way with the political system as it is now. How about Americans get together, redo the constitution, and restructure the political system so that the elected government is capable of making decisions and enforcing them.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 3:22 PM GMT
    The truth about the economy in less than 500 pages:

    41JX8FMGNZL._BO2,204,203,200_PIsitb-stic

    41iSKj3rXYL._BO2,204,203,200_PIsitb-stic
  • mybud

    Posts: 11838

    Sep 29, 2011 3:47 PM GMT
    Obama..........explain it like this....and you get 4 more years...Keep talkin over the peoples heads....PACK YOUR BAGS............
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 3:58 PM GMT
    kandsk saidThe economy is a scapegoat for a broken political system. People can have fierce debates about how to fix the economy, but it's a waste of energy because no steps will be taken either way with the political system as it is now.


    Exactly.

    The only beneficiaries of a broken political system are Corporate Lobbyists. Corporations get Trillions (yes, TRILLIONS) in taxpayer subsidies. The media is corporate owned, so don't expect them to expose the mess. Therefore, we just sit like ducks and pay our taxes into an increasingly corrupt system.

    Reich does an excellent job of exposing republicans policies...but fails to mention all the money give-a-ways to publicly held corporations. Raising taxes would just mean more money for corporations. How much money has Bush/Obama given away to corporations since 2001? Nobody dares to ask that simple question!

    Cubans now have a longer life expectancy than US citizens....yet politically connected corporations are more healthy than ever.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 4:06 PM GMT
    Castro stopped sending hitmen into homes and murdering the men of the family?


    White4DarkerFL said
    kandsk saidThe economy is a scapegoat for a broken political system. People can have fierce debates about how to fix the economy, but it's a waste of energy because no steps will be taken either way with the political system as it is now.


    Exactly.

    The only beneficiaries of a broken political system are Corporate Lobbyists. Corporations get Trillions (yes, TRILLIONS) in taxpayer subsidies. The media is corporate owned, so don't expect them to expose the mess. Therefore, we just sit like ducks and pay our taxes into an increasingly corrupt system.

    Meanwhile, our standard of living continues to decline.

    Cubans now have a longer life expectancy than US citizens. Why is that???
  • Posted by a hidden member.
    Log in to view his profile

    Sep 29, 2011 7:15 PM GMT
    RESIZED TEXT GOES HERE I may not have strongest economic or political understanding, this is worrisome.

    I do agree however that the political system is flawed. No longer does the government represent the people, but more so big corporations and the rich who have the dough to influence the decisions that are made by the elected officials.

    The growing disparity among the rich and the poor is a great concern as well. This creates inequality. After all, you need money to make money, but what happens if all the money is held at the very top? You think they will "reinvest" it in such manner that will benefit society? No, it is highly doubtful and in most cases they do it to make their personal wealth grow, even if it comes at the cost of everyone that is below them.

    In my opinion, United States is one of the most corrupted countries in the world. The only difference is that they conceal it very well. They divert the social and economic problems on other groups. Through mass media, they bicker, make accusations, and create social environment where everyone is fed lies to keep us all divided. After all, if we are all busy fighting with each other, when will we find the time to seek the truth?


    I don't know, that is just how I feel. My opinions might be wrong but I look forward to constructive criticism that may give me further insight.


    PS: charlitos posted an image of Obama being a socialist, however there is a fine line between socialism and equality. While I may not agree with all of Obama's policies and reforms, I don't think he is a socialist. Everyone just tosses that word around to cloud our views and opinions. Medicare, after all, is socialized healthcare for senior citizens, but I don't see anyone complaining about those benefits, and in fact most Americans are strongly in favor of this program.