TaxCheat Geitner -- Hand in the Till

[whell]

Originally Posted by merrylander

Harold Myerson came up with a good idea in this mornings WaPo. We can cut the deficit simply by cutting of the welfare we pay to certains states that take more out of the pot than they put in. Sista Sarah's Alaska being a prime example.

Bad idea, because there are "donor states", like the one I'm in in Michigan, that have been getting the short end of the stick for years. It'll never happen, I suspect, but before we think about balancing the Fed budget, let's at least equalize the funds that are coming back to the states, so the states can balance their budgets more effectively.

[flacaltenn]

D-Ray:

I actually looked at that MIT proof of "wealth gap" paper and it's not what you seem to think it is. Most all of the graphs depict a questionably useful variable of "bargaining power" which is derived from a ratio of income to productivity. Thus -- because computers hit the desk top in the 1980's and an influx of 14Mil low wage immigrants came in thereafter -- it would take weeks to debate whether that paper says ANYTHING about a simple wealth or income gap widening. I believe you that there is an increasing WEALTH gap -- it's just that it doesn't look like those graphs..

D-Ray and JonL:

Sorry JonL that you've missed all the class warfare skirmishes. Don't know how you missed the daily Pelosi-Reid soundbites about economic justice and morality of giving the rich tax breaks. Or the attempts to impose CEO salary caps into the businesses affected by TARP. But the Revolution (based largely on class envy) was in FULL swing til the last election. That's when the 1st round skirmish ended. And when I said that Obama was "outed" during the campaign, I was refering to his impromptu remarks with Joe -- that plumber guy. Whom he tried to convince would be better off -- if we just spread the wealth around.

D-Ray & JonL -- do you think that this wealth gap happened because "the rich" STOLE this money from you or the poor? Do you really think that if they get $100,000 bonus that someone in the lower echelons just got robbed?

Let's put some names to this to make it specific.. Can you tell me why Jay Leno should have to pay for 10 additional HUmVees this year? Why the Williams sisters (Venus/Serena) need to defer building their families' security to the tune of subsidizing ethanol production by a couple extra milllion dollars? Why not pick on Elvis?? He's DEAD and he's still making MILLIONS per year.. Why not just take ALL of that? Justin Bieber was pan-handling on the streets just a few ago -- certainly he doesn't need all that income! ALL these folks are 1st generation rich. No dynasties there. Not a threat to me. Why are they your target for our fiscal mismanagement crisis? Why not take an extra 3 or 4% from the Illinois lottery winner? THAT --- was just accidental luck.. Or the guy who's sitting on his ass collecting royalties on the pop-open cans? Or the cardiologist who does 250 bypasses a year? Are THESE the people who contributed to our present sad state of affairs?

The idea that the govt has an equal claim to my Grandma's Steinway as I have or that these people are rich because they screwed 'the middle class' or the working poor is ridiculous.

The answer is -- I want accountability FIRST. I want our money OUT of Chrysler and GM. I want the rest of stimulus RETURNED to the treasury because the fact that it still isn't spent just PROVES it was pirate booty for a bunch of politicians. I want perp walks from Barney Frank et al who said that Fanny/Freddy would never cost Americans a nickel. Most of all -- I want Geitner to get his hands out of the Fed Employees Fund and appoint someone who doesn't use it like a private slush fund..

THEN -- we can talk about shaking down Jay Leno and Kobe Bryant and Arriana Huffington for some cash.

[finnbow]

Originally Posted by flacaltenn

Alaska "takes more out of the pot than they put in"??????

With respect to Federal tax revenues, this is unquestionably true. Alaska is second only to New Mexico in terms of the ratio of Federal Funds Received/Federal Taxes Paid. New Mexico's ration is 2.00 and Alaska's is 1.87.

http://www.taxfoundation.org/files/sr139.pdf

As for Geitner having his hand in the till, he's being forced by an incompetent Congress in general (and a doomsday-threatening Republicans in particular) to do his best to keep the country financially afloat until a settlement on the debt crisis is reached. If he does nothing between now and Aug 2, and as a result, causes T Bills/Bonds yields to increase dramatically, Congressional tactics to reduce the deficit will actually increase it. I'm no fan of Geitner, but he's doing the right thing here.

[flacaltenn]

So FinBow:

Your just peachy with purposely mismanaging an employee trust fund to fix a "cash flow" problem. That is won't have an adverse outcome on the people vested in that account or the taxpayers?

Get those CongressCritters BACK to D.C. NOW.. Show some f)(ing urgency... Where's the OVERSIGHT? or leadership?

We're just doomed..

[merrylander]

Originally Posted by flacaltenn

D-Ray & JonL -- do you think that this wealth gap happened because "the rich" STOLE this money from you or the poor? Do you really think that if they get $100,000 bonus that someone in the lower echelons just got robbed?

Well the lower echelons are not even keeping pace with inflation. But I agree, we should not add extra taxes on the wealthy, they create jobs. So the top 5% have 65% of the nations wealth, so where are the fu*king jobs?

[merrylander]

BTW, you will note that the majority of free-loading states are Red.

[finnbow]

Originally Posted by flacaltenn

So FinBow:

Your just peachy with purposely mismanaging an employee trust fund to fix a "cash flow" problem. That is won't have an adverse outcome on the people vested in that account or the taxpayers?

Get those CongressCritters BACK to D.C. NOW.. Show some f)(ing urgency... Where's the OVERSIGHT? or leadership?

We're just doomed..

I'm absolutely not peachy with it. OTOH, I see no alternative. Had we gone into default several days back, the cost of financing our debt (once an agreement gets done) would outstrip any potential savings from the agreement.

If you're following the whole budget mess, the "Gang of 6" has now become the "Gang of 5" as Tom Coburn bailed out of frustration/disgust/whatever. I actually admire Coburn's singular (within the GOP) to stand up against Grover Norquist and his loss will be felt within the Group.

IMHO, the GOP has built a Tea Party monster which demands "no compromises" (as if they have the monopoly on truth). Beyond that, they all made their solemn "no tax" pleges to Grover Norquist. Ain't this the same party who birthed this mess about 8 years ago?

[piece-itpete]

Compromises built the Levithian. Time to cut, cut, cut.

That makes any red blooded rightie happy

The SS 'trust fund' was already empty when Shrub took over.

Pete

[finnbow]

Originally Posted by piece-itpete

Compromises built the Levithian. Time to cut, cut, cut.

That makes any red blooded rightie happy

The SS 'trust fund' was already empty when Shrub took over.

Pete

I understand your sentiment, Pete. However, we shouldn't allow the perfect to be the enemy of the good. For example, if the GOP holds our for, say, 4 trillion in cuts, but only gets 3.5 trillion should they let the Aug 2 deadline pass? I say no, because interest rates on the remaining debt will skyrocket, thereby eating up the savings. I'd rather have the American people have the difference (0.5 trillion) than our creditors in the form of higher interest rates.

[piece-itpete]

Pssst - let me tell you a secret - there is no way we'll default



.