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Rock Defender [54]
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For those on here talking about the debt
Sep 18, 2020, 12:37 PM
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110%er [9036]
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Re: For those on here talking about the debt
Sep 18, 2020, 12:39 PM
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need to put a pandemic tax on chinese goods to pay for their attack on the world
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Oculus Spirit [97764]
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Pfft. Why not 6 or 8? Heck, make it a cool 10T.
Sep 18, 2020, 12:41 PM
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Yeah!!!!
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Rock Defender [54]
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Re: Pfft. Why not 6 or 8? Heck, make it a cool 10T.
Sep 18, 2020, 12:50 PM
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Oculus Spirit [93703]
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I'm for raising the budget to 10T per year so we can...
Sep 18, 2020, 1:52 PM
[ in reply to Pfft. Why not 6 or 8? Heck, make it a cool 10T. ] |
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stop rise of the oceans, end racism by redistributing wealth, create millions of high paying jobs riding bicycles to spin windmills and generate energy and create world peace by adopting the Green New Deal. Make AOC president and the a new world order that follows will usher in universal harmony. Yes, throughout the entire Universe.
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All-In [46834]
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Who gives a #### about the debt anymore?
Sep 18, 2020, 12:51 PM
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both parties don't.
Buy gold and hold on to your anoose when interest rates start going back up again.
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Rock Defender [54]
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I agree***
Sep 18, 2020, 12:55 PM
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Oculus Spirit [97764]
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You know what's funny.......
Sep 18, 2020, 1:06 PM
[ in reply to Who gives a #### about the debt anymore? ] |
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Yes, you should buy gold, but it's not going to make you any money. BUT, it will keep you from losing any.
Dollar tanks, and gold skyrockets. Fine. But it will skyrocket proportional to the same buying power it always had. So if an ounce of gold today at $2k/oz buys you 500 loaves of $4 bread today, when the dollar tanks and bread goes from $4 to $40, then that ounce of gold will probably be around $20K and buy you still 500 loaves of now $40 bread. BUT, that original $2k in the bank, if left, will then buy you only 50 loaves of bread instead of 500.
It only prevents losses. Gold won't actually make you any money, but it will prevent you from losing it like everyone else.
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Rock Defender [54]
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Re: You know what's funny.......
Sep 18, 2020, 1:14 PM
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Legend [17806]
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Re: You know what's funny.......
Sep 18, 2020, 4:30 PM
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What about collectible coins?
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Hall of Famer [24481]
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It's time to stop. Forget blame, forget politics, we can't
Sep 18, 2020, 12:56 PM
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do this anymore. We ran out of money several trillion dollars ago, and just kept going.
The effect seems a bit invisible so far, but you don't have to look hard to see it. The necessary inflation has been in the financial markets to date, but it can't be contained there forever. If inflation is an eroding of what a dollar will buy, consider the fact that 10 years ago 100K of the them would by an instrument that would pay about $6500 per year. 5 years ago it would buy one that would pay about $3500. In other words, you would have to spend close to 200K to buy the same thing Today its basically zero, maybe $1000. We are soon to see negative. IE, in the financial market a dollar is worth about 1/5 what it was 10 years ago. With that option going away the money has flowed to equity, where of course we are seeing the same inflation. As Kramer said yesterday, if the new stimulus bill is passed, you have to be in the market because the interest returns will go even lower, maybe to negative, forcing dollars to equities. It has been a huge inflationary period.
How that will burst out into goods and services is another subject - maybe with a collapse of the inflated stock market - but we already seeing it as people are starting to buy real estate and collectibles. Real estate is affected by region, but around here you can sell almost anything by the end of the week. If you are addicted to Bring-A-Trailer like I am, you've seen the prices of cars become downright silly.
I'm not a financial guy by any means. This is just what anyone can see. How to prepare for it as an investor, I don't know. Depends on age, maybe. Politicians only care about the next election, and we keep letting them drag us into their game, ignoring the idiocy of what they and we are doing as long as we can blame the other party. No, it has to stop, though it seems to be too late.
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Oculus Spirit [81078]
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I'm investing in engagement rings and Franklin Mint
Sep 18, 2020, 1:00 PM
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collectible coins
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Hall of Famer [24481]
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If you're doing the rings right, and I'm sure you are, you
Sep 18, 2020, 1:23 PM
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don't really need to worry about the rest.
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Hall of Famer [22395]
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Trump: "Go for the much higher numbers, Republicans."
Sep 18, 2020, 1:04 PM
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Trump kneecapped Mitch McConnell and Hill Republicans when he tweeted that Wednesday. Pelosi understood that Trump wants more stimulus heading into the election and he would eventually undercut McConnell in the negotiations.
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Rock Defender [54]
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Re: Trump: "Go for the much higher numbers, Republicans."
Sep 18, 2020, 1:21 PM
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All-In [34114]
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It's the same BS every time.
Sep 18, 2020, 1:05 PM
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Tax cuts when times are good, which is exactly when you DON'T need or even want a tax cut, so you can at least make an effort to repay some debt.
Then when things go bad, well can't cut spending now or increase taxes, because it's an emergency.
Saw this exact thing with the Bush Administration, saw a version of it with Obama who continued Bush tax cuts even after the economy improved.
Message was edited by: spooneye® because typo
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All-In [31917]
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I don't...I believe the data proves that we have a...
Sep 18, 2020, 1:15 PM
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spending problem and not an income problem. Our total revenues as a function of populace or however you want to analyze it has been "good". Our spending is out of control.
General spending and long-term entitlement reform is what has to happen. Playing around with marginal tax brackets +/-3 pts isn't going to change a gotdang thing.
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All-In [34114]
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Re: I don't...I believe the data proves that we have a...
Sep 18, 2020, 1:25 PM
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The cost of different tax policies is generally estimated by government committees, agencies, whatnot, before they go into effect. Tax policies definitely have an effect.
Of course spending is the other half of the equation, and the same point from my other post applies: When times are good, cut spending. That's the time to do it. Pre-Great-Recession was the right time. Pre-Covid was the right time. If we don't make the spending cuts when times are good, we get screwed in the bad times. Like now.
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All-In [31917]
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While it might seem like nit-picking, it's an important...
Sep 18, 2020, 3:03 PM
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concept. Tax cuts don't "cost" anything. The money is the tax payers to begin with. The funds flow FROM the taxpayer TO the gubmnint.
I know what you mean when you use the term, but it's an ideological pet peeve of mine.
Also, most tax reform analysis is strictly static in nature or overly-conservative in the estimates of economic stimulus impact of cuts.
Look at the change in federal revenue over the last 10 years...an increase of +65% or an avg of 6.5% per year increase. FY 2019 $3.46 trillion (actual) FY 2018 $3.33 trillion FY 2017 $3.32 trillion FY 2016 $3.27 trillion FY 2015 $3.25 trillion FY 2014 $3.02 trillion FY 2013 $2.77 trillion FY 2012 $2.45 trillion FY 2011 $2.30 trillion FY 2010 $2.16 trillion FY 2009 $2.10 trillion
And within that period of increase, we have been incapable to control spending to the point of a balanced budget.
To put it in context, if the federal government would have spent in 2019, what it did in 2014 (5 yrs later), we would have essentially had a balanced budget.
BUT, in 2019, we spent $4.4TT for a $1TT deficit. That is a spending problem!
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Oculus Spirit [93703]
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You'd think all they care about is reelection.
Sep 18, 2020, 1:54 PM
[ in reply to It's the same BS every time. ] |
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But we know better, don't we.
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All-In [42204]
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The disdain for our national debt should be bipartisan.
Sep 18, 2020, 2:54 PM
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That is, between all Americans. Because all of these clowns are guilty. Pelosi. McConnell. Trump. Obama. Clinton. Bush. Bush again. Tea Party Republicans.
Pointing at one and not the other is folly. They're all guilty.
The Dems keep spending and try to convince the public it has to happen so they can get votes. The Pubs lie that they'll cut spending and just quietly increase it. And they're counting on people to point at the other side, playing silly political football, without holding their own side accountable.
Until we stop calling the actual politicians who want to cut it "crazy," we'll have more of the same. Spend happy clowns like Pelosi and lying ######## like Trump.
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Lot o points [155984]
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Oh, but it is! Everybody hates the debt.
Sep 18, 2020, 2:58 PM
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They just love the spending that gets us in debt more than they hate the debt.
Everyone thinks something should be done about it until you propose cutting or killing an entitlement that affects them directly.
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All-In [42204]
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Re: Oh, but it is! Everybody hates the debt.
Sep 18, 2020, 3:04 PM
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Yup.
Call me crazy, but maybe we have enough tanks and missiles. Or maybe reexamine this social security thing.
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Lot o points [155984]
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Let's slash some bureaucracy
Sep 18, 2020, 3:09 PM
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We really don't need a focus group to roundtable a committee to oversee the commission of administration of acorn removal.
Saw a stat that the Interstate system came from a 29 page Congressional statute, and in under a decade, over 20,000 miles of highways had been built as a result. Just try to imagine the expensive cluster-F's that would result from the same statute today.
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All-In [42204]
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Bam. There ya go.
Sep 18, 2020, 3:12 PM
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Also looking hard at you, some of you local governments...
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All-In [31917]
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Entitlement reform....it comes down to that...
Sep 18, 2020, 3:07 PM
[ in reply to Oh, but it is! Everybody hates the debt. ] |
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to have a big impact. Yes discretionary spending has to be cut, but ~2/3's of the spending is in entitlements.
We need sweeping entitlement reform. That will ONLY happen with a real leader in the White House and in no other way.
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Lot o points [155984]
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And he or she had better do it quickly, because I guarantee
Sep 18, 2020, 3:10 PM
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you they'll only have a single term to do it.
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All-In [31520]
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Lot o points [155984]
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Oh absolutely. We really need to get that age shifted, and
Sep 18, 2020, 3:12 PM
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I propose that we start doing just that in (hang on, doing math.....carry the one....) approximately 14 years.
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Replies: 28
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