Scary, Debt will Equal Or Exceed GDP?

FrankJAG

FrankJAG

New member
Does anyone know if we have ever in our history outspent or equalled our GDP?
Heard it on a couple of the news channels today; scary thought!
Bad enough the Chinese and Saudi's own all our debt!
 
We routinely outspend our GDP and GNP (thus creating a deficit), especially in wartime years. The problem this year alone we will triple what debt we brought into this year because of the "stimulus" plan. To add on to that problem is the president has promised to HALVE the defecit by the end of his first term which means to keep his promise he has to turn right around and tax the crap out of us.
 
Which, of course, won't work because raising taxes severely does NOT increase tax revenue - proven time and time again. It's a sad situation.
 
jonroe said:
Which, of course, won't work because raising taxes severely does NOT increase tax revenue - proven time and time again. It's a sad situation.
Click to expand...

It never works. Just check out the bank accounts of NY and CA. CA has lost over $1 billion in tax revenue because it overtaxed the rich to give the "little guy" an unfair break. They just got up and moved. Over 1 million ppl have moved to NV in the last decade or so. OOPS. On the other hand, TX which has fair taxation policies has created more jobs recently than all of the other states combined.
 
Isn't this political in nature? Be careful!!!!

Just wait until after the mid-term elections next year...... I'm thinking 50-75% inflation....
 
Yes, and this VAT (value added tax) that is being considered is SCARY!!! It could turn us into Europe if we are not careful. 50% or more income going to taxes and a lower standard of living.
 
My fav is the "View Tax". An assessor stand on your property and looks around. The nicer the view, the more you get taxed. I am not making it up.
 
LIGHTNIN1 said:
You're correct about big time inflation. It is on the way.
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It's here already, home loan interest rates are going up, and I know for a fact 700+ beacon score folks with excellent income are getting turned down for car loans from GMAC left and right. Credit got tight again all of a sudden the last couple of days.
 
CBT said:
My fav is the "View Tax". An assessor stand on your property and looks around. The nicer the view, the more you get taxed. I am not making it up.
Click to expand...
Wait 'til the Sex Tax gets passed. They've got a bunch of folks working on the meter and as soon as they figure it out, you'll get taxed based on frequency rates. ;)

Finally, I'll be looking at getting some refunds. :rofl:
 
From the people Ive talked to, hopefully a Canuck can help verify, but the Canadians and the Brits pay around 60% income tax. But its worth it because they get to have gov't healthcare tell them "Sorry, we have already used our budget of cancer drugs/knee replacements/etc for this year, try not to die until the new fiscal year starts and try again."
 
FrankJAG said:
It's here already, home loan interest rates are going up, and I know for a fact 700+ beacon score folks with excellent income are getting turned down for car loans from GMAC left and right. Credit got tight again all of a sudden the last couple of days.
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We'll all be wishing for the return of Jimmy Carter when this all hits.
 
Phrog_gunner said:
From the people Ive talked to, hopefully a Canuck can help verify, but the Canadians and the Brits pay around 60% income tax. But its worth it because they get to have gov't healthcare tell them "Sorry, we have already used our budget of cancer drugs/knee replacements/etc for this year, try not to die until the new fiscal year starts and try again."
Click to expand...

The people you talk to are misinformed. My rate is in the 30 - 40% range, including all taxes paid (eg, including sales taxes). We've actually had tax reductions that last few years on both sales and income taxes.

And you can never be denied access to healthcare. Period. Full stop. It's illegal.

Canada pays less per capita than the US on healthcare, and everyone is covered. I recently had a little medical 'episode', and I had a CAT scan THAT day, and an MRI later the next day. Don't let them scare you into making a useless industry redundant. Canada and most of Europe have socialized healthcare, and you'd have better luck removing our right to vote than our healthcare.

Listen to "Jack Bauer" if you don't believe me.

http://archive.ndp.ca/node/4335
 
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