The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
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10-11-2012, 10:12 AM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
Congress will come up with another short term punt. There isn't enough time to move people to do anything substantive and real. Entitlement costs have to be cut in order to cut enough from the budget to matter. That won't happen quickly. The tax increases the Dems are proposing--assuming they all pass--covers 8 days of borrowing out of a year's worth of deficit spending. If the tax increases are the baseline for increased income, a ratio of cuts of $22 of cuts for every $1 of tax increases will 'only' cut the deficit in half. Too many people have their heads in the sand to attack the reality of where the US fiscal situation is.
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10-11-2012, 10:56 AM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
(10-11-2012 09:48 AM)Erxomai Wrote:  
(10-11-2012 09:19 AM)Chas Wrote:  Considering that the end of the world as we know it occurs December 21, why are you fucking worrying about this? Angry
Why is it always the end of the world as we know it? For once, why can't it be the end of the world as we don't know it? Dodgy


Because when spouting cant and ignorance, you have to use the code words and phrases. Geez, Louise. Angry

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11-11-2012, 12:23 AM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
(09-11-2012 10:57 PM)Buddy Christ Wrote:  [This was another of my FB posts... once again, I'm not yelling at you.]

On Jan 1st 2013, America will hit what is known as the "Fiscal Cliff." This is where the Bush tax cuts that were subsequently extended by Obama end and a bunch of new laws (Baseline laws) will be implemented that raise taxes and cut spending. This will hit America in the genitals and likely cause another recession. Why are we doing this? Because we are projected to hit the debt ceiling before 2012 is even over. We have no money and our credit has run out. This country has been run like a teenage girl with her daddy's credit card for too long and finally, the card has reached its limit.

The bad:
-Unemployment will likely raise by 1-2%
-GDP will suffer.
-Economy will be negatively impacted for about first 3 months.

The good:
-The national debt will be lowered 600 billion in the first year and is projected to be halved in 10 years.
-This will establish a practical tax-to-spending ratio that will make it so America isn't hemorrhaging money every year. We will finally be self-sustaining.
-Social Security, pensions, and Veteran's benefits will be exempt from the spending cuts.

This has to be done, but it won't stop the red-staters from immediately blaming Obama. "See what you get by re-electing him?" Repubs seem to share the economic strategy of the underwear gnomes.

Step 1: Increase taxes and maintain current spending
Step 2: ???
Step 3: Profit

The Tax Relief Act, Budget Control Act, and Job Creation acts have all simply postponed the inevitable. Now the debt ceiling is upon us and we have to change. Actual patriotic Americans would sacrifice for their dying country, not bitch about inconveniences while offering nothing constructive of their own.

http://upload.wikimedia.org/wikipedia/en...raphic.png

http://en.wikipedia.org/wiki/United_States_fiscal_cliff

http://bonds.about.com/od/Issues-in-the-...-Cliff.htm


If I'm wrong, inform me. If you have a solution, share it.


Actually I do have a solution. I am sure I am going to take a lot of heat over this one. If I were dictator for a day and could change any law(s) I want and they could not be changed again for 10 years, I would change one main thing. The housing market is loaded with vacant properties that are not for sale. I would make the banks put them on the market by changing the taxes on the vacant houses to mandatory for the banks instead of optional. The banks can pay taxes on the properties they own, but they are not legally obligated to. If the law changed and they suddenly had to pay taxes on the vacant places, they would have them for sale that day. Before you say it, I know it would lower property values temporarily. It would give people a chance at owning homes and raise revenue. I have a bunch of houses near mine that were forclosed on and have been sitting vacant for a long time. Vernon township (07462) is near where I live and has tons of vacant houses. The town is absolutely bankrupt. They have roads that were washed out by storms 2 years ago that still have not been repaired. The town I live in is home to a super walmart, so I don't have too much to worry about. Property values are already being hurt and are only going to get lower, due to higher taxes and being surrounded by vacant properties. Making the banks pay taxes would really boost our economy.
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11-11-2012, 01:00 AM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013



E 2 = (mc 2)2 + (pc )2
614C → 714N + e + ̅νe
2 K(s) + 2 H2O(l) → 2 KOH(aq) + H2 (g) + 196 kJ/mol
It works, bitches.
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12-11-2012, 01:42 AM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
(11-11-2012 12:23 AM)Birdguy1979 Wrote:  
(09-11-2012 10:57 PM)Buddy Christ Wrote:  [This was another of my FB posts... once again, I'm not yelling at you.]

On Jan 1st 2013, America will hit what is known as the "Fiscal Cliff." This is where the Bush tax cuts that were subsequently extended by Obama end and a bunch of new laws (Baseline laws) will be implemented that raise taxes and cut spending. This will hit America in the genitals and likely cause another recession. Why are we doing this? Because we are projected to hit the debt ceiling before 2012 is even over. We have no money and our credit has run out. This country has been run like a teenage girl with her daddy's credit card for too long and finally, the card has reached its limit.

The bad:
-Unemployment will likely raise by 1-2%
-GDP will suffer.
-Economy will be negatively impacted for about first 3 months.

The good:
-The national debt will be lowered 600 billion in the first year and is projected to be halved in 10 years.
-This will establish a practical tax-to-spending ratio that will make it so America isn't hemorrhaging money every year. We will finally be self-sustaining.
-Social Security, pensions, and Veteran's benefits will be exempt from the spending cuts.

This has to be done, but it won't stop the red-staters from immediately blaming Obama. "See what you get by re-electing him?" Repubs seem to share the economic strategy of the underwear gnomes.

Step 1: Increase taxes and maintain current spending
Step 2: ???
Step 3: Profit

The Tax Relief Act, Budget Control Act, and Job Creation acts have all simply postponed the inevitable. Now the debt ceiling is upon us and we have to change. Actual patriotic Americans would sacrifice for their dying country, not bitch about inconveniences while offering nothing constructive of their own.

http://upload.wikimedia.org/wikipedia/en...raphic.png

http://en.wikipedia.org/wiki/United_States_fiscal_cliff

http://bonds.about.com/od/Issues-in-the-...-Cliff.htm


If I'm wrong, inform me. If you have a solution, share it.


Actually I do have a solution. I am sure I am going to take a lot of heat over this one. If I were dictator for a day and could change any law(s) I want and they could not be changed again for 10 years, I would change one main thing. The housing market is loaded with vacant properties that are not for sale. I would make the banks put them on the market by changing the taxes on the vacant houses to mandatory for the banks instead of optional. The banks can pay taxes on the properties they own, but they are not legally obligated to. If the law changed and they suddenly had to pay taxes on the vacant places, they would have them for sale that day. Before you say it, I know it would lower property values temporarily. It would give people a chance at owning homes and raise revenue. I have a bunch of houses near mine that were forclosed on and have been sitting vacant for a long time. Vernon township (07462) is near where I live and has tons of vacant houses. The town is absolutely bankrupt. They have roads that were washed out by storms 2 years ago that still have not been repaired. The town I live in is home to a super walmart, so I don't have too much to worry about. Property values are already being hurt and are only going to get lower, due to higher taxes and being surrounded by vacant properties. Making the banks pay taxes would really boost our economy.
Is that really your state's laws on property taxes? In my state, property tax liens are senior to everything, including the bank's mortgage. Unpaid taxes can and do result in tax lien foreclosures where the bank is wiped out of their mortgage loan if they do not pay the taxes due. Any sale of the property, even a sale at sheriff's auction, will include the obligation to pay any unpaid back taxes on the property.
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12-11-2012, 03:36 AM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
(12-11-2012 01:42 AM)BryanS Wrote:  
(11-11-2012 12:23 AM)Birdguy1979 Wrote:  Actually I do have a solution. I am sure I am going to take a lot of heat over this one. If I were dictator for a day and could change any law(s) I want and they could not be changed again for 10 years, I would change one main thing. The housing market is loaded with vacant properties that are not for sale. I would make the banks put them on the market by changing the taxes on the vacant houses to mandatory for the banks instead of optional. The banks can pay taxes on the properties they own, but they are not legally obligated to. If the law changed and they suddenly had to pay taxes on the vacant places, they would have them for sale that day. Before you say it, I know it would lower property values temporarily. It would give people a chance at owning homes and raise revenue. I have a bunch of houses near mine that were forclosed on and have been sitting vacant for a long time. Vernon township (07462) is near where I live and has tons of vacant houses. The town is absolutely bankrupt. They have roads that were washed out by storms 2 years ago that still have not been repaired. The town I live in is home to a super walmart, so I don't have too much to worry about. Property values are already being hurt and are only going to get lower, due to higher taxes and being surrounded by vacant properties. Making the banks pay taxes would really boost our economy.
Is that really your state's laws on property taxes? In my state, property tax liens are senior to everything, including the bank's mortgage. Unpaid taxes can and do result in tax lien foreclosures where the bank is wiped out of their mortgage loan if they do not pay the taxes due. Any sale of the property, even a sale at sheriff's auction, will include the obligation to pay any unpaid back taxes on the property.


Sadly in much of the country it is like that. Here is an article explaining it, however it is not from the state that I live in. http://thehive.modbee.com/node/14928

http://www.lvrj.com/opinion/make-banks-p...02448.html

Here is one that is not about banks not paying taxes, but it is worth a read. http://theeconomiccollapseblog.com/archi...collection

This one talks about New Jersey a little bit toward the end. I am not in a city though, but I can relate. The vacant homes near me have not been put on the market. Many have been vacant for a few years now and are starting to look like it. I am just waiting for the one across the street from me to fall. This article also states that the banks have to pay taxes and that may be the case in the city the news came from. I know that the law allows in many locations for them to stick whoever buys the property with the back taxes. I get the feeling that the places where the banks maintain the properties are the places where they have to pay the taxes out of pocket and have an interest in selling them again. http://www.reuters.com/article/2012/06/0...7320120608
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12-11-2012, 04:08 AM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
I prefer the drunk Cliff in Cheers. Drinking Beverage

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07-12-2012, 06:28 PM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
In 24 days we shall see.

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12-12-2012, 09:41 PM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
I am working in China where all your money currently is. You will be happy to know that its being wisely spent on empty construction projects and dodgy Italian suits, with anything left over being laundered through Hong Kong into companies registered in the Cayman islands.
So if you want to save the American economy I would recommend invading George Town tomorrow

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14-12-2012, 04:35 PM
RE: The "Fiscal Cliff" will punch America in the crotch on Jan 1, 2013
(12-12-2012 09:41 PM)PeterKA Wrote:  I am working in China where all your money currently is. You will be happy to know that its being wisely spent on empty construction projects and dodgy Italian suits, with anything left over being laundered through Hong Kong into companies registered in the Cayman islands.
So if you want to save the American economy I would recommend invading George Town tomorrow
you work in China? what do you do there?
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