"No matter who's elected president, the debt party's over"

Wht do you think?

Brandy:

Thank you so much for sharing this link.  I think it's good to see all the factors laid out which are placing our nation at risk.  And I'm glad someone is acknowledging the lies about the cost of the Iraq war.  People always talk about the war in terms of national security, but ignore the jeopardy the financial costs are placing us in.  As far as raising taxes, that is a very serious concern, especially when you consider an article posted on CNN regarding salaries (see link below).  The report stated that lower income salaries had declined by 2.5%, middle income salaries rose by 1.3%, and upper class salaries rose by 9%.  More taxes on a shrinking salary while also dealing with inflation and high gas prices, it is a scary scenario. 

But with that said, I still believe that economic hard times still offer an opportunity for people willing to do the work.  I know for myself, as my job situation changed, I have become increasingly aware of my spending habits and how I use resources.  I monitor my mileage to save on gas, which helps the environment.  I've started a garden, which enables me to spend time talking to my Mother and others who enjoy working in the yard.  Overall I buy less stuff, helping me have a less cluttered life.  And I'm getting quite good at grocery shopping once a month, which is good all around.

This discussion forum always gives me good ideas and reminds me that even though being frugal can be challenging at times, I'm not alone.  

Thanks everyone! 

As Income Gap Widens, Recession Fears Grow
http://money.cnn.com/2008/04/09/news/economy/incomegap/index.htm?cnn=yes

Just looking at the deficit alone, how can anyone believe that there wouldn't be an increase in taxes? Let alone that state governments are going deep into the red daily and the infrastructures are collapsing. I fear that those who will not elect a candidate because they might raise taxes is ignoring reality, either parties' candidate is going to have to deal with this issue. Sad thing is now that we have gotten used to Bush's tax cuts that we got in his first term, any rise in taxes now will be on top of doubled gas prices and multiple raises in price of foods and other necessities that weren't there when those tax cuts began. In a manner of speaking we have been riding around in a hot air balloon for the last 7 years, and the hot air has run out. Edey

 In my opinion, the problem is not that we need to raise taxes, it's that they need to use the taxes we're already paying in a more sensible manner. More taxes on top of the inflationay squeeze we're feeling right now is going to hurt the economy more than help it because it will slow down spending even more. If the government wants someone to tighten the belt to pay for their folly, why don't they try it? 

In this world nothing can be said to be certain, except death and taxes.
Benjamin Franklin

 <Aging Infrastructure: Roads, Bridges, Water, Sewer, Etc.>

Our roads, bridges, and water companies are being sold to foreign investors. I imagine sewer companies are as well. I know for certain two very large profitable American water companies were sold, and US citizens had to sell their stock. We will pay for these infrastructures, but it won't help our economy. In addition, I see a march toward almost all highways being toll roads...at least from what I have read.

 <because Wall Street's relentless, all-consuming greed is setting up the economy to crash and burn again, all too soon ... and the taxpayer will pick up the tab ... again.>

Not only will we pick of the tab again, but Wall Street will make even greater profits then before.

<Unfortunately, the Treasury and the Fed are following the same playbook that pushed the 1970s economy into a long, deep recession.>

I lived through the 1970's deep recession, bought a house during that time and started a family. We did well. While they may be following the same playbook, the long deep recession will not be the same. We have lost our manufacturing base and too many jobs to outsourcing. The rules have all changed, and not to our betterment. I am sure the Fed will do quite well.

<Paradigm Shift: Consumer Spending vs. Consumer Savings>

I am not against saving, but if we are in debt, the world bankers win. If we save our money and keep it in the banks, the world bankers win. Will we be forced into a situation that will result in us spending most of what we are able to earn to make ends meet?

I am not pessimistic. I will go forward by faith and hard work. I can do nothing more.

On the night of the Presidential election, I will retire without knowing who is projected to win. In the morning, I will not check my e-mail or even turn on the computer. The radio will be silent. I want to enjoy the peace and solitude of not knowing the results. Willing or not, I will know the results by the end of the day. 

Gigi:

On the night of the Presidential election, I will retire without knowing who is projected to win. In the morning, I will not check my e-mail or even turn on the computer. The radio will be silent. I want to enjoy the peace and solitude of not knowing the results. Willing or not, I will know the results by the end of the day. 

 

I hope you don't mind if I join you. I am not looking forward to the election, regardless of "who wins."

Pat:

I hope you don't mind if I join you. I am not looking forward to the election, regardless of "who wins."

Not only do I not mind, but I will enjoy the company! :-) 

Pat:

I hope you don't mind if I join you.

We should all go on vacation, LOL!

 I lost interest in who was ahead and who was doing what sometime ago. It shall be and life shall go on....the article was still interesting though.

 Maybe we should have an "ignore the election" party here on the forum that night... at least until we get sleepy enough to go to bed.

Pat:

In my opinion, the problem is not that we need to raise taxes, it's that they need to use the taxes we're already paying in a more sensible manner. More taxes on top of the inflationay squeeze we're feeling right now is going to hurt the economy more than help it because it will slow down spending even more. If the government wants someone to tighten the belt to pay for their folly, why don't they try it? 

Everything you said, I agree totally. But would it be enough? Edey