News American Election

[Rumors]

Whitney,
Exactly!

58 million voted for Romney and 61 million voted for Obama. Less than 3 million people separate each candidate. That margin should scare the Obama administration and make them realize they aren't as rock star popular as they think they are. In some stretch, I wish the GOP would just give them everything they want and get it over with. I would rather die a quick death than a slow, torturous one. Then the fallout can be all theirs and they won't have the GOP to blame!

 

[Whitneys story]

Government Programs! Cash for Clunkers buried my son. Small auto body, people received the insurance money for repairs. Then traded in, boosted the big business; by the government donating $4000. for their down payment.

 

[Nadege]

I was absolutely appalled at the fantastic sums of money invested and disdain and hatred we have been forced to witness and experience during this campaign as well as after the elections.

I thought presidential elections were about candidates presenting their agendas and voters choosing what they prefer. So, the country made the choice - yes, we want to keep the New Deal policies, we want to pay taxes and have the government look out for our interests.

For making this choice, half of the country's population has been thoroughly insulted and spat at by the losing party. Some folks should be reminded that there is no monarchy here and no one "owns" this country - the people who live and work here choose their government based on what they need and want. Everyone has equal rights regardless of who has more money.

Appalling indeed, and shows what the good Lord delivered us from.

 

[anthony]

I think both parties should be scared, Rumors. That split doesn't favour either. One rules obviously, but it involves both, regardless who ruled at the end of the day.

I also get the different business structures. Saying that... whilst the US probably has something similar that we do, being sole trader, where the business and personal income is all just personal income... this is typically allotted as a startup business structure / very small hobby type business that makes enough to be taxed. Anyone earning 50k or more should have their accountant in their ear by that stage, getting them transferred to a complete business model which taxation is normally different for the business profit vs. income tax aspect. I do understand what you're saying about tax, but if you think you have it hard, you need to get out of America and live in other countries and earn that money. For starters, you would be paying around 46 cents in the dollar tax, then here for example, everything you buy then has a further 10% GST on the price, then you still have local property taxes for utilities and etc. Clothes here are double what they cost in the US... so honestly, you will get no sympathy here.

We were in the US last year, and we could buy two pair of shoes for every one we could buy here. Your fuel is cheaper, electricity, food, phone, Internet, etc etc etc... all cheaper than most other countries. $250 income is not poor or doing it hard. Instead, it is more likely the way that income is being spent. The un-neccesaries being purchased... the expensive brand name this and that, etc etc. Hard times are hard times, and they aren't exclusive to the US at this time... hence back to a global economy.

If people in the US seriously think things are expensive, you may want to step outside into some other countries and see the costs to live. You think New York is expensive... wait until you try and live in Beijing at the same level. You'll get a shock real quick. You think New York property is expensive... Ha!

The US average fuel price is about $3.50 a gallon, looking at the US fuel website for the first week of November. Australia, the same quantity is $5.70. Again... $250 is whinging IMHO and should be taxed a little more to help get the country out of debt.

I don't think anyone, anywhere in the world at present, can stick their head in the sand about the global economy and its impact. Again... now its Germany's turn. The way our stupid PM is going, Australia is coming around as well... which means the largest resources provider to the globe for coal and iron ore. See the flow-on effect that one has? Every country has its part to play, and every country can create minor to major ripples if going into recession.

You obviously have a much better idea about this than I do, as a banker, though it discourages me a little that you think earning $250k shouldn't be taxed a little more to help the US economy, thus the global economy.

 

[Rumors]

Anthony,
I don't disagree that 250k is a lot of money, nor do I disagree that all things considered, that taxes are going to have to change. What I am saying is someone in Washington PLEASE tell me what they consider rich? If it is 250k, 2.5 mil, what? And my point is that those who make 250k are FAR from "rich" by the time the government takes their 3/4. Also, please keep in mind that health care here is expensive and yours is free. Tuition here is expesive too. And truly, I don't want to even get into a comparison of who pays more for what. You can't even compare our way of living OR economy to yours and frankly, I am discouraged you would venture down that path.

For the record, I am not a banker. I am a director of a bank. I am a business person and I own or partially own several different companies. At one time, I made more than 250k a year!!! LOL! However, I employed hundreds of people and supplied them with health care. In one such business, we had well over a hundred employees and several hundred sub-contractors we employed as well. Now, I have 3 employees in that company and that is it! Sad but true! AND, I keep 2 of them bc they couldn't go anywhere else and get a job and have been with me for over a decade. I assure you I have enough carry over loss to last a lifetime! I lost millions trying to keep people employed and finally had to give up or the whole ship would have sunk. Fortunately, although I faced cutbacks personally, we have managed to sit tight and hang on. I don't know how the next four years will effect us but with faith and pure conviction, what will be will be and I have NO regrets or worry about how I have handled myself business or otherwise. I truly feel like the last four years has been as foul as any in the history of this country.

It is TRULY a class war perpetrated by Washingtons asses and elephants. The asses want to make you believe that the elephants are trying to protect the "rich" and you know what, they have done a pretty damn good job of selling you those goods as we sit here and have this discussion. The elephants are too stupid to point out that nobodynhas defined rich and make a chart that shows just how much someone who makes 250k actually gets to take home. It isn't much!!! There is no room to save and given the debacle we are in with social security, folks my age won't have a chance in collecting any! I am just trying to knock back enough so that my son can go to college and not have student debt OR if he gets scholarships, he will have grad school money.

I don't want a handout, nor am I asking NOT to pay my FAIR share, but damnit, someone please explain to me how I get to take millions of dollars of risk and liability, overhead expense, and then someone come in and tell me that I didnt build my business and bc I am doing well, I get to pay more tax dollars to take care of mothers with 20 kids from different fathers who don't want any help bc their welfare check pays for their crack. I work my ass off and risk my livelihood daily in this economy to do better for my family and be able to put money back for retirement so I DON'T have to take money from the government and then someone questions my intent or regard in helping the US economy??? Help it, I was practically a stimulus package. I gave money to Practically every cause in my town, state, and local states. I raised money for good causes, not the cheesy ones either. The ones that fed homeless, cared for battered mothers, took clothes to needy kids, cared for elderly.

It just pisses me off that ANYONE can so quickly judge me or anyone else in this country for saying, "enough IS ENOUGH.". Truth is, Washington needs to quit spending OUR money like it is water. Do you remember Obamas shovel ready quote? BULL SHIT is what that was. HUNDREDS of millions of dollars pissed away on jobs that never existed. Solyndra? Fine, you want me to pay my fair share? Then some of those bastards that give my fair share away to crooks, friends, and bad business deals need to be accountable. Once that happens, I will be glad to pay what "THEY" think is my fair share. Until then, I stand by the THOUSANDS of people I have contributed to through either jobs, donations, or God forbid the trickle of my money that I have spent over the course of the years.

I am exercised about this bc you protest to know so much about my need to pay more taxes to help but clearly have no clue, at all, about a large majority of Americans who have gone above and beyond but continuously get picked on by a government who has yet to reign in spending or take any fiscal responsibility for TRILLIONS they have added onto our debt with NOTHING to show. Come live here, then tell me I need to do more.

 

[intothelight]

Lets see sixteen trillion in debt, a devalued dollar, and we keep printing more money without adequate reserves to back it up. The end result is rampant inflation, which will cause the US to fail to meet interest payments and possibly default on loans by foreign investors. At home the inflation will cause a drop in housing values, increased unemployment as business must pay a higher interest rate instead of reinvesting profits, and at the same time there is less money and the cost of everything will sky rocket. The market will drop as will the value of bonds. Tax increases will come as the federal and state governments will also feel the effect of the out of control inflation.

Not a pretty picture and quite frankly the impact will be global. Here we are discussing whether or not individuals at $250K or more should feel the burden of a tax increase. Well, not only is it coming for individuals who have that type of income, it is coming across the board! Everyone needs to wake up and not only does the government have to cut spending and the debt now, so does each individual. Sorry, but don't charge that plasma TV for Christmas, as you may need that extra cash (and probably a lot more) when the price of food goes up 50%. When the government is broke, the problem of those who are viewed as "living of the dole", becomes moot as there won't be any dole.

Sorry, but it is pay some now or pay a whole lot later. I hope that I am so wrong and what I expect to happen is way off. Oh, it isn't just the Democratic Party that is responsible for this. It was also the irresponsible fiscal management under the prior Republican administration that allowed the mortgage industry to write loans that created an artificial housing boom and then the banks that wrapped up these "magic" mortgages as investments. This created the magic stock market increase, and what we saw starting in 2006. was a correction in overly inflated housing values, and bad investments. We created something out of nothing and then all acted surprised when it went "poof". Add in the cost of a war on two fronts and you have the making of a perfect storm. Mix in current fiscal policy and now you have the makings of a perfect disaster.

So, become as liquid as possible, get to a point where there is some self-sufficiency, have something for barter or trade and hunker down!!!

 

[anthony]

I couldn't agree more, that Government spending is rife and needs to be seriously cut back.

Rumors, not a country comparison for economics, more a global statement that all countries are suffering. It isn't just the US in this, hence my statements about a global economy. One does something, everyone else feels it.

I did laugh the other day when Gillard was making a good call, in cutting some spending to our Defence budget, and Clinton got all objective and started dictating that we shouldn't be cutting Defence in order to get our budget back in the black. Ah... hello American politics... Defence is exactly a good spot to reduce and tighten in tough times. Everyone is pulling out of the stupidity that is Afghanistan, and it has crumpled America and other countries already. Defence is exactly what should be cut in tough times IMHO... not harshly, but IMHO, Defence should never be more than 5% of a countries budget.

Governments should be putting all monies possible internally, reducing all purchases off-shore to get their own economies stimulated quickly, then off-shore again in a progressive manner that has a direct relationship that is also coming into the country as a result of off-shore spending. I think all our Governments need to cut heavily and get focused internally on industries.

I think Obama bailing out the auto industry was a good call, as that has a massive jobs investment internally, just as any manufacturing does in a country. People can think about just that factory if they're blind, but the snowball effect to distributors, car sales, parts and auto stores, then smashes an entire industry. Stimulate it and invest within it, suddenly you have a strong internal industry. Maybe countries need to be restricting imports so that internally consumers are forced towards country manufacturing first and foremost.

I know imports are affecting this country heavily. Mitsubishi and Ford are struggling here... both possibly closing down in the coming years. All due to foreign imported cheap cars. Japan and China is where the money is ending up. Don't get me wrong, again... global economy, but I think all countries should have some limits imposed on imports when it affects an entire industry internally.

 

[reallydown]

The US elections are a joke. Glad it was Obama, rather than Romney and no, Libertarianism is not the answer, for any politically educated person, who actually cares about something/someone other than him/herself. See the post-election interview Tavis Smiley and Cornell West did with Amy Goodman on Democracy Now...They are on the right track. My two cents.

 

[Rumors]

http://taxfoundation.org/article/fiscal-cliff-primer

Anthony,
Go read this article about the taxes that are coming up and what Bush tax cuts expire. If you look, Bush tax cuts helped the lowest income bracket by slashing taxes by 5%. Obama promised to not raise taxes on the lowest income bracket but also promised NOT to extend Bush era tax cuts which will raise taxes for the lowest income bracket THE MOST!! 5%. Currently, under the Obama tax plan, there is no remedy to reduce those back to 10% instead of the 15% starting in 2013. This will be the single highest increase in any tax bracket!!! The very one he said that he would "protect." His ability to allow Bush tax cuts expire will be his excuse when the American people feel screwed. Instead of telling people upfront they face a 5% tax increase, he played it up that the rich were the ones who ultimately benefitted from Bush tax cuts when in fact, the lowest income bracket benefitted the most. More crap from DC. He deserves a second term about as much as me!

 

[Rumors]

[DLMURL]http://www.youtube.com/embed/rEM4NKXK-iA[/DLMURL]

Here is a little more to help you understand where the American people are coming from. Reports out yesterday say that 48% of Americans are poor. By definition, those would include people accepting government subsidy to live. If you watch the entire clip, the cart is beginning to get weighed down and there are more people riding than pushing!

 

[anthony]

Go read this article about the taxes that are coming up and what Bush tax cuts expire. If you look, Bush tax cuts helped the lowest income bracket by slashing taxes by 5%. Obama promised to not raise taxes on the lowest income bracket but also promised NOT to extend Bush era tax cuts which will raise taxes for the lowest income bracket THE MOST!! 5%.

I'm a little confused, because you're saying Obama promised not to raise tax on lowest income, yet in the other you're trying to say that Obama is responsible for what a previous administration has done, yet he openly admitted he will not be renewing a prior administrations policy.

Obama isn't raising tax on lowest income then, is he? That is a prior policy from the Bush administration that is expiring. It has nothing to do with Obama. That was an obvious concession made at that time under Bush, yet openly admitted by Obama that it is not his policy, yet he simply had to suck it up until it expired.

You can't paint a half arsed picture here... come on, equality please! Prior policy is not the responsibility of a current administration to renew or agree with. Never has been, never will be. Legally binding to an expiry date is completely different - than agreeing with and renewing something.

 

[Rumors]

I am not painting a half ass picture. He has said all along that he won't allow taxes to be raised on the lowest income makers. However, he is allowing a 5% increase based on The expiration of Bush tax cuts. He does not propose lowering those taxes back to 10% in anything he has put out there. He claims that he is there to protect the lowest income bracket but they will be hurt the worst by allowing the bush tax cuts to expire without any budget put into place. Why not extend them temporarily until they can pass a budget and decide what they are going to do? Hell, extend it just for the lowest income bracket and leave them at 10%, I don't care but don't claim to be the prophet of the lower/middle class then leave them hanging. IT IS WELL WITHIN HIS POWER TO PROTECT THEM FROM A TAX HIKE DUE TO THE EXPIRATION OF THE BUSH ERA TAX CUTS. So far, he has chosen to paint a picture that the ONLY class that benefitted from the Bush tax cuts were the upper class which is NOT TRUE!