american "super committee"expected to admit defeat.

Mon Nov 21, 2011 4:48 pm » by **Icarus1**

yes folks it seems after 3 months americas most trusted members can only agree that they disagree, so what exactly have these wankers been doing them for those 3 months ( apart from hookers and coke ! ) ? lets read on :bang;

12:31pm UK, Monday November 21, 2011
A "super committee" tasked with coming to grips with the United States' growing debt mountain is expected to admit defeat.

The panel have until Monday night to come up with a solution on how best to slash $1.2trn (£760bn) from America's deficit.
The bipartisan Joint Select Committee on Deficit Reduction has been in discussions for three months.
But it has reportedly failed to strike a deal, with the six Republicans and six Democrats deadlocked over two central issues: taxes and benefit programs.
The failure will mean automatic spending cuts will kick in across the board from January 2013.
TheY will equal what the committee was trying to agree - savings of $1.2trn over 10 years - and would be split equally between defence and domestic programmes.

The National Debt Clock in New York shows the increasing US debt

Analysts estimate that it would mean reducing spending by $54.7bn (£35bn) in each area from 2013 through 2021.
The decision will cement notions of a dysfunctional Washington among voters and investors - and will likely send the global markets into a downward spiral.
US stock index futures opened lower on Sunday as trading began in Asia, with Dow Jones and S&P 500 futures briefly dropping more than 1%.
Congressional leaders set up the committee in a last-minute deal in August to raise te US debt ceiling - soon after Standard & Poor's downgraded the United States' AAA credit rating for the first time.
It was seen by many as the best chance in the short term for the US to get control of a national debt which crossed the $15trn mark last week - and now equals the size of its economy.

President Barack Obama has not taken part in the committee talks

After giving ground on spending cuts in earlier budget battles, Democrats said any deal this time would have to include an equal amount of tax rises, especially on the wealthy.
Republicans moved from their previous 'no new tax' stance but pressed for a fundamental overhaul of health programs.
Investors fear the committee's failure to compromise may hurt President Barack Obama's efforts to extend a temporary payroll tax cut and enhanced jobless benefits.
Economists say withdrawing that stimulus could push the United States back toward recession.
Aides believe Mr Obama will be able to use the committee's failure to paint Republicans as obstructionist as he seeks re-election.

im so glad i dont live there anymore

Mon Nov 21, 2011 5:27 pm » by **Middleman**

icarus1 wrote:Republicans moved from their previous 'no new tax' stance but pressed for a fundamental overhaul of health programs.

Show us a quote from any Republican on the committee (or even not on the committee) saying they'll raise taxes. Everything I've read says that is the sticking point.

Also "fundamental overhaul of health programs" means they want to refight so called Obamacare. That is pure partisan politics, not relevant to the budget discussion.

Mon Nov 21, 2011 6:28 pm » by **Newearthman**

icarus1 wrote:yes folks it seems after 3 months americas most trusted members can only agree that they disagree, so what exactly have these wankers been doing them for those 3 months ( apart from hookers and coke ! ) ? lets read on

im so glad i dont live there anymore

This was all planned to happen this way...We are merly living out a play that has already been written. :help:

Mon Nov 21, 2011 6:48 pm » by **Mydogma**

Its called creative stalling

Mon Nov 21, 2011 7:44 pm » by **Chronicnerd**

I agree that this seems a bit "premeditated".
With the Democratic party wanting to raise taxes before they even think about cutting taxes...with something that will, as almost all of the expert analysts around the world have come to agreement, cause a major global economic blow as well as a major blow to the American economy...

I think it is pretty simple to come to the conclusion they simply don't want any form of resolution.

There has been a general consensus from the Republican party as well as the "Teat Party" elected members that the *first* task at hand is to show the American people they mean business and they are going to cut "unnecessary" expenses. While a $16 muffin or $100 hammer might seem like "little fish", there are energy programs still funding companies *known* to be almost in a state of bankruptcy, Fannie and Freddie are getting close to needing *more money*, and of course we have GE who skipped out on 1+ billion in taxes this past year (with so many more issues that need *immediate* attention).

While "raising taxes" on the 1% seems to be the blocking thread...what will it do to help the economy this next year?

It takes 1 year for the U.S. government to collect their full amount, meaning there is 1 year of latency before they will see a dime.

In 2008 the Federal government collected: $1,080,000,000,000 in income taxes..and 2.5 trillion overall.

That is $2.5 *trillion* dollars... of this amount only around 1 Trillion is collected in personal income, which is what they are calling the "1%". So, this is *half* of what they collect in total from individuals, and the remaining being corporate taxes...

Meaning...if they raised the amount they collected from the top 5%, which pay around
60% of everything.

http://www.cleveland.com/pdgraphics/index.ssf/2010/10/wealthiest_americans_by_bulk_o.html

According to the IRS, they collected $2.3 trillion in 2010, but of that $2.3 Trillion they had around $384 billion they had to return...so we can call it a close $2 Trillion in "tax revenue" towards the federal government.
Source:http://www.irs.gov/newsroom/article/0,,id=237393,00.html
However, the IRS spends $0.53 cents per $100 collected...as in it takes them 53 cents to collect $100.

Which means the IRS *spent* $12,190,000.00 to just collect the money...this doesn't account for all of the rest of their expenses...just the *processing* of the money being collected.

However...they are talking about the top 1%... so let's dig a bit further on what the "Democratic" party are willing to sacrifice the *World's Economy* for...

Source: http://taxprof.typepad.com/taxprof_blog/2007/10/top-1-pay-more-.html
The above link, from a Tax Law professor of Cincinnati college, outlines that the top 1% paid about 39.4% of all federal taxes collected.

In 2010 they Fed collected about $2Trillion in total...so that means that the top 1% paid $788,000,000,000.00 in taxes for 2010!

So, let's just raise that a bit shall we? Let's raise that to something like...oh...heck...let's be fun with this...let's raise it by say10% more... so instead of the top 1% paying 39.4% they will pay 49.4%, which is about 50% of the *ENTIRE AMOUNT COLLECTED BY THE FED*

Which would be... a difference of...them paying $988,000,000,000.00 (if we estimate they would collect around the same they collected in 2010 for 2012 since the new tax law can't go into effect until 2012).

This is around $200 billion more in taxes per yer.

This would increase the amount of money the federal government collects...by 200 billion... which let's see what kind of *real* dent that would make:

The numbers above are "guesstimated"...because... *surprise surprise* the Obama administration *HASN'T EVEN ESTIMATED THE FEDERAL BUDGET FOR 2012*!!!!

Meaning... they *HAVE NO CLUE* what they would spend that "Extra" $200Billion on...
Source:http://www.federalbudget.com/chartinfo.html

So, based on the 2011 Social Security alone... being that it costs the federal government a mere 800 BILLION in Social Security... and 900 BILLION in Health... and...OH WOW... 550 BILLION to keep Treasury Department floating...which the majority of that is *INTEREST BEING PAID ON EXISTING DEBT*....

So... where are they going to *spend* that extra 200 Billion? Social Security? HealthCare? Or perhaps throw some of it at paying off the interest rate for the *ALREADY EXISTING DEBT*?

1.) Obama administration and fellow Democrats have no known plan for their budget in 2012
2.) By raising the *TOTAL* Amount collected from the 1% by 10% (more than they are talking about right now), which would mean the 1% would be paying for ~50% of EVERYTHING the federal government collects...they would increase their annual tax revenues by... 200 Billion... which is a DROP IN THE BUCKET...
3.) The Democratic party is stalling federal spending reform because they are *claiming* the top 1% aren't paying their fair share... when in reality... even if they raised it by 10% so the top 1% paid for HALF of EVERY DIME they collected from 2012 forward...it STILL WOULDN'T FIX THE PROBLEM!

The Republicans and Tea Party elected representatives are sticking to the underlying issue which is we need to cut federal spending... we need to reform Social Security...we need to hack and slash the Treasury Department...and we need to quit mobilizing more troops and getting involved in more wars that aren't any of our business...Obama has mobilized more troops and continued funding additional, and expensive, operations...such as the drones...which run 10's of millions of dollars per drone...

Obama has added $7 Trillion dollars in debt... and by the end of 2012, unless he adds more, he will have accrued more debt than all 43 Presidents *COMBINED*...
Source: http://politicons.net/fact-by-end-of-2012-obama-will-have-added-as-much-debt-as-all-the-prior-43-presidents-combined/

So... yes... the Democrats are truly stalling any reasonable "reform" on government spending by stalling for that extra 200 billion... while it is a large amount of money...this number is *MORE* than they are talking about raising the taxes for the top 1%... but...even *if* they raised it to where the top 1% were paying 50% of ALL FEDERAL TAXES COLLECTED... it *STILL* would not *FIX* the problem...

The Federal Government is SPENDING TOO MUCH MONEY and they are doing it in a very irresponsible manner...otherwise they wouldn't pay for $16 muffins...or $10M drones... or *bail out* companies that they are now finding out THEY KNOW and/or KNEW the companies they were bailing out were *ALREADY FAILING*...and not because of the economy...but because they are being run by crooks...

So... yeah... this whole charade of blame that it is not "their fault" and the Republicans/Tea Party elected members are being "Greedy"... it is HOT AIR...

If I didn't know any better... it would seem they *want* an economic collapse... how can they know how much they need to raise taxes by if they don't have a budget plan? How can they even *discuss* raising taxes and dig their heels in without *knowing* what they are going to spend it on?

It is complete insanity...
:hell:

Mon Nov 21, 2011 8:25 pm » by **Slamgunshark**

of course they want the economy to collapse.

these bankers and corporatist, don't need a country to live in, they only need the money that is supplied to them.

they can pack up and move to a different country if their needs aren't met, and at the same time get cheaper labor for it.

they only pay the politicians enough to do their work for them, and when the time comes for actual change, this very event is exactly what happens, because the elected officials only fight hard enough to collect their money from the lobbyist.

They only pretend, they only fight until their services have been rendered.

this is not only a fight against wallstreet, bankers, and politicians. This is a fight against greed itself.

everyone is fighting for scraps, change, a grain of rice. Until the shit hits the fan and they pack themselves up, take what they made and FUCK EVERYONE ELSE!

it's the way the world works, and it won't change until everyone becomes aware of the present state, the facts behind them, and the reasons why greed needs to be stamped out.

I certainly don't live past my means, and I think everyone can take a lesson in modesty, and integrity of working HARD and Honestly for what you do in life.

not lie and cheat your way through it.

Tue Nov 22, 2011 3:27 am » by **Newearthman**

Politicians these days give new meaning to the definition of incompetence...Could they all really be this stupid?

Tue Nov 22, 2011 3:44 am » by **Taintedsample**

Best thing that could happen imo.

So sick of these secret backdoor clandestine budget dealings. over golf or some beer.

Do it on the floor. in front of america. as it is supposed to be done. *zing!*

I for one prefer to be face to face when I'm getting fucked...