Republicans - roll back revenue and spend anyway

[wordsmythe]

Treasury says it will borrow $32 billion - Yahoo! News

By MARTIN CRUTSINGER, AP Economics Writer
2 hours, 1 minute ago

WASHINGTON - The government will raise $32 billion next week as part of a total of $63 billion in borrowing planned for the final three months of this year, the Treasury Department announced Wednesday.

The government said next week's borrowing, known as a quarterly refunding, would consist of $19 billion in three-year notes auctioned on Nov. 1 and $13 billion in 10-year notes auctioned on Nov. 2.

The rest of the borrowing needs for the quarter will be accomplished through other debt auctions including the regular weekly auction of three-month and six-month bills.

The $63 billion in borrowing planned for this quarter was $41 billion lower than an estimate made in July. The government attributed the improvement in part to an unexpected flood of tax revenues in recent months.

However, the improvement is expected to be temporary. Treasury is projecting that the government will need to borrow a record $175 billion in the first three months of 2007 as the federal budget deficit resumes an upward climb.

The government is required to borrow billions of dollars each week to finance the shortfall between tax collections and spending. Part of that money goes to pay the interest on the national debt, which now stands at $8.48 trillion.

The deficit for the just-completed 2006 budget year dropped to a four-year low of $247.7 billion as both revenues and spending climbed to all-time highs.

President Bush gave credit for the improvement to his first-term tax cuts, which helped to get the country out of a recession.

But Democrats charged that Bush's tax cuts wiped out huge projected surpluses and have left the country in worse shape financially as the government prepares for the retirement of 78 million baby boomers.

[Army_of_One]

Originally Posted by wordsmythe

[url=http://news.yahoo.com/s/ap/20061101/ap_on_bi_go_ec_fi/treasury_borrowing] projected surpluses

What is a projected surplus? Does that mean the gov't overtaxed people? If it takes x amount to run the gov't and they take in x+any amount...that means they should give it back...IE tax reduction or whatever. There were surpluses under Klinton because he robbed the rich AND middle class and gave to the poor....but his taxes also sent the economy into a recession that took the Bush tax cuts out. Our Gov't is borrowing BUT the economy is moving ahead and strong. Sometimes you have to do that to keep the economy going. You can spin it any way you want it. There will always be gov't debt.....Plus if we weren't financing a war at billions of dollars a year then there MIGHT be a little less debt but sometimes you gotta do what you gotta do. But you know what Wordy...if the Dems win and they roll back the Bush tax cuts (raise taxes) then maybe we can go back to the big surpluses and head for a recession. Then will you be happy? I wanna ask you this also. Since you are so against the tax cuts that you got...do you give extra money to the gov't each month to help out with your guilt?

[wordsmythe]

Originally Posted by Army_of_One

Since you are so against the tax cuts that you got...do you give extra money to the gov't each month to help out with your guilt?

I haven't seen one extra dime in my paycheck so I don't have that to worry about.

The revenue reductions you refer to seem to have gone to the big businesses and that already rich who are now fighting like hell to keep them so they can remove the middle class and make it us and them.

They take the money then they take the jobs and move them over seas. And THEN They tell the unemployed to quit bitching and get a job. Well the job they had is now being done by Jose or Hadji and the only thing left to do is ask people if they'd like fries with that at their day job then switch to Welcome to Wal-Mart for their night job. Just to TRY to pay the bills and live.

Then the kids they were able to provide comfortably for a few years ago start to resent not having that parental input they need and get in trouble in school.

They start not doing well in school so the scored go down. Well the scores go down and the teachers and the admin go nuts worrying about the funding the current government is doing it's best to leach away from them to give to private schools of "Faith Based" programs so they punish the kid by taking away recess and making lunch only 15 min so they can get to extra tutoring.

IN 15 min they suck down all the food they can but can't work off any of the calories or the extra energy because they don't have recess anymore.

So now you have fat angry kids who'd being told they're too dumb and the parents are barely making it anyway because the repukes have taken the money, the jobs, the schools and have run up the deficit to a HUGE amount that these very kids will have to work at 3 jobs to pay it off and barely make a living.

But if I do hear of anyone I know personally making more money I'll let you know.

[Army_of_One]

Originally Posted by wordsmythe

I haven't seen one extra dime in my paycheck so I don't have that to worry about. Do you invest in the stock market or mutuals Wordy? The capital gains taxes have decreased.

The revenue reductions you refer to seem to have gone to the big businesses and that already rich who are now fighting like hell to keep them so they can remove the middle class and make it us and them.

Reducing the Marriage Penalty

President Bush’s tax relief plan will greatly reduce the marriage penalty by restoring the deduction for two-earner families. This will allow the lower-earning spouse to deduct 10 percent - up to $3,000 - of the first $30,000 of income. The marriage penalty will be further mitigated by lowering marginal tax rates, which will reduce the portion of the marriage penalty that is derived from a steep rate structure. Are you married Wordy? This is a tax cut for you...as far as I know you and your other 1/2 are not big business but I could be wrong...

If you made 65,000 - 136,000 a year (I assume you made at least that being the Wordster that you are) you paid a tax rate of 31% under the Klinton Regime....Under Bush you pay a 25% rate on that same income for a 6% tax savings (for those numerically challenged souls). Again...unless you and your wife are big business that sounds like you are paying less taxes...I dunno...scratching my head on this one...

[wordsmythe]

I'd love to se 65k a year.

[Army_of_One]

Originally Posted by wordsmythe

I'd love to se 65k a year.

Not wanting to discuss your personal finances but you and your wife surely make that much combined yearly. BUT there is great news if you don't, you still got a tax cut!!

[wordsmythe]

Originally Posted by Army_of_One

Not wanting to discuss your personal finances but you and your wife surely make that much combined yearly. BUT there is great news if you don't, you still got a tax cut!!

Even if it wsa true 50 bucks a year isn't much when you look at the deficit the spenders have run up for that fiddy bucks.

[Army_of_One]

Originally Posted by wordsmythe

.

then they take the jobs and move them over seas. And THEN They tell the unemployed to quit bitching and get a job.

Since so many jobs have moved overseas Wordster you would THINK the unemployment rate in this country would be double digit...but it's not. Maybe because we outsource jobs at lower wages so we can buy things cheaper. A lot of the jobs that are outsourced are jobs that are reletively unskilled. A call center, a blue jean factory, a shoe factory etc. Americans think they should get 20 bucks an hour to sew shoes...it's unskilled labor so it gets outsourced. It's just like people bitching about the illegals taking our jobs....(I'm not down with illegal immigration just making a point)...WHO"S jobs are they taking at 10.00 and hour to rip carcasses off of cattle? Not mine? How about yours Wordy? Nope, didn't think so....Would you do that job for 10 bucks an hour? Probably not......we outsourced the work to the Mexicans..we just brought the plant and the Mexicans here...LOL. Our unemployment rate is low Wordy....very low.....There is virtually no unemployment in the U.S. of the 4.7% about 1/2 of those don't want to work and other half don't want to work...lol. They would rather go through the motions of finding a job and then collect a check...Liberalism at is finiest moment! Open the help wanted ads Wordster. There are more jobs out there than can be filled for ...people with a skill.....and even some for those without a skill.

[wordsmythe]

The only thing keeping unemployment numbers low is the fact that when you can no longer collect unemployment they stop counting you.

What about the underemployed? You know the people who but their asses at those 2 jobs because they can't get a job they were trained in after the jobs were moved over seas?

Your big business bias is pretty hypocritical when you tell people they should pick themselves up and earn a living and they try to do so by demanding a decent wage.

Well it's not a wage the big business wants to pay becasue they have all those millionaires to support. Rather than pay Americans who want to work what they think the job is worth they'd rather move those jobs somewhere else and kill the middle class for their own profit.

THAT is spitting in the face of America.

[Army_of_One]

Originally Posted by wordsmythe

The only thing keeping unemployment numbers low is the fact that when you can no longer collect unemployment they stop counting you.

What about the underemployed? You know the people who but their asses at those 2 jobs because they can't get a job they were trained in after the jobs were moved over seas?

Your big business bias is pretty hypocritical when you tell people they should pick themselves up and earn a living and they try to do so by demanding a decent wage.

Well it's not a wage the big business wants to pay becasue they have all those millionaires to support. Rather than pay Americans who want to work what they think the job is worth they'd rather move those jobs somewhere else and kill the middle class for their own profit.

THAT is spitting in the face of America.

The harsh reality is Wordy...and here's a news flash for you. Business is IN business to make money. It's about profit...period. What is a decent wage for someone ripping beef carcasses off the bones? The employee doesn't get to set their wage as what they are worth. The market drives that..supply and demand. Hell, if I worked at Walmart I could THINK I was worth $15 an hour but in reality it's a $6.50 an hour job based on the market. There are many other factors but if you have a job that is in demand you will make more. Everyone would like to make $70.00 an hour but the fact is not everyone has a $70.00 an hour skill. Think about what you are saying.