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To: CharlesWayneCT
but I’d rather have the cuts than have a tax increase on “the rich”.

Ha. Completely understand that.

I don't want to see any more taxes. Even the payroll tax increase on Social Security is already slowing down the economy. The decrease in defense spending by 22.1% last quarter help put the nation's economic growth into the 0.1% negative territory.

What the nation must do is reform entitlements.

The problem is, there are millions upon millions of citizens who get them (both earned like Social Security and unearned like Food Stams). Everyone who gets entitlements wants them to continue, and does not want them cut.

So....here we are. In a very bad place.

19 posted on 02/13/2013 8:03:55 PM PST by SkyPilot
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To: SkyPilot

Cutting entitlements will also “slow down the economy”. The federal government has been adding a trillion a year to the economy by borrowing the money. It’s just a macro version of the problem when a family keeps using their credit card.

One day, they are maxed out, and realize they have already spent all the money they are going to make next year — and maybe even the year after that. Coming to terms with the idea that you have to work 2 years without spending a dime before you can even break even is a harsh reality.

But the only way out is to stop spending. And when you do, now your “economy” has shut down. You aren’t spending, so the stores you buy from aren’t able to employ people, and they lose their jobs, and they can’t spend, and it’s a hard thing.

But not as hard as trying to keep going until you are 3 years in debt.

We’ll survive the sequester. It’s not the right way to cut spending, but it’s better than not cutting spending.


22 posted on 02/13/2013 9:12:31 PM PST by CharlesWayneCT
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