Tax Cut? You're Soaking In It!

May 28, 2003 7:10 PM

Quick, Hide The Body!"...But the Bush administration chose to keep the findings out of the annual budget report for fiscal year 2004, published in February, as the White House campaigned for a tax-cut package that critics claim will expand future deficits. The study asserts that sharp tax increases, massive spending cuts or a painful mix of both are unavoidable if the US is to meet benefit promises to future generations. It estimates that closing the gap would require the equivalent of an immediate and permanent 66 per cent across-the-board income tax increase."
posted by owillis (18 comments total)

Alan Greenspan bemoans the "deafening silence" around this issue.

I predict that this Greenspanism will meet with "deafening silence" in tomorrow's media. The media which so recently hung on every honey-dripped word from Greenspan's tongue. In this case, however, the reality is just too unpleasant to print. "All the news that's fit to print," indeed.
posted by kozad at 7:30 PM on May 28, 2003

Greenspan, Buffett, who are these morons and what the hell do they know about "money" or "economy"? Damn liberals and their common sense.
posted by CrazyJub at 7:33 PM on May 28, 2003

I wish the Democrats would run on a "fiscal responsibility" platform. The Republican Party is no longer the party of fiscal conservatism, and I think the American people could be made to see this. It's time to start throwing around the insult "borrow and spend Republican".
posted by mr_roboto at 7:48 PM on May 28, 2003

Stating the Obvious
posted by homunculus at 7:51 PM on May 28, 2003

Does anyone under 35 think Social Security will be there for them?
posted by NortonDC at 8:48 PM on May 28, 2003

They better not take away my tax cut. Shit, they should cut all that ridiculous spending on poor people. Why should my tax money go to floating some unemployed asshole who's too frigging lazy to work. Or some welfare-riddled crack monkey who's got six kids cause he was too stupid to use a rubber?

To hell with all of em.
posted by dogmatic at 8:52 PM on May 28, 2003

I think of my Social Security withholding as charity, pure and simple. As best as I can tell, the odds are slim-to-none that Social Security will exist in 38 years, when I'll be eligible. At this rate, I'm not sure that the Treasury will exist in 38 years.
posted by waldo at 8:57 PM on May 28, 2003

I see it as a simple problem. Demographics. If you have a one non-productive individual for each dozen working people, no problem. If you have a dozen non-productive individuals for each working person, you have a problem.

And it doesn't matter who runs the government.

One working person, even with a good job, cannot support a dozen. Personally, if he pays *no* taxes; *or*, via the government, if he pays *100%* taxes.

The bottom line is that, unless *they* have saved up for their own retirement, or continue working, *nobody* is going to pay for them. And sure, they may *try* to vote themselves the treasury, but that will just cause Carter-like inflation.

And this means all the goodies will be pay-as-you-go.

And it's not really "unfair", it's just a fact. And one that will solve itself, given time. For the demographics will correct themselves. Even if the country goes into deep debt to pay for the no longer productive, it will renege on the debt, most likely through inflation, again.

The ones who will suffer the most will be those with high expectations who never planned for the future. But the real solution will be just providing for people on a day-to-day basis, without fretting about having some "grand solution" that will solve all problems in the future. In *this* way, just muddling through things, *most* people will get adequate support, over time. Only those that demand too much will get shorted.
posted by kablam at 8:59 PM on May 28, 2003

They better not take away my tax cut. Shit, they should cut all that ridiculous spending on poor people. Why should my tax money go to floating some unemployed asshole who's too frigging lazy to work. Or some welfare-riddled crack monkey who's got six kids cause he was too stupid to use a rubber?

You know what the worst part is? I can't tekk if it's a joke.
posted by Yelling At Nothing at 9:04 PM on May 28, 2003

I can't tell if it's a joke, either.
posted by Yelling At Nothing at 9:04 PM on May 28, 2003

So I suppose it would be inappropriate to gloat about my upcoming fully-funded tax cut?
posted by dg at 9:09 PM on May 28, 2003

I'm thinking I'm going to save as much money as I can and when it's time to retire, the wife and I will move out of the country to someplace where our money can go farther.

That is, assuming that the American $$ will be worth anything 29 years from now.

[sigh] I used to love this country so much. Now, I just can't help but think that this country in on the road to ruin.
posted by lasthrsman at 9:30 PM on May 28, 2003

Yep, Dubya is doing for the Federal budget what he did for the Texas budget. Of course, he'll be gone before people finally wake up and realize how criminally irresponsible he was.

When I marvel at how people swallow the preposterous conservative arguments for tax cuts with complete disregard for the consequences, I'm reminded of one of my favorite lines from the musical "1776": "Don't forget that most men with nothing would rather protect the possibility of becoming rich than face the reality of being poor."
posted by pmurray63 at 9:31 PM on May 28, 2003

I think of my Social Security withholding as charity, pure and simple. As best as I can tell, the odds are slim-to-none that Social Security will exist in 38 years, when I'll be eligible. At this rate, I'm not sure that the Treasury will exist in 38 years.

The Social Security trust fund will be able to meet all its obligations for the next 43 years with no changes whatsoever. Social Security has never, in its entire history, been as financially sound as it is right now. When push comes to shove, Congress will do what its done every other time Social Security has had a "crisis": raise taxes and/or cut benefits (most likely the former). The only reason there's a "crisis" now is that the right has framed the issue in such a way that makes the idea of a tax increase unthinkable.
posted by electro at 11:19 PM on May 28, 2003

Don't waste your time, electro. If they're too stupid and uninformed to know the truth or understanding how these things work, why go out of your way help these ignorant freeloaders avoid the government they so richly have coming to them?
posted by hincandenza at 12:48 AM on May 29, 2003

Owillis, surely you don't believe the current cabal would EVER do anything underhanded, sneaky, dirty, rotten, or deceitful, do you? [/satire]

What it is all about was expressed by Grover Norquist when he said he wants to reduce the size of the federal government until he could drown it in the bathtub. Yes, that Grover Norquist, the King of "conservative"..ahem.."think tanks."

Why do these neocons hate our country so much they would destroy it for simply advancing their ideology? Have they ever considered they just might be wrong?
posted by nofundy at 6:18 AM on May 29, 2003

Why do these neocons hate our country so much they would destroy it for simply advancing their ideology? Have they ever considered they just might be wrong?

I don't think they hate our country. And most people never do anything they think is wrong. Do you really think Bush wants any of the potentially ruinous outcomes of "starving the beast"? He really believes this stuff. And I don't understand why, but he's pretty damn persuasive to a lot of people.

I'm with lasthrsman, hoping the $ is worth something when I retire.
posted by hari at 7:06 AM on May 29, 2003

I'm not hoping. I look at Social Security deductions as just another tax - I'm not counting on it being there. I've set up my retirement funds privately, and they're not handled by either the government or the company for which I work.

Either option is stupid; either group can decide to use your hard-earned retirement money for their own needs, screwing you in the process.
posted by FormlessOne at 8:21 AM on May 29, 2003