Fed to buy long-term U.S. government debt

[911fever]

Originally posted by Antonito


Well, it sounds crazy how much of a percentage they pay until you look at how much they have. Actually it's pretty much right in line. The top 1% pay 40%, but they also control 40% of the nations wealth.

And taxes aren't going to rise 60% because of the money being spent. It's not a direct relationship between the yearly budget and the yearly taxes. The national debt went up nearly 5 trillion dollars this decade and the tax rates didn't increase one bit.

So while this all spells trouble down the line, your math is pretty wrong.

taxes will rise to 60%.
this is Obama's plan!
and its not my math, its Scott Grannis's math. He "was Chief Economist from 1979-2007 at Western Asset Management (Wamco), a Pasadena-based, global manager of fixed-income portfolios for institutional clients."

[Antonito]

Originally posted by 911fever


taxes will rise to 60%.
this is Obama's plan!
and its not my math, its Scott Grannis's math. He "was Chief Economist from 1979-2007 at Western Asset Management (Wamco), a Pasadena-based, global manager of fixed-income portfolios for institutional clients."

I have yet to see Obama plan to increase taxes by 60%. Source?

[911fever]

Originally posted by Antonito


I have yet to see Obama plan to increase taxes by 60%. Source?

http://www.iht.com/articles/2009/02/...rica/prexy.php
He's going to raise taxes. I was referring more to this, by former Clinton personal advisor, Dick Morris on taxes. Very interesting, I encourage you to watch from the 3:50 mark if nothing else.


My main point though:
WASHINGTON – President Barack Obama's budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush's presidency, congressional auditors said Friday.

The new Congressional Budget Office figures offered a far more dire outlook for Obama's budget than the new administration predicted just last month — a deficit $2.3 trillion worse. It's a prospect even the president's own budget director called unsustainable

[benyl]

Dude, stop using Fox news as a reference. You may as well read the national enquirer.

[911fever]

Originally posted by benyl
Dude, stop using Fox news as a reference. You may as well read the national enquirer.

that's pretty biased.
It's Dick Morris, he was a Democrat, giving his opinion. I could quote him on msnbc saying the same thing.. and that's just as biased as fox. It's the message he's saying that I'm trying to get across. Don't let the 'news station' turn you off.