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Dark Wizard

1.2 Trillion and Counting

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1.2 trillion dollars is what the Super Committee needed to cut in spending for the United States budget. They could not. Making the 4 republicans and the 4 democrats the Super Fail Committee. Who's fault was it? How would you resolve the Debt Crisis? What would your first cuts be?

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Personally, if this were MY debt crisis would tell the government cut back on their penance for Armani and settle for GAP. And everyone knows it's Bush's fault anyways, so why ask? It's either him or that half-white guy we have in office now :P

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I wonder sometimes where all America's money goes.

Comparing it to the UK:

 

The tax rate is similar

Spending on the military is a similar proportion of the tax income

There is less spending on welfare etc

 

So what happens to the remainder?

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So what happens to the remainder?

We have more government mistresses in America.

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Good point. Over here our politicians tend to boink each other... saves a lot of money that way

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Do away with the pork, lobbyists, and special interests. Reform the tax code.

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I think the effective tax rate most Americans pay is probably lower than that of Western Europe. Corporate tax in America is effectively pretty low, federal income tax is reasonable for most and capital gains tax is really low. I don't think the US takes in too much money in taxes and its unlikely that taxes are going to rise in any significant manner.

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1.2 trillion cut? How much is the budget then?

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who knows but that was indeed the number they needed to reach...and they failed epically.

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I know foreign debt is at 10.9 trillion euros ($14 trillion) but it aint so bad in the scheme of things. Borrowing is cheap.

A few less wars praps?

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I know foreign debt is at 10.9 trillion euros ($14 trillion) but it aint so bad in the scheme of things. Borrowing is cheap.

A few less wars praps?

 

Or keep a proper warchest? ;)

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very true. It would help if the US got some taxable payoffs after these jaunts.

Not playing "empire" right at the moment.

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Our "cuts" are like a small family buying a brand new Mercedes instead of the Ferrari they wanted when should of just stayed with the reliable old Honda in the yard.

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I just felt like I should point out that American Government cuts aren't immediate. What they are doing is cutting future budgets. The "current budget" will not be diminished. They are just preventing future increases. (Current budget is somewhere like 13 trillion dollars.)

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