15-01-2008, 13:47 | #11 | |
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Quote:
Some NY banker hotshot had the following example (note that this is not my version of the truth in any way): 7 asians and 1 american are stranded on an island. Each are assigned different tasks, like gathering food, fishing, wood et cetera. The american is assigned the task of eating. At the end of each day, the american eats a copious meal, and leaves just enough for the others so that they can perform their tasks again the following day. So, the americans say (his words, not mine): see, Asia needs us to keep their economy going! Nice story. The overall message of the show is that there might be some insecurity about how the downfall will affect Europe, but the general thought is that everyone will be better off besides the US. Somehow it makes sense, it's their debt not ours. Ynnek: sure, there might be higher debts (Zimbabwe), but not from economies of this size. The Euro Zone has to keep it's deficit below 40%.
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15-01-2008, 15:31 | #12 |
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Here's an interesting graph showing the historical presidential trends of the debt of the US Goverment as a percentage of GDP:
Normally, it can be stated that the debt increases during a recession and decreases during recovery, regardless of tax policy. Therefore, don't expect a magic bullet from either party. However, as seen from the chart, recent Republican presidents have increased the debt substantially. With only 1 recent Democratic president, it's hard to predict a trend for that party as both Clinton and Gingrich (Rep House Member) were instrumental in getting the budget under control in the '90's. |
16-01-2008, 01:01 | #13 |
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I am shocked GWBUSH isn't higher...I guess the GDP increased in proportion to the debt. OF course any drop in GDP while we increase the debt will result in a big jump.
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16-01-2008, 04:36 | #14 |
Nebuchadnezzar II
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The US is printing lots and lots of cash (which counts towards GDP ) and that is the reason while it is not that high if plotted as a fraction.
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16-01-2008, 15:28 | #15 | |
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Well, it's getting more media attention now. One of our serious newspapers has the following headline today: "US banks begging Asia for help". Yesterday Citigroup published their numbers, that showed a 10 billion deficit over the last year. That hole has to be filled, and apparently the bank is selling bonds with 7 to 11% interest...
And Rudy Giuliani presents his tax plan: Quote:
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16-01-2008, 16:19 | #16 |
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That must be the arithmetical average, not the standard income.
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16-01-2008, 16:43 | #17 |
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also depends on location. $70k here is comfortable living but that same salary in NYC would have you living on the streets.
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16-01-2008, 17:42 | #18 |
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That is a family income, not per person.
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17-01-2008, 03:58 | #19 |
King
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80K where I used to live puts you in the top 1% for that region...
Here not so much.... |
17-01-2008, 04:17 | #20 |
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I'd love to see how he came up with $3000.
A typical middle income family of 4 making 80K probably has a mortgage on a house, contributes to a 401k, has health insurance payments deducted from the paycheck, and already has a $2000 credit for the 2 kids. I can see that thier adjusted income after all that would be easily under $61k, which puts them into the 15% tax bracket right now. |