US Economy: It Could Be Worse, Just Look Abroad

[loco]

The top 1% received the bailout.   The working class did not.  For the mass of people, there is no recovery.  Instead we get austerity.  Had we engaged in higher deficit spending instead of austerity, we would have been much better off.  U.S. Economic policy since the collapse of Lehman has been an astonishing and horrifying failure.

Well, the 1% have bailed out the US economy in the past.  It's only fair the 99% gave something back for a change.

"The Panic of 1907 was a financial crisis that almost crippled the American economy. Major New York banks were on the verge of bankruptcy and there was no mechanism to rescue them, until Morgan stepped in to help resolve the crisis.[11][12] Treasury Secretary George B. Cortelyou earmarked $35 million of federal money to quell the storm but had no easy way to use it. Morgan now took personal charge. Meeting with the nation's leading financiers in his New York mansion, he forced them to devise a plan to meet the crisis. James Stillman, president of the National City Bank, also played a central role. Morgan organized a team of bank and trust executives which redirected money between banks, secured further international lines of credit, and bought up the plummeting stocks of healthy corporations.[1]"
http://en.wikipedia.org/wiki/J._P._Morgan#Panic_of_1907

[loco]

1. 46 million on food stamps
2. Lowest labor participation rate since 1977
3. Over $18 Trillion in debt
4. 50% of the American population on some form of social assistance
5. Increasing number of countries dropping the dollar for international trade

What a recovery!

Who said anything about a recovery?

"China is slowing as it transitions from investment to consumption, Japan has slid into a recession, Russia appears headed for one, and Europe is barely growing."

"Meanwhile, even with a slowing fourth quarter, the US economy is still expected to grow 3.1% in 2015"

http://sparkline.motifinvesting.com/economy-worse

[Archer77]

Well, the 1% have bailed out the US economy in the past.  It's only fair the 99% gave something back for a change.

"The Panic of 1907 was a financial crisis that almost crippled the American economy. Major New York banks were on the verge of bankruptcy and there was no mechanism to rescue them, until Morgan stepped in to help resolve the crisis.[11][12] Treasury Secretary George B. Cortelyou earmarked $35 million of federal money to quell the storm but had no easy way to use it. Morgan now took personal charge. Meeting with the nation's leading financiers in his New York mansion, he forced them to devise a plan to meet the crisis. James Stillman, president of the National City Bank, also played a central role. Morgan organized a team of bank and trust executives which redirected money between banks, secured further international lines of credit, and bought up the plummeting stocks of healthy corporations.[1]"
http://en.wikipedia.org/wiki/J._P._Morgan#Panic_of_1907

Something like 47% of people in the United States don't pay taxes at all.  The percentage of those within that 47% who recieve benefits but don't pay into the system is not inconsiderable. These people didnt bail out anything.   A large majority of people pay minimal taxes.  Their contributions to the bail out are by extension also minimal.  The question is who pays the majority of federal taxes.  When we determine that we know whom bailed out whom.

[loco]

Something like 47% of people in the United States don't pay taxes at all.  The percentage of those within that 47% who recieve benefits but don't pay into the system is not inconsiderable. These people didnt bail out anything.   A large majority of people pay minimal taxes.  Their contributions to the bail out are by extension also minimal.  The question is who pays the majority of federal taxes.  When we determine that we know whom bailed out whom.

I see your point.  It's only fair the 52% gave something back for a change.

Let me guess, the 47% that don't pay taxes while receiving benefits are also the ones who complain the most.

[Archer77]

I see your point.  It's only fair the 52% gave something back for a change.

Let me guess, the 47% that don't pay taxes while receiving benefits are also the ones who complain the most.

They tend to make up the bulk of the occupy participants.   What I'm suggesting is that they look at the issue practically and not be so self-righteous.  I'm not making a comment on whether the bailout was good or bad.  That's another subject.

[loco]

They tend to make up the bulk of the occupy participants.   What I'm suggesting is that they look at the issue practically and not be so self-righteous.  I'm not making a comment on whether the bailout was good or bad.  That's another subject.

That's what I thought.

[loco]

More on USA's 1% bailing out the working class and everyone else in the past:

"In 1895, at the depths of the Panic of 1893, the Federal Treasury was nearly out of gold. President Grover Cleveland accepted Morgan's offer to join with the Rothschilds and supply the U.S. Treasury with 3.5 million ounces of gold[6] to restore the treasury surplus in exchange for a 30-year bond issue."
http://en.wikipedia.org/wiki/J._P._Morgan#Treasury_gold

[2Thick]

Gold won't fill the belly.  Gold only has value in a commerce system.  It's useless in a barter economy or when people are lacking the basics.

Agreed. Food, water, guns & ammo will be what we'll be killing each other over if the shit ever really hits the fan.

I laugh at those who think they will be the new kings because they've hoarded a few ounces of gold and that everyone else will willingly bow down to them and sell themselves to them for a little tiny piece each of a few gold bars. And that those tiny pieces of gold others get in turn for doing whatever for the "kings" will be worth anything to anyone else.

If it ever gets to that point, we're all fucked and all trying to make it through the day with enough food and water and without getting killed.

[The Abdominal Snoman]

Really? You used abigailcfield as your source for this propaganda? I see the left Obama supporting network CBS is also spreading this nonsense. Talk about how to deceive. This propaganda is used for the purpose of supporting Obama's long held believe the taxes should be raised on the rich and that there are enough rich to tax to make a difference. The tax rate actually started at 10% during World War II. People making over 200K were taxed heavily. 200K back then is the equivalent of making 2.2 million dollars today. 200K people paid 88%. The crazy top tax on that chart was for less than .01% of the population.

Today most have state taxes, consumer taxes, fuel taxes, real estate taxes, and just about any possible thing you can think of.


What needs to be done is a flat tax for all incomes with no exemptions or write offs. Say 28% if you make 10K and 28% if you make a billion. The revenue going to Washington would go through the roof while the amount of taxes for many of the middle class would go down. It's just that people are just to stupid to understand this. They come up with idiotic reasons like I can't write off the interest of my house and claim my kids?  People have to see their tax returns now and with the flat tax percentage for them to get it.

On a side note the filthy rich everywhere have legal scams to avoid paying taxes. How many celebrities have charity foundations? Maybe all of them. Do you know why? They donate a lot of their money to their charity then it's tax free. As the head of their charity they can be or appoint an administrator who can draw a salary. Collecting a salary from your own tax free money sounds like a win win. No body watches what percentage of money actually makes it to charity. They can say 75% or more when into administration, advertising, and other costs such as travel expenses promoting it. Another scam is declaring their mansion and the land that it's on as farm property to avoid paying real worth real estate taxes on it. They do crap like have bee farms, horses or some other stuff they sell from their property to meet the very low money quantity to qualify as farm land. I could go on about the money game the wealthy do avoid taxes but that's just two examples.

 There should be a flat tax regardless of income. It will never happen because the rich would go berserk contacting their connections and the stupid would complain about their write off.  Can you imagine the owners and CEO of CBS, NBC, ABC and the rest would have story after story why a flat tax is a bad idea leading the sheep who watch. The real reason is that they couldn't hide their money.

I clearly stated these were the tax rates for the rich...No propaganda at all. These are the rates that the rich had to pay. The fact that there is more rich people today is irrelevant...I agree with you about a flat tax rate.

[mental_masturbator]

Well, the 1% have bailed out the US economy in the past.  It's only fair the 99% gave something back for a change.

The crisis was brought to us courtesy of the top 1%, e.g. reckless speculation, subprime mortgages, etc.  The government had only three options for finding the funds to bail out the banks: 1. Tax the mass of people.  (The government clearly did not do this.), 2.  Print the money.  (Some of this is being done, but this, of course, is tricky business.), 3.  Borrow the money.  Option number three was selected.  Now the question...From whom did the government borrow the money?  Well, the only people/entities capable of lending money in such a dire situation is the top 1%, e.g. the very banks who caused the problem.  So in a way, you're right.  The top bailed out the economy...but only for themselves.  The banks have recovered.  The stock market recovered.  The very top of the income spectrum recovered.  The government has to pay back the money it borrowed.  Austerity is the prescription of the capitalist class for "fixing" this problem.  Make the masses pay the cost of reducing the debt of the government via slashing social programs and goverment spending.  Of course this doesn't work, exhibit A = the country of Greece.  So in effect the mass of people are made to pay the cost of a bailout that they did not get to fix a crisis they didn't cause.  So much for fairness...