Scary, Debt will Equal Or Exceed GDP?

[FrankJAG]

Does anyone know if we have ever in our history outspent or equalled our GDP?
Heard it on a couple of the news channels today; scary thought!
Bad enough the Chinese and Saudi's own all our debt!

[Phrog_gunner]

We routinely outspend our GDP and GNP (thus creating a deficit), especially in wartime years. The problem this year alone we will triple what debt we brought into this year because of the "stimulus" plan. To add on to that problem is the president has promised to HALVE the defecit by the end of his first term which means to keep his promise he has to turn right around and tax the crap out of us.

[jonroe]

Which, of course, won't work because raising taxes severely does NOT increase tax revenue - proven time and time again. It's a sad situation.

[CBT]

Check this out a funny (but sad) explaination of debt. Nothing dirty.

http://unclejayexplains.com/2009/05/17/uncle-jay-explains-may-18-2009/

[Phrog_gunner]

Which, of course, won't work because raising taxes severely does NOT increase tax revenue - proven time and time again. It's a sad situation.

It never works. Just check out the bank accounts of NY and CA. CA has lost over $1 billion in tax revenue because it overtaxed the rich to give the "little guy" an unfair break. They just got up and moved. Over 1 million ppl have moved to NV in the last decade or so. OOPS. On the other hand, TX which has fair taxation policies has created more jobs recently than all of the other states combined.

[O's Fan Rich]

Isn't this political in nature? Be careful!!!!

Just wait until after the mid-term elections next year...... I'm thinking 50-75% inflation....

[LIGHTNIN1]

You're correct about big time inflation. It is on the way.

[juno]

Yes, and this VAT (value added tax) that is being considered is SCARY!!! It could turn us into Europe if we are not careful. 50% or more income going to taxes and a lower standard of living.

[CBT]

My fav is the "View Tax". An assessor stand on your property and looks around. The nicer the view, the more you get taxed. I am not making it up.

[FrankJAG]

You're correct about big time inflation. It is on the way.
It's here already, home loan interest rates are going up, and I know for a fact 700+ beacon score folks with excellent income are getting turned down for car loans from GMAC left and right. Credit got tight again all of a sudden the last couple of days.

[Bluerauder]

My fav is the "View Tax". An assessor stand on your property and looks around. The nicer the view, the more you get taxed. I am not making it up.
Wait 'til the Sex Tax gets passed. They've got a bunch of folks working on the meter and as soon as they figure it out, you'll get taxed based on frequency rates. ;)

Finally, I'll be looking at getting some refunds. :rofl:

[Phrog_gunner]

From the people Ive talked to, hopefully a Canuck can help verify, but the Canadians and the Brits pay around 60% income tax. But its worth it because they get to have gov't healthcare tell them "Sorry, we have already used our budget of cancer drugs/knee replacements/etc for this year, try not to die until the new fiscal year starts and try again."

[O's Fan Rich]

It's here already, home loan interest rates are going up, and I know for a fact 700+ beacon score folks with excellent income are getting turned down for car loans from GMAC left and right. Credit got tight again all of a sudden the last couple of days.

We'll all be wishing for the return of Jimmy Carter when this all hits.

[Phrog_gunner]

We'll all be wishing for the return of Jimmy Carter when this all hits.

Well he sure knows how to cause inflation, too.

[LIGHTNIN1]

Hope Hugo Chavez runs next time.:poke:

[Phrog_gunner]

Hope Hugo Chavez runs next time.:poke:

lol Maybe thats whats causing this, the new prez is taking pages out of the book Chavez gave him.

[jonroe]

We'll all be wishing for the return of Jimmy Carter when this all hits.

Given where we are headed, I can't disagree! Wishing for Jimmy back is really a sad state of affairs.

[guspech750]

Hope Hugo Chavez runs next time.:poke:

I guess I am working for Hugo right now. Hes paying me (in a way)to do some environmental work over at the Citgo oil refinary in Lemont Illinois. Thanks Hugo:flamer:

[CBT]

I guess I am working for Hugo right now. Hes paying me (in a way)to do some environmental work over at the Citgo oil refinary in Lemont Illinois. Thanks Hugo:flamer:
I thought they changed the name to something else :confused:

[Dr Caleb]

From the people Ive talked to, hopefully a Canuck can help verify, but the Canadians and the Brits pay around 60% income tax. But its worth it because they get to have gov't healthcare tell them "Sorry, we have already used our budget of cancer drugs/knee replacements/etc for this year, try not to die until the new fiscal year starts and try again."

The people you talk to are misinformed. My rate is in the 30 - 40% range, including all taxes paid (eg, including sales taxes). We've actually had tax reductions that last few years on both sales and income taxes.

And you can never be denied access to healthcare. Period. Full stop. It's illegal.

Canada pays less per capita than the US on healthcare, and everyone is covered. I recently had a little medical 'episode', and I had a CAT scan THAT day, and an MRI later the next day. Don't let them scare you into making a useless industry redundant. Canada and most of Europe have socialized healthcare, and you'd have better luck removing our right to vote than our healthcare.

Listen to "Jack Bauer" if you don't believe me.

http://archive.ndp.ca/node/4335

[Motorhead350]

Heard it on a couple of the news channels today; scary thought!


Kill Your Television

[FrankJAG]

I did and came here!! :-)

[Motorhead350]

I did and came here!! :-)

You will have a much happier life now. ;)

[Phrog_gunner]

The people you talk to are misinformed. My rate is in the 30 - 40% range, including all taxes paid (eg, including sales taxes). We've actually had tax reductions that last few years on both sales and income taxes.

And you can never be denied access to healthcare. Period. Full stop. It's illegal.

Canada pays less per capita than the US on healthcare, and everyone is covered. I recently had a little medical 'episode', and I had a CAT scan THAT day, and an MRI later the next day. Don't let them scare you into making a useless industry redundant. Canada and most of Europe have socialized healthcare, and you'd have better luck removing our right to vote than our healthcare.

Listen to "Jack Bauer" if you don't believe me.

http://archive.ndp.ca/node/4335

Well Im sure the Canadians I talked to knew how much taxes they were paying. But Im also sure that not everyone pays the same rate so I didnt know if that was the norm, or out of the norm. Im glad you dont have to pay 60%. More of my concern is if EVERYone is covered and its already paid for, and Canadians are STILL crossing the border EVERYday to pay for their own health care when its free in Canada. Some businesses in NY and OH report that 10% of their business is from this.

[Dr Caleb]

Well Im sure the Canadians I talked to knew how much taxes they were paying. But Im also sure that not everyone pays the same rate so I didnt know if that was the norm, or out of the norm. Im glad you dont have to pay 60%. More of my concern is if EVERYone is covered and its already paid for, and Canadians are STILL crossing the border EVERYday to pay for their own health care when its free in Canada. Some businesses in NY and OH report that 10% of their business is from this.

I think you friends are lying to you on the 60% thing. ;) Or yanking your chain.

Healthcare is free to a certain extent. Certain procedures are covered, some are not - but for non-life threatning things, you may have to wait. For example, anything below the ankle is not covered in Alberta. If I want big toe surgery (which isn't life threating) then I have to pay out of pocket. If I want a breast augmentation, that is not covered.

Some people choose to go to the US for their care and pay out of pocket, either because it's not covered by the province, or by their secondary coverage. They go to the US to skip lines; because they can; or because the surgery is not available here.

"Some businesses in NY and OH report that 10% of their business is from this."

Be wary of propaganda. This particular one is called 'argument from authority'. Big businesses have a strong motivation that you believe things that are not true. Believe 90% of what you actually see, 10% of what you are told, and 0% of what you see on the news.

Do they perform surgery not covered or not available here? And 'some [clinics]' is not 'all [clinics]'.

[Aren Jay]

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