In response to:

I Told You So Redux

The people elect nothing but cowards. They are not arguing about the debt they are arguing about arguing about the debt. According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits. Does this not show that the rich already pay almost 3 times what the next level does? So when they rise the tax on the rich and it fails to produce they will just hit the next level say you for it for them now you have to step up.
Doug3370 Wrote: Nov 27, 2012 11:00 AM
Even if those making over $1M a year paid all their income in taxes and kept on working like busy bees, that wouldn't close 5 percent of the deficit. The rich may have an outsized share of the wealth in this country, but their share of income is not so lopsided. The real money, in terms of income, goes to the next slice, particularly those making $100K to $250K. Without increased revenues from that cohort, it would (shock, horrors) be necessary to cut back on spending in order to move significantly toward a balanced budget.

To balance the budget entirely with spending cuts is probably not possible. We're not going to zero out social security benefits while still collecting the taxes. Nor drop medicare or military.
Stuart95 Wrote: Nov 27, 2012 12:19 PM
Your argument requires facts, math, and logic, each of which is easily ignored by those who find comfort in the ideology of class warfare and rhetoric about income disparity.

The Repubs have plenty of time to re-engineer their brand if they choose, but I think the party is going to have to be invaded by new, conservative/libertarian faces that are not immediately ignored by independent voters. As evidence I cite the talk of Jeb Bush running for president. Have we learned nothing?
pamela247 Wrote: Nov 27, 2012 12:29 PM
Exactly. They won't choose. It will be the next in line. I don't know, check out the stats and see who has been in the republican party the longest. Since Portman was on the list of VP for Romney maybe he will be the next nominee for the Repub party. They wouldn't think to bring in young men with fresh ideas like maybe Ryan, Paul. How about Scott Walker? America is gone.
Stuart95 Wrote: Nov 27, 2012 1:06 PM
Between you and me, I hope Rand Paul will bring libertarian principles into the GOP, and become such a dazzling, persuasive, factual spokesman that he hijacks the party away from the old-timers and single-issue screamers. Replace Boehner and McConnell with Paul, Jindal, Rubio.

Libertarianism is the only political stripe that can ally older, fiscal conservatives with the younger, social liberals we need, like it or not, to win elections.

I'll gladly cede religion, gay marriage, etc. if it gives me a say in preventing the country's slide into socialism. As Europe is showing, it is easy to slide into economic disaster, and very, very difficult to recover.
Reginald10 Wrote: Nov 27, 2012 4:21 PM
IMHO, the Pauls have much to answer for in the past election. I was getting daily pleas from them to sign this petition or that, usually things which would have no practical effect. For example, a petition against abortion. Abortion was implemented by the Supreme Court, and so a petition to Congress is pointless. BUT, it kept reminding people how non-conservative Romney was when he didn't join such efforts.

Noisy activity to his Right, show how far Left he was. Their partisans were all over TH, saying that we should not vote for Romney because he was "as bad as Obama". Why do you think we lost 3 million voters? Because the Pauls disheartened and de-energized our base! They should get "credit" for their efforts.
Roy323 Wrote: Nov 27, 2012 7:58 PM
Stu95-U might be onto something here; I'll have to rethink it; But I do know this-the RNC, as currently in being, is totally out of contact with the Political blood of America. I never thought I'd live to see socialism as the status quo in the US , but-----

Today we get to check in again on the economic and stock market forecast that I penned back on December 23rd, 2011.

Yeah. I know.

You all are used to my dazzling wit, political acumen, and my stylish turns of phrase. But really, I know quite a bit about finance too, even if I use my finance superpowers only on occasion and prefer to be the ringmaster here at Townhall Finance.

The slowdown that I predicted at that time has been a little less than my expectations. Right now GDP is coming in a little higher than I thought. But the...