Re:United States loses AAA credit rating from S&P
by redthrowaway on Saturday August 06, 2011 @02:56AM
(#2853284)
>85% of the $14 Trillion deficit over the past 3 years was not any items you described but these items: -TARP
TARP was $300B, of which the government will recover all but $25B, according to the CBO. The "bailout" in general (considering all acts that fall under that umbrella term) consisted of about $3.5T in payouts, the vast majority of which is expected to be recouped.
Also, you're confusing debt with deficit. The debt is $14T, the deficit is just over a billion. Your 85% figure appears to have been drawn from your sphincter.
Re:United States loses AAA credit rating from S&P
by smcl on Saturday August 06, 2011 @06:25AM
(#2853565)
>> The debt is $14T, the deficit is just over a billion
The US budget deficit is far more than $1 billion.
http://www.bloomberg.com/news/2011-03-10/u-s-had-record-222-...
Re:United States loses AAA credit rating from S&P
by redthrowaway on Saturday August 06, 2011 @07:23AM
(#2853619)
I meant trillion.
-TARP
Until we decide to have the bank lobbyists pay for their transgressions we will continue to be in deficit no matter what entitlement cuts are passed.
Two options:
Right now individuals pay 2/3rds of gov expenditures not corporations.
1. Reform corp tax law. There should be no Google or MSFT only paying 5% instead of the full 30% corp tax.
2. Reform internet sales tax. If states have adequate tax revenue than the Education and Medical entitlements on the Fed level can be cut back.