Investors lose a trillion dollars in one day

[Riot]

Originally Posted by joeydb

Bull Riot. I am not one of the 47% of people in the country who don't pay income taxes. I'm getting creamed.

What is your tax bracket? The facts are, your taxes have never been lower.

If you want to pay zero, and are angry you think other people are getting something you are not, I suggest you move to another country. This is a society where we all contribute to our common good through income tax.

Alot of that 47% btw, as opposed to the Faux News screaming about welfare queens (left over from the Reagan years) are very, very wealthy people, who pay far less a percentage than you.

Why are you not mad at them? It makes no sense to me.

We can currently pay the interest on the loans. Is that what you mean by "no trouble paying our bills"? When is the principal going to be reduced? It has not been reduced in 51 years!

Yes, Joey, we have no trouble paying our bills. Yes, we have to curb spending.

But this has been two months of false, ginned-up Republican electoral rage about nothing. It's pure political theatre, meant to harm Obama.

We should have raised the debt ceiling routinely as we always do - as we have 79 times before - two months ago, then congress could have spent all the time they wanted on cutting things out of future spending. Congress didn't do that. The Republicans chose political theatre over helping this country. They are toast.

THAT is why the rating went down. And I have news for you - we don't deserve AA+ either.

Our rating went down because the Republicans spent two months in Kabuki theatre, and that's exactly what S & P said in their press release announcing it.

We have to SPEND LESS THAN WE TAKE IN. Literally, not rhetorically: do the math!

Then I suggest we raise our revenues back up to where they were before Bush gave it away. Because that's when we could spend less than what we took in. Bush decimated our income - that's the fact of it, and that alone with his wars s responsible for 1/2 our current debt.

You do the math - we cannot "cut" our way to prosperity. The math doesn't work. It's impossible. We need to have the income we had before Bush gave it away. Only a small portion of that is due to the recession.