One Trillion

[Bob_VT]

While some economists consulted by Obama's team recommended spending of up to $1 trillion over two years, a more likely figure seems to be $850 billion.

OMG Why not just distribute the cash across the country and forgive ALL debts. Make everyone in the USA start with a clean slate!

[KCALB SIRAY]

That's right, Bob said it! Now get off the phone ya big dope! Oh how I couldn't agree with you more right now, Bob. Another idea would be just to freeze any tax across the board for two months. Talk about a jump start to the econ.

[Bob_VT]

Well we can not freeze the taxes because they pay many of the municipal salaries and run the country. If we forgave all the debt people will have more disposable income to take on the new tax burden.

When the rumor of 1 Trillion or even 850 Billion dollars is thrown around it makes the recent 700 billion look small...... makes the Auto industry look tiny.

Something is going to have to give!

[KCALB SIRAY]

The tax idea is wishful thinking in some areas, but something will give like you said, it will just come in the form of a Bailout, for the Bailout, for the first Bailout. This would be one issue to watch over the next year for sure.

[Bob_VT]

I hate that word "Bailout" why not use "suicide" or "poor answer" or "chicken's way out" either way we are all screwed........ Obama did want "change" and "change" is coming.

[elmo]

why not a federal income tax break for a couple of months

[KCALB SIRAY]

Originally Posted by elmo

why not a federal income tax break for a couple of months

That's more or less of what I was going for in the first post. I think it is a great idea

[elmo]

or better still get congress to pass the "fair tax" bill talk about a stimulus

[jclo3313]

It will be an absolution of all debit up to 10% on a global scale. Than enter a whole new currency for the world, a fiat type of currency with no real value except what is placed on it. Scary.

[Bob_VT]

Well that will not work either.....those tax dollars collected pay the gov't (the military too) and that is one of the places the funds will come from. If the USA got a Federal Tax break... people would not save it or use it to pay down debt.... they would spend it.

1,000 one thousand
1,000,000 one million
1,000,000,000 one billion
1,000,000,000,000 one trillion

Our current estimated population in the USA (includes children too)
305,908,521

I am afraid that we are in an economic disaster....

[elmo]

i think your right Bob, we are in an economic disaster, and frankly we got no one to blame but ourself's greed got us there

[SIPNGAS]

They would be SO SMART to forgive all debt. And it's BECAUSE we're all greedy and can't live without....or do with less. MOST Americans could get back to spending and all would be right with the world...

maybe momentarily but some of us would be smart about it and really use the opportunity to be better off.

[Rich k]

Blame ourselves? Yea I blame me, me and my fixed rate 30 year mortgage, me and my refusing to take out a loan that was larger than i could reasonably afford (even though they damn near wouldn't let me walk out without shoving one down my throat) me who purchased the extravagent and luxirious yaris, me who for at least 4 of the past 8 years lived off of frozen fish and 2 dollar packs of pork chops and veggies out of a can. Me who has 3,000 in a retirement account invested in ohhhhhh so risky us govt bonds. Yep its all my fault, this whole mess, and everyone like me too, we are to blame.

[Rich k]

I can't tell you who's faulit it is, though i can say this for certain, it not my fault, and its not most american's faults. Though i can see i'm going to be lucky if the worst of it for me is going back to living off of frozen fish and canned veggies.

[Rich k]

Sorry i'm a bit hungry, didn't mean for that to come across too harsh, off to lunch.

[Bob_VT]

Well what pisses me off is the fact that I pay my bills on time....have never de-faulted on anything ..... don't make much money and I will just never get ahead.... but I am following the example I was taught ..... get married, kids, buy a home but now retirement is going to be when I eventually drop dead.

Now take the greed factor and look at the world. People with get rich quick schemes flipping houses and buying things they could never pay for..... the auto makers doing subvented leasing and rolling that over and over.... it has caught up.

I sincerely think the good old days were when interest rates were higher..... I remember that if you got a 15% rate on a car loan that was good. Then again that was only on a 3 year loan. Now people are getting cars for 6 and 7 years..... spending money on an asset that depreciates ????? for the next 6 or 7 years!!!!

[elmo]

if people didn't have to TRY and live above their means this BS wouldn't be happening

i read about one couple that made less than $40,000.00 a year combined that got a sub prime loan for a $400,000.00 house, true the bank loaned the $$ but they were both greedy and stupid to think they could afford it. when the rate adjusted what do you think happened?

i'm not tryin to say we are all this way but think about it how many people YOU know that are constantly trying to live above their means. my wife and i have worked our asses off and did without luxury's for years to get where we are, our house is paid for and outside the recurring monthly bills we have no debit. and your right Bob it PISSES me to no end seeing everyone wanting a hand out, i really have no sympathy for these people.

[Shroomster]

Originally Posted by Bob_VT

Well what pisses me off is the fact that I pay my bills on time....have never de-faulted on anything ..... don't make much money and I will just never get ahead.... but I am following the example I was taught ..... get married, kids, buy a home but now retirement is going to be when I eventually drop dead.

Same thing I was taught

Originally Posted by Bob_VT

I sincerely think the good old days were when interest rates were higher..... I remember that if you got a 15% rate on a car loan that was good. Then again that was only on a 3 year loan. Now people are getting cars for 6 and 7 years..... spending money on an asset that depreciates ????? for the next 6 or 7 years!!!!

call it depreciation all you want it's just a lable...My Wife and I had three choices:
1. get a new car w/o any major defects/needed work and pay it off over 6 years

2. pour money into a car with a failing engine and transmission (total parts would be well out of immediate liquid financial availability = no way in hell to come up with 3-4k on the spot)

3. find an alternate mode of transportation that is both safe & reliable (no way is she riding the bus or a bike in this neighborhood)


I'm not disagreeing with you I'm just saying for every opinion there is an explanation that falls outside the noted solution.