https://wthrockmorton.com/2008/10/21/there-are-a-lotta-very-rich-people-out-there/ A [retired] college psychology professor's observations about public policy, mental health, sexual identity, and religious issues Thu, 23 Oct 2008 17:26:13 +0000 hourly 1 https://wordpress.org/?v=6.8.3 https://wthrockmorton.com/2008/10/21/there-are-a-lotta-very-rich-people-out-there/#comment-20076 Thu, 23 Oct 2008 17:26:13 +0000 https://www.wthrockmorton.com/?p=1921#comment-20076 Interestingly enough Greenspan was on the radio this morning (I think he’s talking to Congress). He said that Congress needs to cut the budget for Medicare in half or raise taxes to unsustainable levels to save the program. The government promised twice what it can deliver.
I’m sure that statement will end up in Blogs soon enough.

]]> https://wthrockmorton.com/2008/10/21/there-are-a-lotta-very-rich-people-out-there/#comment-20075 Thu, 23 Oct 2008 00:20:41 +0000 https://www.wthrockmorton.com/?p=1921#comment-20075 The inevitable collapse of the dollar (7:07)
Excellent financial documentary from 2007. It consists of interviews with economists from around the world. Everyone but the US government knows the end is near unless we change our ways. In 2028 when this place starts to unravel we’ll look back on the crash of 2008 as the good ol’ days.

]]> https://wthrockmorton.com/2008/10/21/there-are-a-lotta-very-rich-people-out-there/#comment-20074 Thu, 23 Oct 2008 00:01:05 +0000 https://www.wthrockmorton.com/?p=1921#comment-20074 Warren
Ask and ye shall receive. 😎
David Walker interviewed on The Glenn Beck Show (8:35)

]]> https://wthrockmorton.com/2008/10/21/there-are-a-lotta-very-rich-people-out-there/#comment-20073 Wed, 22 Oct 2008 15:10:12 +0000 https://www.wthrockmorton.com/?p=1921#comment-20073 Drowssap – Do you have a reference for the tax rate needed to increase to pay the bills? (the 50% thing?)

]]> https://wthrockmorton.com/2008/10/21/there-are-a-lotta-very-rich-people-out-there/#comment-20072 Wed, 22 Oct 2008 14:19:23 +0000 https://www.wthrockmorton.com/?p=1921#comment-20072 jayhuck
Longterm the USA can’t spend more than it takes in. But the more that taxes increase the worse the economy grows. It’s a balancing act between taxes and growth.
According to the government’s own figures the current tax rate is only 50% as high as it needs to be to pay for our current expenses and for our future obligations. 50 FREAKIN’ PERCENT! Our budget is so out of whack it’s amazing. To save the country we need to double taxes on everyone (which is impossible) or cut spending and our future entitlement obligations in half. Working rich people like doctors already pay a 50% tax rate. How long are they going to stay in the USA at a 100% tax rate? Not long. We have to cut, we have no choice.
Anyway regardless of the consequences if we don’t cut spending or raise taxes or a combination of both this country won’t see 2040. The Trillion dollar deficits we are about to run plus the compounding interest on these deficits accelerates that date considerably. If Obama passes national health care it accelerates our demise even faster.
David Walker, Comptroller General and Head of the GAO on 60 Minutes, (7:57)
We face national bankruptcy by 2040.

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