Where is the US economy headed?

@BillRM,

I understand that you are slow... the liberal left began downgrading the US
and her economy two full years before Obama's brainless rule even began.
Obama's years in office have only served to accelerate multiple downgrades.

Obamanomics have made the recession much worse and he is leading the US into a deep depression.

1 Reply

@H2O MAN,

Yes right let rewrite history so it was a democratic president that started an unneeded war that cost trillions and on top of that got large tax cuts into placed that cost more trillions of dollars to the treasure.

It was a democratic president in the white house from 2000 to 2008 and it was the Democratic Party that had control of congress from 2000 to 2006.

It was democrats who keep calling for less government oversight of the finance markets to this very day.

And it was the democrats who used their current control of the house to play games with the full faith and credit of the US to the very last second and as a result gotten the US credit rating reduce.

1 Reply

@BillRM,

You on the left are constantly attempting to rewrite history, but it catches up to you in the end.

Look back at the workings of slobbering Barney Frank and friends before Obama became ruler.

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"There is no shortage of ideas to create jobs." - President Obama (8/15)

I'm sorry, but there is a shortage of ideas. Both the Repubs and Dems squandered months arguing about the debt ceiling with no substantive ideas about jobs.
The Repubs seem to say that if we were to reduce spending, eliminate the EPA and perhaps cut taxes for employers, the jobs/economy would come roaring back.
I read an article today from Iowa: "Bachmann, Perry talk jobs."
No they didn't. Bachmann noted that her family had once started a business while Perry pointed to the new jobs in TX under his administration. The data there could be a bit suspect.
Bachmann, a month or so ago, suggested reducing the minimum wage as a way to encourage employers to hire.

Obama, for his part, has suggested extending unemployment benefits and the employees' portion of FICA. A pittance.

I realize that this is a question doomed to failure. How would you go about creating jobs?

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@realjohnboy,

Well I would change the tax laws so sitting on a few trillions dollars of wealth by the corporations would be far less desirable then to invested those trillions in the US.

I would not allow the postal service to lay off 120,ooo employees in the middle of this economic and give them the funding to keep the workers by not forcing them to do pay ahead on retirement benefits for the next few years.

I would stop giving grants that result in loss of jobs such as 250 millions to Florida power and light to replaced all the old electric power meters with internet readable meters thereby cutting 10,00o jobs of meter readers in Florida.

Such programs as getting rid of toll takers on toll roads would be place on hold for the next few years.

I would end the Bush tax cuts on the top wage earners and every dime would go into rebuilding the interstate highway system for the next few years.

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@parados,

parados wrote:

No, because a business can write off expenses that a person can't.

Like what?

1 Reply

@realjohnboy,

Quote:

How would you go about creating jobs?

Massive infrastructure spending paid for by 5-year treasury bonds, which are currently giving a negative return, and could not possibly be cheaper. We have no shortage of bridges that need repair and highways which need widening.

This also has an added benefit of sucking up the group who is the MOST out of work of anyone - construction labor. And it benefits everybody.

Cycloptichorn

1 Reply

@BillRM,

BillRM wrote:

Well I would change the tax laws so sitting on a few trillions dollars of wealth by the corporations would be far less desirable then to invest those trillions in the U.S.

I am not sure how we could force corporations to invest their stash, Bill, unless they could be forced to pay out x-amount as dividends.
But you are close to something re the trillions banks are refusing to lend. Banks invest in fed funds, often for a period of overnight. They get a very low interest rate. The argument has been made that they should get a negative interest rate.

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@Cycloptichorn,

Cycloptichorn wrote:

Quote:
How would you go about creating jobs?

Massive infrastructure spending paid for by 5-year treasury bonds, which are currently giving a negative return, and could not possibly be cheaper. We have no shortage of bridges that need repair and highways which need widening.

This also has an added benefit of sucking up the group who is the MOST out of work of anyone - construction labor. And it benefits everybody.

Cycloptichorn

We already tried that. About 1/3rd of the last stimulus bill was in the form of grants to state highway and environment agencies for just such projects. The problem was that the states, strapped as they are for cash with escalating wage & pension liabilities driven by the AFT, SEIU and ASCEU unions and shrinking tax receipts, merely spent the money to sustain their bureaucracies, leaving very few "shovel ready" projects. To make it work next time we will also need to address the state financial and union issues.

Finally, the environmental regulations so assiduously enforced by this administration require very long lead times (well over a year) for permitting such activities.

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@georgeob1,

georgeob1 wrote:

Finally, the environmental regulations so assiduously enforced by this administration require very long lead times (well over a year) for permitting such activities.

Not for "shovel-ready" projects.

1 Reply

@BillRM,

Wow...I would do NONE of those things (except maybe find ways to encourage businesses to invest, however, they would likely be investing if they had any confidence in the economy).

You're suggesting that we just keep people doing jobs that could easily be automated or eliminated; extremely inefficient and a very bad idea.

1 Reply

@Thomas,

Some of the things an individual can't write off on their personal income taxes but corporations can...

The cost of health insurance
The cost of life insurance
interest on any borrowed money (more than just mortgage)
rent
computers
the total cost of vehicles

1 Reply

@parados,

According to a quick Google search:

Health insurance to cover yourself is usually tax deductible Source)
Interest payments are tax-deductible as a general rule, although there are many exceptions. (Source). If you're self-employed and the interest is a business expense, it's usually deductible (Source).
Same for rent, computers, and vehicles, if you are self-employed and if they're business expenses. If you're an employee, you can't deduct them. But so what? You generally won't rent the office you work in, buy the computer you work on, or own the truck you drive. Your employer will---and accordingly deduct them as business expenses.

Only your point about life insurance stands confirmed. So although your batting average isn't as poor as GeorgeOB1 says it is, it's a less-than-stellar one for six in this case.

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@Thomas,

I don't get it.

Your first source seems to deal entirely with Blue Cross/Blue Shield rate increases. Unless something has changed drastically, medical expenses are deductable after they reach 7 1/2 percent of AGI.

All deductions listed in your second source pertain to business expenses only.

It looks like you have vindicated parados, though it sounds like that was not your intent.

1 Reply

@Thomas,

But you are now arguing about business tax returns, not personal ones.

Health related costs are subject to the 7.5% rule
http://www.irs.gov/taxtopics/tc502.html

Interest - I can't write off interest on my personal credit card, a car loan, an unsecured loan or most other loans.

I would say you are 0 for 1 on this Thomas since you are trying to introduce something I never stated.

1 Reply

How is Obama's plunder-bus tour going?

1 Reply

@Thomas,

Quote:

Same for rent, computers, and vehicles, if you are self-employed and if they're business expenses. If you're an employee, you can't deduct them. But so what? You generally won't rent the office you work in, buy the computer you work on, or own the truck you drive. Your employer will---and accordingly deduct them as business expenses.

A business can deduct these things as the 'cost of doing business.' Why can't I deduct these things as a 'cost of living my life?' If, as the Republicans say, both of us are People, why does the survival and operating expenses of one merit a deduction, but the other does not?

Cycloptichorn

1 Reply

@georgeob1,

georgeob1 wrote:

Cycloptichorn wrote:

Quote:
How would you go about creating jobs?

Massive infrastructure spending paid for by 5-year treasury bonds, which are currently giving a negative return, and could not possibly be cheaper. We have no shortage of bridges that need repair and highways which need widening.

This also has an added benefit of sucking up the group who is the MOST out of work of anyone - construction labor. And it benefits everybody.

Cycloptichorn

We already tried that.

No, we didn't. First of all, it wasn't enough money - not nearly enough. 250 billion or so. I'm talking more like 8 times that.

Also, we handed a bunch of money out to states who, as you say, didn't spend it wisely. I'm talking about a WPA style program, not administrated by a bunch of state fuckups. You only hire those who are currently unemployed, the wages are not fantastic; it's a jobs program, not a pro-union program. And I say that as a pro-union guy.

Gotta be flexible in tough times.

Quote:

Finally, the environmental regulations so assiduously enforced by this administration require very long lead times (well over a year) for permitting such activities.

That can be addressed - if the will is there to do so. Remember, I was asked what I would do, not what Obama would do...

Cycloptichorn

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@maporsche,

maporsche wrote:

Wow...I would do NONE of those things (except maybe find ways to encourage businesses to invest, however, they would likely be investing if they had any confidence in the economy).

You're suggesting that we just keep people doing jobs that could easily be automated or eliminated; extremely inefficient and a very bad idea.

I don't think it's a bad idea to make businesses suffer a penalty for sitting on too much cash.

Cycloptichorn

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Obamanomics continues to drive the US economy in a downward direction.

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Where is the US economy headed?

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