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Roberts and Schiff panned Trump's tax cut; Ron Paul: '[It] won't work without spending cuts'

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posted on Dec, 22 2017 @ 11:56 AM
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a reply to: nwtrucker

You don't need cuts to ballance the budget.

Interest rates being low inspire investment. They also are responsible for bubble corrections. Like GWB faced during the housing collapse. They also inspire bad investments.

It isn't as simple as inflation causes a lowered percentage of debt. Particularly when interests rates from the loans keep pace with projected inflation.

The cpi can not hold back inflation much longer as china's currency will need to eventually be raised and can do so strategically as they are artificially low.

Yes it could work, it also could create massive debt and devalue the money placed into investments like 401k's. Particularly if the bubble correction takes place while retiring.

My take is its a ponzi scheme. I hope I am wrong.

Thankfully I am diversely invested..




posted on Dec, 22 2017 @ 12:19 PM
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a reply to: luthier

Yet we're back to the returning funds from overseas. That influx-debatable in amount- requires the banking system to make loans to pay the interest on the deposits they receive. That has a lowering effect on interest rates. Add in that the returning monies, somewhere in the trillions, is a negative from foreign economic systems and a balancing positive on the U.S. economy. (Might be a good time to buy into the currency market and grab some U.S. Funds. There should be a spike in the dollar value with that influx.)

Lots of ways this can go. I don't know. Set the fears aside. The move has been made and inspiring confidence is more beneficial than inspiring fear.

As far as my 'fiscal responsibility' goes, avoidance of economic collapse is job one.

Trump has shown in the programs he's cancelled and subsequently sent those saved funds to Treasury, that he is intent of a more frugal gov't.

There is hope.

edit on 22-12-2017 by nwtrucker because: (no reason given)



posted on Dec, 22 2017 @ 12:50 PM
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a reply to: nwtrucker

Not fears just not beliefs. I will borrow some of your optimism...

Merry Christmas



posted on Dec, 22 2017 @ 12:55 PM
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originally posted by: luthier
a reply to: nwtrucker

Not fears just not beliefs. I will borrow some of your optimism...

Merry Christmas


You and yours, as well..



posted on Dec, 22 2017 @ 01:02 PM
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a reply to: Martin75
Having lived at that time frame I think I can respond to that:

The Reagan tax cuts, the entire trickle down economics did not work for the man on the street. Yes there were big tax cuts for companies, however, it did not translate out to jobs or increase pay. In fact it was far worse for those trying to get a job and stores were starting to close up, or move to other locations. The rural areas were hit harder than the bigger cities. So how exactly was it good for the country, while it only benefited the few and not the whole of the country?

That was also a time where businesses were starting to ship jobs out of the country and close down facilities around the country.



posted on Dec, 22 2017 @ 01:20 PM
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Here's an earlier video from October from Ron Paul. Again he says you can't have a fair tax system if you don't deal with the spending. He says "there's an ingrained tolerance of debt because we live in a generation or two of toleration of debt. We've been taught that by Keynesians. Ever Since the depression debt is good." He also calls it a warfare/welfare state and it's accepted by both parties, and the love of liberty is not doing well in washington.

The video can be summed up as "Spending is a tax."

edit on 12/22/2017 by jonnywhite because: (no reason given)



posted on Dec, 22 2017 @ 01:22 PM
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a reply to: nwtrucker

Thanks to inflation, the dollar my mom saved for retirement in the year of my birth is only worth about 20 cents now.

Inflation causes dollars to rot. If you are lucky you find investments that outpace inflation.
edit on 12/22/2017 by bigfatfurrytexan because: (no reason given)



posted on Dec, 22 2017 @ 01:25 PM
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originally posted by: luthier
a reply to: pavil

The problem is congress is in the pocket of the mega corps. Just go to open secrets.

So is this a real tax cut or a ponzi scheme.

Hoping it's real, but the fact we can't freeze spending and create a rainy day fund with surplus is a problem for me.

I would love to see an actual tax code reform as well to simplify and reduce compliance costs. But that is a pipe dream. If history repeats itself they will end up raising taxes like a Reagan did. He signed off on one of the biggest tax raises of modern times to handle bubbles and international unsettling.

Fingers crossed they pass a budget without large increases.


Opensecrets is a great site

A rainy day fund is something our cities do and it come in handy, why our federal cant do likewise is stupid.

It all goes back to what do we want government to do for us. That discussion of what is vitally important to what is nice to have around is critical. Spending a finite amount of money the best way possible should be our goal.

This way of thinking isn't practised in DC. We could trim billions If not trillions if we applied it to each program and what it does.



posted on Dec, 22 2017 @ 01:27 PM
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originally posted by: bigfatfurrytexan
a reply to: nwtrucker

Thanks to inflation, the dollar my mom saved for retirement in the year of my birth is only worth about 20 cents now.

Inflation causes dollars to rot. If you are lucky you find investments that outpace inflation.


Inflation sucks but what retirement vehicle was your mom's money in that it didn't outpace inflation?



posted on Dec, 22 2017 @ 04:24 PM
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originally posted by: bigfatfurrytexan
a reply to: nwtrucker

Thanks to inflation, the dollar my mom saved for retirement in the year of my birth is only worth about 20 cents now.

Inflation causes dollars to rot. If you are lucky you find investments that outpace inflation.


No argument from me on that score. One cannot deny the recent spike in the market has helped. It certainly has outpaced inflation since Trump took office.

That inflation factor was likely always there. These days a better educated investment client and advisors factor that in, ...one would hope.

Of course, it can't last too much longer but better than nothing and that is due almost exclusively to Trump, his mandate and campaign promises. The tax reduction and the anticipation of it is likely the sole reason for the market optimism.

Sure, I'm looking at this through rose colored glasses. Look where we sat just a year ago.....Comparatively, we are now in a position to actually do things as a nation. There was zero reason for hope and now there is. JMO, though.



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