Balancing the US Budget-Is it possible?

Obama is expected to unveil his plan for balancing the budget today. Some of the key issues on the table are the Bush-era tax breaks for the wealthy and the cutting of funding for several key programs that affect the poor, the elderly and low-income students. Republicans have vowed to not accept any changes to the tax breaks that are available for the wealthy (in this case, those making over $250,000 a year) and many of the Democrats are up in arms over proposed cuts to Medicaid, Federally sponsored Pell Grants and WIC (the Women and Infant Program that assists the low income to receive vouchers for formula, milk, cereal, etc.). What do you think? How do we come up with an acceptable plan to address the budget crisis and still sustain a decent standard of life for all Americans?

The only way is to radically curtail spending. Taxing the rich has never and will never work. The top 1% already pay 38% of the bill. It may make you feel good to say, "Tax the Rich" but it is the worst economic strategy known. The light-weight currently in office apparently doesn't understand this. God help us if this putz gets re-elected. Of course I'm not overly excited about the repub field either.

Tax the rich is part of the answer. Taxes is a tiered system. The rich don't pay 38% on all of their money. Most of their money has already been taxed and is not going to be taxed again. There needs to be another bracket that goes past 250,000 and into the millions so that people making say 2 million a year get stepped up to another bracket of 50%. Back in the 70's and before that you had a 70% tax bracket and there was no deficit back then. We even had a surplus. Taxing the rich will absolutely work, BUT there also needs to be a responsibility in spending as well. We need to curtail unnecessary wars, cut federal employees and reduce hours, cut some Medicare and public aid. I know so many people who get so much free stuff from the government that they have no desire to even try to get a job.

Taxing the rich will absolutely NOT work. In what dimension have you seen this work? The top tax bracket before Reagan took the mantle from the idiot Carter was upwards of 78%. That is not tax, it's confiscation. And let me tell you, when you allow that kind of confiscatory punishment it won't be long before they come after your money and then it'll be too late. They already are. Top tax rate in the 50's for the middle class was 12 %....now? 35%. See the progression? As we carp about "making the rich pay their fair share", the politicians raise YOUR taxes.

God... it sure it possible. Taxing the rich really won't make a dent though. In the most simple explanation, we need to cut spending. End of story.

Yea, Sure it's possible, just need to put someone back into the office that actually knows what they're doing. I think it's too bad that we can't elect Clinton again. I'm sure he would have things straightened out.

It is possible but there is no quick fix, the problem has become systemic and as such there needs to be a big shake up. Those in power (talking about big business not politicians) don't like shake ups though as they are costly and they are the ones who will pay for it.

Balancing the budget comes down to a cut in spending...period!!! Taxes do not need to be raised on anyone! We are all taught that we should not live beyond our means and we as a country are doing just that! It cannot last, something has to give, and i just hope we change before it is too late!!!

I really don't think it is possible and I don't think it will ever happen, for many different purposes the economy is just screwed and I don't think anyone will fix it because they don't want too. They love having this doom and gloom scenario in their power to scare us people into this and that. I really don't believe anything the gov says anymore.


Kind Regard's


CharlieDeff

With Ron Paul it is. What did he say? A TRILLION dollars cut, within the first year. That would help out with the budget.

The rich are taxed, but they know what to do with the money to avoid paying them because the tax code allows for massive breaks. So number one is adjusting the tax code not the tax rate or taxing the rich at a higher rate. Obama is an idiot; he is a smooth talker but he is an awful president and we are doomed unless someone with a brain can take over and be willing to have a low approval rating. For us to get out of this pit the President will need to be the most hated man at first, but then be recognized as a hero. FDR took us out the Great Depression because he had balls and wasn't afraid of people not liking him. He knew what he had to do and went for it.

You actually think FDR saved us? He put into place the laws and regulations that turned us into the nanny state we currently are. Only 50% of the people pay taxes. To paraphrase Phil Rudmann, "Soon there will be more people in the cart than pulling it. You see Greece, right? That is our destiny if we don't stop spending above our means. And we have to stop electing people, Dems or Repubs, that do it.