Webmaster Forum

Go Back   Webmaster Forum > The Webmaster Forums > Forum Lobby > Controversial Social Issues

Controversial Social Issues Discussions concerning controversial social issues. Topics include politics, religion, culture, social and economic issues, etc. Respect required at all times.


Reply
 
LinkBack Thread Tools Display Modes
Share |
  #1 (permalink)  
Old 01-09-2013, 07:01 PM
Contributing Member
Latest Blog:
None

 
Join Date: 08-15-06
Posts: 10,109
iTrader: 11 / 100%
If Obama Can Just Create A Trillion Dollar Coin, Then Why Do We Have To Pay Taxes?

Quote:
If Barack Obama can "solve" the debt ceiling crisis by printing up some trillion dollar coins, then why does the federal government need our money? As another debt ceiling showdown approaches, many in the liberal media are suggesting that if Congress does not raise the debt ceiling that Obama should just have the U.S. Treasury create a trillion dollar platinum coin and use it to pay our bills. It sounds crazy, but many notable voices (including Paul Krugman of the New York Times) are supporting this idea. But if the federal government has had the power to create trillion dollar coins out of thin air all this time, then why do we have to pay taxes? Not only that, why do we have a national debt? If the federal government can just create money whenever it wants, then why does the federal government ever have to borrow it from others? The U.S. Constitution actually grants Congress the power to "coin money", so why is the Federal Reserve doing it? Those are some very important questions. Most Americans don't even realize that the U.S. government never actually needed to borrow a single penny from anyone else. The U.S. Congress has the authority to create debt-free money whenever it wants to. Conceivably, the entire federal government could be funded without ever borrowing a single dollar and without ever receiving a single dollar from any of us in taxes. Just imagine that - a nation without a single penny of national debt, no income tax and no IRS. What a wonderful world that would be. Of course there would be other potential dangers under such a system (such as runaway inflation), and those dangers would have to be addressed. But the truth is that we don't have to have an income tax or 16 trillion dollars of government debt. We only have those things because we have chosen to have those things.

Sometimes, a crisis can illuminate options that most people had not considered previously. As another debt ceiling crisis draws closer, many are looking for ways for the U.S. government to be able to continue to pay its bills if Congress does not authorize an increase in the debt ceiling.

If a debt ceiling agreement is not worked out, the U.S. government will soon only be able to pay about half the bills that are coming due after interest payments on the national debt (which will almost certainly be prioritized) are made.

That is why a lot of people on the left are pushing the "trillion dollar coin" alternative. So how would this work exactly? The mechanics were recently explained by Jim Pethokoukis on his American Enterprise Institute blog...
http://theeconomiccollapseblog.com/a...e-to-pay-taxes

That's right, let's the government create trillions of dollar coins so we can avoid taxes
__________________
"The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant."

Robespierre
 
Reply With Quote

Advertisement

Advertisement

  #2 (permalink)  
Old 01-09-2013, 08:54 PM
Contributing Member
Latest Blog:
Special Offer

 
Join Date: 05-20-05
Posts: 452
iTrader: 0 / 0%
Because Congress can refuse to pay debt we already owe causing the United States to default on debt and send us into a Depression like you have never witnessed.
__________________
Better Than Google - Not the only game in town!
Google PageRank Hacked
 
Reply With Quote
  #3 (permalink)  
Old 01-10-2013, 06:55 AM
Contributing Member
Latest Blog:
None

 
Join Date: 08-15-06
Posts: 10,109
iTrader: 11 / 100%
Quote:
Originally Posted by dvduval View Post
Because Congress can refuse to pay debt we already owe causing the United States to default on debt and send us into a Depression like you have never witnessed.
So far there is a radicalization of both political parties, I have a hard time to imagine how they can come together and refuse to pay debt.

As far as the depression, we never went out of the 2007 mess, today it is even worse that the system is in permanent bail outs by the federal reserve bank which is a private banking cartel working like cosa nostra.
__________________
"The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant."

Robespierre
 
Reply With Quote
  #4 (permalink)  
Old 01-10-2013, 09:30 AM
Breeze Wood's Avatar
Contributing Member
Latest Blog:
None

 
Join Date: 04-06-11
Location: USA
Posts: 958
iTrader: 0 / 0%
Quote:
A Trillion Dollar Coin: “effects on the currency market and inflation are unclear, to say the least.”
The above is not quite true, but is the reason for not taking such a drastic step - however the tactic should not be completely discounted as an option if Congress fails to meet its existing obligation to its creditors.

half the solution is still the law, the sequestration - a pity Congress did not enforce the revenue as well.

the Administration hopefully will enforce the sequestration and include the 100B in revenue that is available other than the income taxes.
__________________
.

All's Well that Ends Well

.
 
Reply With Quote
  #5 (permalink)  
Old 01-10-2013, 10:25 AM
Contributing Member
Latest Blog:
None

 
Join Date: 08-15-06
Posts: 10,109
iTrader: 11 / 100%
Quote:
Originally Posted by Breeze Wood View Post
The above is not quite true, but is the reason for not taking such a drastic step - however the tactic should not be completely discounted as an option if Congress fails to meet its existing obligation to its creditors.

half the solution is still the law, the sequestration - a pity Congress did not enforce the revenue as well.

the Administration hopefully will enforce the sequestration and include the 100B in revenue that is available other than the income taxes.
The Congress has an obligation to its creditors, but why keep spending the money/budget they don't have? You cannot cut $1 for every $4 spent, it doesn't make any sense.

For example in France the government taxes are extremely heavy and create more problems than fixing problems. When they wouldn't be able to tax more, where are they going to get the money?

There is a lot of talk about growth "croissance", and the question is: how to create growth when government tax heavily, pretty contradictory if you ask me.

Heavy taxation never create growth, all it does is destroying the consumers buying power, employments, savings, and investments.
__________________
"The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant."

Robespierre
 
Reply With Quote
  #6 (permalink)  
Old 01-10-2013, 05:42 PM
Contributing Member
Latest Blog:
Special Offer

 
Join Date: 05-20-05
Posts: 452
iTrader: 0 / 0%
Taxation is something that should be fluid and voted upon. If we want raise it higher now, and later find that is not so good, we can then lower it. We've always done that and the majority opinion right now is to raise taxes on the wealthy. I support that.

The same things should apply to spending. When a minority doesn't allow a vote something is wrong. You vote, make the changes and then learn from your mistakes.
__________________
Better Than Google - Not the only game in town!
Google PageRank Hacked
 
Reply With Quote
  #7 (permalink)  
Old 01-10-2013, 06:06 PM
Contributing Member
Latest Blog:
None

 
Join Date: 08-15-06
Posts: 10,109
iTrader: 11 / 100%
Quote:
Originally Posted by dvduval View Post
Taxation is something that should be fluid and voted upon. If we want raise it higher now, and later find that is not so good, we can then lower it. We've always done that and the majority opinion right now is to raise taxes on the wealthy. I support that.
You aren't going to tax the wealthy, but rather the upper class. The wealthy already put their money overseas in fiscal paradises, and their pocket money are most of the time taxed at 15% because these people do not work, they put their money at work in the stock market.

Quote:
The same things should apply to spending. When a minority doesn't allow a vote something is wrong. You vote, make the changes and then learn from your mistakes.
How can a minority doesn't allow a vote? If you are talking about the Republicans in the House of Representatives, they have the majority in their chamber. I think it will be extremely dangerous that one group have full power because it will unbalance the whole politics and it is always good to hear from both sides.
__________________
"The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant."

Robespierre
 
Reply With Quote
  #8 (permalink)  
Old 01-10-2013, 06:39 PM
ScriptMan's Avatar
Super Moderator
 
Join Date: 02-10-07
Location: Central Kentucky
Posts: 13,127
iTrader: 4 / 100%
Quote:
Originally Posted by dvduval View Post
Taxation is something that should be fluid and voted upon. If we want raise it higher now, and later find that is not so good, we can then lower it. We've always done that and the majority opinion right now is to raise taxes on the wealthy. I support that.

The same things should apply to spending. When a minority doesn't allow a vote something is wrong. You vote, make the changes and then learn from your mistakes.
Contrary to what some may infer from reading my posts I don't have a problem with the rich paying more. I think the 400 or 450K guide line is entirely fair so long as it is indexed for the inevitable future inflation.

What I do have a major problem with is that there were no spending cuts. To paraphrase the Gipper the real problem isn't that we don't tax enough, it is that we spend too much.

And yes the intelligent amongst us have always known that elections have consequences.
__________________
I do not put ads or pop-ups in my posts and I have no control of what shows there. I do not endorse any product displayed in my post.
Scriptman's Playhouse || Ramblings from an old man
 
Reply With Quote
  #9 (permalink)  
Old 01-10-2013, 08:15 PM
Contributing Member
Latest Blog:
Special Offer

 
Join Date: 05-20-05
Posts: 452
iTrader: 0 / 0%
Quote:
Originally Posted by Natural Elements View Post
How can a minority doesn't allow a vote? If you are talking about the Republicans in the House of Representatives, they have the majority in their chamber. I think it will be extremely dangerous that one group have full power because it will unbalance the whole politics and it is always good to hear from both sides.
I'm talking about the filibuster in the Senate where a vote can't be called without minority consent, at least not easily. Just one person can stop a Senate confirmation. I would like to see this changed.

In the House, we have what is called the Hastert Rule, or "majority of the majority" is needed to bring something to a vote. So both of these Republican tactics make it difficult to hear from both sides.
__________________
Better Than Google - Not the only game in town!
Google PageRank Hacked
 
Reply With Quote
  #10 (permalink)  
Old 01-12-2013, 11:47 PM
Junior Member
 
Join Date: 01-12-13
Posts: 2
iTrader: 0 / 0%
Thats the good 'ole government for ya. When someone has the power to create money out of thin air bad things happen.

Antonio
 
Reply With Quote
  #11 (permalink)  
Old 01-13-2013, 06:48 PM
Breeze Wood's Avatar
Contributing Member
Latest Blog:
None

 
Join Date: 04-06-11
Location: USA
Posts: 958
iTrader: 0 / 0%
Quote:
Originally Posted by ScriptMan View Post
What I do have a major problem with is that there were no spending cuts. To paraphrase the Gipper the real problem isn't that we don't tax enough, it is that we spend too much.
... there were no spending cuts.


I believe Script, the Sequestration is still the Law.

a pity they have already blinked once - not to reassuring for the next round.
__________________
.

All's Well that Ends Well

.
 
Reply With Quote
Go Back   Webmaster Forum > The Webmaster Forums > Forum Lobby > Controversial Social Issues

Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
36 Obama aides owe $833,000 in back taxes Bob Barr Controversial Social Issues 1 01-26-2012 11:01 PM
Have You Heard About The 16 Trillion Dollar Bailout? Franc Tireur Controversial Social Issues 19 12-09-2011 10:03 AM
Obama officials: Taxes may rise to pay health care Franc Tireur Controversial Social Issues 121 08-27-2009 02:00 PM
Obama devalues dollar John Scott Controversial Social Issues 6 08-18-2009 02:04 PM
The Trillion Dollar Question StrongInTheArm Forum Lobby 9 03-29-2009 03:55 PM


V7N Network
Get exposure! V7N I Love Photography V7N SEO Blog V7N Directory


All times are GMT -7. The time now is 12:43 AM.
Powered by vBulletin
Copyright 2000-2014 Jelsoft Enterprises Limited.
Copyright © 2003 - 2014 Escalate Media




Search Engine Optimization by vBSEO 3.6.0 RC 2 ©2011, Crawlability, Inc.