Comments about ‘Letter: Stop reckless spending instead of raising taxes’

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Published: Monday, Nov. 26 2012 12:00 a.m. MST

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embarrassed Utahn!
Salt Lake City, UT

Instead of second guessing everything our legitimately elected President proposes...and ran on...why not run for office yourself?

Darrel
Eagle Mountain, UT

Another rant n rave letter with no solution.

From where does the letter write propose we cut spending. The sequester is scheduled to hit, and BOTH parties are trying to their hardest to make sure that doesn't happen.

Mountanman
Hayden, ID

Best estimates are that Obama's tax increases will temporarily increase revenue by about $150 billion/year. The federal government spends more than that in less than 10 days! Add to that the fact that Obamacare (subsidized healthcare insurance for the "poor") has been projected to cost taxpayer's about $1.2 TRILLION/year! Do the math! Americans committed economic suicide by rejecting a problem solver and re-election the problem creator! But what do they care, they will get their free stuff, at least for a little while!

Blue
Salt Lake City, UT

Research by the CBO has found that even moderate increases in the marginal tax rates on the top 2% of incomes in our nation will have zero effect on the economic behaviors of those taxpayers.

What's being proposed is for taxes on the very highest incomes to return to the tax rates of the 1990's, when these folks did extremely well in the economy.

"Wasteful spending?" OK, you tells us exactly what it is, why it's wasteful, how you'll eliminate it, what you'll do about the consequences of those cuts, and how much the cuts will effect the budget deficit. Otherwise, you're just making noise.

The Real Maverick
Orem, UT

Cut wasteful spending?

Cool!

Lets begin with the wasteful funding of Hill Air Force Base. Close it down. We have enough bases around the world. Let those workers up there get real jobs at Delta Airlines or something.

Then we can continue to cut wasteful spending in subsidizing Utah's education and roads. Lets also cut federal aid to fire cleanup. Let those folks who had their property damaged by fires this summer depend on churches and charities. Lets also cut all federal funding to the shale and natural gas industry which is essentially employing the eastern part of the state. Let those companies fund themselves and not receive federal handouts.

Remember, Utah is the "self-sufficient" state with the awesome economy who wants to secede from the "Communist" Union. The letter writer advocated that we cut spending! So lets do it!

Perhaps if we had stuff that we want cut, then we wouldn't look at such spending as "wasteful."

Truthseeker
SLO, CA

Job creation has been lackluster since we lowered tax rates during the Bush Administration. As wealth has become increasingly concentrated at the top, fewer jobs are being created.

One factor:

"The financial sector, which includes lending, stock brokerage, complex securities and insurance, among many other services, derives enormous profits from collateralized debt obligations. These new products require such sophisticated engineering that the industry now focuses its recruiting on new master’s- and doctoral-level graduates of science, engineering, math and physics, and pays them starting wages that are five times or more what they would have earned had they remained in their own fields.
“Because these new hires are often the very individuals who otherwise would have comprised the most robust pool of prospective founders of high-growth companies, the financial services industry’s steady rise has had a cannibalizing effect on entrepreneurship in the U.S. economy,” said Paul Kedrosky, Kauffman Foundation senior fellow and one of the paper’s authors. “Excessive financialization exacerbated and distorted the flow of capital in the economy, potentially suppressing entrepreneurship by drawing
away entrepreneurial talent.”
(Has the Growth of the Financial Sector Harmed the Economy?" )

Twin Lights
Louisville, KY

I have rowed a few boats in my day. One thing is clear, no progress is made unless both oars are in the water (and with some degree of coordination). In this case, one oar is spending and the other is revenue. The problem is of sufficient size that it will need both for there to be any real progress.

Thankfully Senators on both sides are beginning to do the hard work of compromise. The nation comes first, not our party and not our particular political views. Time for all those involved to come to this understanding. The talking heads on either side are not friends to our nation, to our sovereignty, or to our solvency (and these are related).

Redshirt1701
Deep Space 9, Ut

To "Truthseeker" actually, that is a lie. From 2001 through 2008 job creation was good, as evidenced by the unemployment rate hovering around 5% and the high labor participation rate.

The job market has been sluggish since we started to see an increase in regulation and welfare spending.

pragmatistferlife
salt lake city, utah

So Sherman if the President were to cut the annual deficit in at least half by the end of his second term would that qualify as cutting "reckless" spending and make him a great President, after all that would be something that nobody except Clinton has done? Go check official government projections for budgets into 2016 and that's exactly what's projected. 2013 is projected to be under a trillion cutinng the deficit from it's high by nearly 500billion dollars. Good start huh?..Go Obama..four more years, four more years..oh wait that all ready happened.

JoeCapitalist2
Orem, UT

So why doesn't the GOP "Compromise" with the democrats and agree to huge tax increases in exchange for promised spending cuts?

Answer: Because too many of them see such proposals as the huge scam that they are! "Agree to jack up taxes today and we'll give you some spending cuts over the next 10 years" is just a shell game. It doesn't matter if they promise $3 in cuts for every $1 in new taxes (or $10 to $1, or $100 to $1).

Until we get some drastic spending CUTS (and I mean real cuts, not phony ones) the deficit and debt will continue to spiral out of control.

The way it works now is: Spending this year = $3.5 trillion. Spending next year = $3.7 trillion. Call that a $300 billion "cut" because you didn't increase it to $4 trillion like you planned. Spend $4 trillion anyway. Take every opportunity to talk about that huge spending cut you agreed to (at great sacrifice), even though it never happened. Blame the ever-increasing deficit on rich people not paying their fair share.

Roland Kayser
Cottonwood Heights, UT

There is no developed country on the face of the earth where rich people could move and pay less in taxes than they do in the U.S.

Hutterite
American Fork, UT

There is no way this can only be addressed from the expenditure side of the equation.

one old man
Ogden, UT

Please remember to be very quiet as you drive through Box Elder County or Brigham City.

You might wake some of the locals from their dream sleep.

Whatever
Springville, UT

Again with the whole "job creators" thing... Don't you understand that was a label created by a republican hack specifically for low information voters?

LDS Liberal
Farmington, UT

President Obama wants to increase the taxes on the high-income people in the United States.

=========

Wrong!

Read today's New York Times.
It's not just Pres. Obama.

The Oracle of Omaha,
every single Capitalist's mentor and hero --
Warren Buffet

"I support President Obama's proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 - maybe $500,000 or so," the Berkshire Hathaway head wrote.

"Additionally, we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that."

----------

Who should we believe =>

Warren Buffet?
a true Capitalist and American?
or

AM radio blow-nothing's like Rush Limbaugh, Sean Hannity, and Glenn Beck?

BTW - I agree, Congress needs to eliminate waste. But It's gonna take compromising, and so far - the GOP and their 20 year old do nothing pledges is ruining America.

Steve C. Warren
WEST VALLEY CITY, UT

When it comes to job creation, Sherman has a very good point. Poor people don't create jobs. If the filthy rich--i.e., the job creators--were taxed very little or not at all, they could create even more jobs. Then, poor people could stop whining about the lack of jobs. In fact, taxes on low-income people, who are job consumers rather than job producers, ought to be increased significantly until they finally get off their duffs and start creating jobs.

Also, I think the IRS needs to get tough on panhandlers who fail to report the donations they receive. Sure,they dress up all poor and scroungy, but I suspect most of them are socking big bucks away in overseas accounts, which creates no jobs here.

Mountanman
Hayden, ID

Anyone willing to wager me a steak dinner that when (not if) Obama increases taxes on the "rich" within less than two years, the IRS will collect less money than before the tax hike? Reason: the "rich" includes most small businesses and increased taxes will force them to decrease expansion, not hire or lay off workers. Big businesses will become less competitive and move over seas or pass the tax increases along and that, my friends means fewer tax payers! Tax increases on the "rich" is a war on business; those people who generate wealth in the first place. When was the last time a poor person offered you a job?

NedGrimley
Brigham City, UT

Now you've stepped over the line, old man...

George
Bronx, NY

@steve w
Poor people do not creat jobs? Who is producing the products that gives the business owner the revenue to grow his business and hire more workers? The truth is both the worker and the owner rely on each other for financial well being. Something that seems to get lost in this conversation.

Owl
Salt Lake City, UT

Pretty fundamental concept; spend only what you have. Even so, it is far too complex for politicians who want to be Santa Claus and don't want to do the heavy lifting of public service.

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