These politicians and their supporters need to read up on the great depression and the results of taxing "idle" wealth.

Joe, don't trouble them with something to think about and facts and stuff. This is about emotions and stoking them.

Well, you CAN cure an alky by boozing them. I mean, if you're dead, you're no longer an alcoholic, right?

Maybe if we "kill" off the government.....

It has been a spending problem, not a revenue problem.

Somehow the federal government can't balance the books with Three and a half Trillion Dollars. (That is $3,500,000,000,000).

Lets put that in perspective:

Revenue:           $3,500,000,000,000

Spending:          $6,300,000,000,000

Avg car:                      $14,755

Avg life Income:           $2,210,252**

Avg house:                    $70,000

1 pct Income:      $1,090,571,709,500**

1 pct Income***:   $1,152,890,092,900**

Ok, I know everyone's eyes glazed from the numbers. But it boils down that the 1 percent puts in about about a $1T dollars easily. Upping that by 2% is about $70B. The other 52% of the U.S. population pays the rest. The recipient class is demanding $6.3T.

Until the Federal Government gets the idea that the credit cards are maxed and the creditors want their money back, we are hosed.

* -- based off median income of $50,233 * 44 years.

** -- based off of U.S. Pop: 311,591,917 people with 1 percent (3,115,919 people) making $1,000,000 per year ($3,115,919,170,000) taxed at 35 percent. This is if everyone in the "1 Percent" made $1 Million a year.

*** Same calc as above but at 37%.

Until the Federal Government gets the idea that the credit cards are maxed and the creditors want their money back, we are hosed.

What's the interest rate on treasuries? Available date suggest that those with cash are delighted to give money to the Federal government. This does not make it a sustainable policy, but at present, this is a false statement. Our creditors are delighted to give our government all the money it has asked for. Effective rates have been negative at times lately, meaning the government should borrow more money, unless what it's spending its money on is likely to have negative yields.

No, the real problem is the long term deficit. This proposal won't help it much, but it certainly won't hurt it. However, the inability to deal with this is part of our political disfunction - dealing with the problem (Medicare mostly, and partially SS) means upsetting people who vote in huge numbers. No party has displayed any courage in that regard.

Well, you CAN cure an alky by boozing them. I mean, if you're dead, you're no longer an alcoholic, right?

We do that all by ourselves momof4. No help required.

dealing with the problem (Medicare mostly, and partially SS) means upsetting people who vote in huge numbers. No party has displayed any courage in that regard.

This. And it was obvious 30 years ago from demographic change alone.

For those not familiar with it, here is a wonderful chart about money, including things like the federal debt...

If only they taxed members of congress for their stupidity we could probably eliminate the deficit.

Out of interest, I have a friend (Australia, so totally different jurisdiction) who is on a disability support pension. For good reason mind you. But he has a habit of talking about how much he "earns" every fortnight, usually in the context of how little it is. I can't help but correct him, and point out that it isn't earned but given...