Welcome to California’s problem!

There is no way out. The printing presses will be used.

If we’re right (see the link for the tool and numbers behind it), the maximum personal income tax rate will need to increase from 35% today to 70% by 2010 or no later than 2011, but could be lowered to 65-66% in the longer term, provided economic growth follows what the trustees of Social Security have forecast. If not, then expect higher tax rates.

Alternatively, the government could keep income tax rates lower than that 70% level by imposing other taxes aimed more at those earning between $20,000 and $70,000 (that’s the income range where most of the money is in the U.S.).

And yes, people at the Fed and within the policy writing arms of the government do read the things we write.

But they asked for it, now they are gonna get it.

A) That is not entirely true.

2) When was the last time the inmates had this much power?

3) And oh, I never heard a liberal advocate tax increases no matter the time or topic.

It’s gonna be huge.

He ran up another $1.2 trillion in spending by week #3- every cent of it borrowed.

There’s no possible way out of this without taxing the masses beyond just repealing the Bush tax cuts. He knows this, which is why they have to wait until November 2013 for the bulk of them.

Investors and the rich will come soon and retard the recovery significantly. As “evil” as the rich are, they provide the jobs.

Raise them.

Look! Royalty going to a Broadway show!

Daggett on June 4, 2009 at 4:20 PM

Look, Hussein! No, really you can look this time!

They what, 1.8 billion short?

brandozilla on June 4, 2009 at 4:40 PM

Trillion. $1.8 trillion short for 2009 alone, and that’s before Obamacare.

How much is a trillion? One trillion seconds is 31,688 years.

The out of control budget deficit exists because government f–ked up the LAST Scary Problem (credit implosion) which existed because government f–ked up the PREVIOUS Scary Problem (not enough housing for poor people).

Daggett on June 4, 2009 at 4:18 PM

In a dense forest, there was lake. All the animals used to drink water from the lake. The water of this lake was so sweet that many fish lived there for long time. In this lake there lived a crab. The crab’s best friend was a swan. That swan was in the same lake. They were happy in the company of each other. Their happiness lasted until one day a snake made its home near the lake.

Every day the swan laid an egg. The snake would come and eat it up. “I have to find a way to save my eggs,” thought the swan.

One day, he went to the crab and said, “Please help me, dear friend. My eggs are under threat. That cruel snake eats all the eggs in the nest. What can I do?”

The crab decided to help its best friend. The crab thought for a while. Then he said, “I have an idea. Let us catch some fish from this lake and scatter them from the snake’s house till the mongoose house.” That mongoose lived in the nearby tree.

Then, the crab and the swan caught some fish and dropped them from the mongoose’s house all the way to the snake’s house. Then both of them hid behind a tree and watched. They waited for some time. After a long time, the mongoose came out. He saw the fish and was overjoyed. “Mymm! Fish right outside my own house!” he said, smacking his lips. He happily ate all of them one by one. As he ate he kept following the fish trail to the snake’s house. Finally, the mongoose reached the house of the snake. Both the crab and the swan were watching all these events, waiting behind the tree.

When the snake saw the mongoose, he thought, “That mongoose is here to attack me. I had better fight with it.” After some time, the snake started to fight with the mongoose. They fought for some time. After a fierce battle, the mongoose killed the snake.

Watching this behind the tree, the swan and the crab heaved a sigh of relief. But her joy was short-lived. The next day, the mongoose, looking for more fish, came upon the swan’s nest. There the mongoose found more eggs of the swan. He immediately ate all of them. The swan and the crab now felt helpless. They had brought this new threat upon themselves. They did not know that the mongoose was the dangerous helper. “Our thoughtlessness has got us a new enemy. Even more dangerous than the previous enemy,” cried the two friends.

After few days, they decided to form one more plan to get rid of the dangerous helper – mongoose. It is must to be careful while fighting with an enemy.

Obama gets to “rescue” it with his socialist utopia.

Soros gets a fecesload of money by selling the dollar short.

It’s a win-win strategy for all the crooks. It’s called the Cloward-Piven strategy.

I agree in principle, except for that we are approaching that very dangerous level when nearly half the country pays no federal taxes – about as close to a free lunch as you can get.

Their children will pay, its not as though the rich are footing the bill for the entire budget. They what, 1.8 billion short?

There is no free lunch and no one seems to get that.

brandozilla on June 4, 2009 at 4:23 PM

I agree in principle, except for that we are approaching that very dangerous level when nearly half the country pays no federal taxes – about as close to a free lunch as you can get.

No worries, we are all destined to die hideously in car crashes when we’re forced to buy GuvMotor Deathtrap GT’s.

PappaMac on June 4, 2009 at 4:27 PM

Perfectly legal – and in masse – would devastate the federal gov spending. Though I fear our soldiers would be screwed.

Perhaps TurboTax would like to get back at Geitner for destroying their brand – and offer the service for $10…

dedalus on June 4, 2009 at 4:31 PM

Great minds.

Twenty-percent unemployment will become the Next Scary Problem After This One.