Let the good times roll for the upper-class!

[Kontiki]

Originally posted by Brachy-Pride
Cant you americans just print dollars if you need to pay debts?

That's a brilliant idea! All countries should do that!

[Datajack Franit]

Zimbabwe does

[Pekka]

It would be interesting to do it with Euro, since if we get caught, it's not necessarily the downfall of our nation EU would do everything to cover it up.

[Whoha]

Originally posted by Brachy-Pride
Cant you americans just print dollars if you need to pay debts?

thats been the plan for the past 6 years.

[Kontiki]

Originally posted by Datajack Franit
Zimbabwe does

Zimbabwe is in awesome shape.

[Barnabas]

Whats the worst that could happen if the central bank just decides to print dollars like crazy?

[Pekka]

Urrr, that all dollars would be worth like 0,00001 compared to euro or canadian dollar? I mean, your value would be like what... 3 cents? I could buy you.

[Whoha]

The worst is pretty bad.

[Pekka]

meaning those who have other kind of assets like gold, foreign currency, land owners etc are more OK but I would see lots of unrest happening there.

I would come there and consume consume consume quickly before they jack up the prices 1000 fold.

You would see the official currency of the world becoming the Euro as the trusted one, investors would be shaky in front of a currency that is funny money etc..

this is my prediction, in reality I don't know what would happen, but I'd assume worst case scenario is bad.

[Zkribbler]

Originally posted by Brachy-Pride
Whats the worst that could happen if the central bank just decides to print dollars like crazy?

That's what happened once LBJ promised Americans they could have both guns (Vietnam) and butter (the Great Society). He tried to pay with it by printing more money, and inflation rose to something like 25%. Nixon, Ford, and Carter couldn't whip inflation. It was the Reagan Recession in '81 that brought inflation back down to earth.

Inflation makes buying a house, passing government bonds or building new factories, etc. very expensive because money is lent at such an exorbitant rate.

It also plays havoc with retirees trying to live off a fixed income, and savings in general evaporate.

[Whoha]

Originally posted by Zkribbler
That's what happened once LBJ promised Americans they could have both guns (Vietnam) and butter (the Great Society). He tried to pay with it by printing more money, and inflation rose to something like 25%. Nixon, Ford, and Carter couldn't whip inflation. It was the Reagan Recession in '81 that brought inflation back down to earth.

Inflation makes buying a house, passing government bonds or building new factories, etc. very expensive because money is lent at such an exorbitant rate.

It also plays havoc with retirees trying to live off a fixed income, and savings in general evaporate.

Reagan,Volcker, and monetarism

Actually though Carter appointed Volcker so you could say that he at last realized the problem and started the steps towards fixing it. And just to be a dick you could also say that the Reagan Recession as you call it was Carters since he both appointed volcker and did nothing previous to that to reign in the money supply.

[Flubber]

A more interesting set of numbers for me would be amount of tax people in each bracket people pay even after the tax cut. If the millionare still pays 35% of his income compared to the 40,000 guy paying 18%, perhaps that isn't so unfair.


I do question the wisdom of tax cuts generally when your country is running a gazillion dollar deficet but your numbers look like a straight proportional tax cut (I didn't click the link)-- The tax saving for people who pay very little tax is very little

[Zkribbler]

your numbers look like a straight proportional tax cut

$10,000-20,000 $2 or $1 savings for every $5,000
...
$100,000-200,000 1,388 or $1 savings for every $720.46
...
More than $1 million 41,977 or $1 savings for every $66.77.



Q: If you made over a million dollars last year to add to your already incredible wealth, and as a the result of this tax break, you received $41,977 more than you were expecting: (a) how would your lifestyle change; (b) how would the country benefit?

[Jaguar]

Re: Re: Let the good times roll for the upper-class!

Originally posted by Kuciwalker


You are a tool.

[Flubber]

Originally posted by Zkribbler


$10,000-20,000 $2 or $1 savings for every $5,000
...
$100,000-200,000 1,388 or $1 savings for every $720.46
...
More than $1 million 41,977 or $1 savings for every $66.77.

Don't be dense-- Perhaps proportional to TAXES PAID not income

The guy that makes 20 k doesn't pay tax on all his earnings-- with a wife or mortgae or whatever is deductile in the US, I bet many people that make 20K pay NO TAX-- IN Canada you can make something like 10K with no tax even if you have NO other deductions

Lets pretend for a moment that the above dollars reflected a 10% decrease in all tax rates.

a 2 buck saving could be 10% of an average 20 dollar tax bill while the millionare saving 42 K could be because he PAYs 420K

Thats probably not the case which is why I asked if anyone had the amounts people pay AFTER the tax cut is factored in . . .