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Frequent Social Butterfly
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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 1 of 65

Right on John!  Along the line you draw between deficits and debt, and the ideas about saving and spending, here are some fun facts I’ve been thinking about for a year now.

 

The Fiscal Year 2017 budget was the brainchild of Mitch McConnell.  It started in the Senate and was agreed to by the House in less than 2 weeks.  Ostensibly it was a means to the end of Obamacare.  Lost in that disgrace is the fact that this budget projected an increase in debt from $20 to $30 trillion over the course of 10 years.

 

The 2018 Fiscal Year budget was the brainchild of Paul Ryan.  It started in the House, but took about before it was finally agreed to in late October.  This budget took longer to approve because of the tax cuts.  But this time the budget projected a debt increase of only $6 trillion over the course of 10 years.

 

Let’s put aside all of the details inside these budgets and focus on the fact that they were passed on votes along party lines.  Then, let’s ask what message are these people sending when they talk about reducing healthcare for the most vulnerable and reducing tax on the those who really don’t need more money?  And all the time they do that, they hide in plain sight the fact that we, the people, will have to pay these bills well into the future.

 

Some gift.  I’d rather stick a pencil in my eye.

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Valued Social Butterfly
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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 2 of 65

Here is something for all to think about.

We saw the new tax law passed last year. It added 1.5 trillion to the deficit, but all the far right told us how great it would be. The expert's told us that was not true.

Did you see where the Treasury Dept. has told the leaders of Congress they should raise the debt ceiling now instead of when it would normally come up a little later in the year. They said a lot less money was being collected due to the new tax law and the Govt. will have to borrow sooner. That is one thing the experts told us would happen. Now Congress will have to get more money to cover the shortfall or cut expenses. Want to bet what the Reb. will try. They warned us. Cut expenses. SS, Medi Care, Medicaid, Chip, and all other programs for the middle class on down. Then what happens. State and local taxes go up, and in the end Fed. tax goes up, but now with the middle class on down paying more since the big tax cut when to Corp., and top earners. This is the far right gift to all of us.

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Treasured Social Butterfly
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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 3 of 65

Maybe this will help savings a bit.   New minimum wage laws go in effect in 18 states this month.    

 

https://www.inc.com/huffington-post/minimum-wage-changes-new-law-2018.html

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Valued Social Butterfly
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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 4 of 65

@easyed598 wrote:

And BTW .... the paltry tax cut you may have received will be readily eaten away by massive new costs to your health care when your Republicans cut $400 Billion from Medicare to pay for the massive tax cuts given to the wealthy!----------------------------------------------------------------------------------------------------------------------------------------------------------Cost actually will be coming down soon ,due to recent moves by Chase and Amazon  and several other companies  to combine their  resources  and form their own non-profit Health care Insurance company. Aetna and AARP and others will have to reduce premiums to compete. This move could start a trend in reducing health care cost overall. Medicare won`t be affective and may actually lower cost for seniors.


A colossal evasion totally irrelevant to the fact that the Trump Republican budget will cut $400 Billion from Medicare ..... eating up any paltry tax cut seniors may have received and adding enormous cost to their health care!!!

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
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Frequent Social Butterfly
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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 5 of 65

I learned a lot about the future in 1970.  A guy named Jim told me the future is uncertain and it’s always near.

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Valued Social Butterfly
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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 6 of 65

After the crash, from w hich Mr. Obama pulled us back, people began to save,  But people have very short memories, and are now once again spending money with reckless abandon with little or no thought given to the future.

This is unfortunate in its own right, but those knowledgeable about cycles within the stock market realize we are at an end of the 10 year run and that a correction will soon be coming, and si this lack of daving becomes yet another red flag that another economic crisis is ensuing.

 

Gee, I miss having a real president!

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Frequent Social Butterfly
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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 7 of 65

There are only 2 things anyone - me, you, the government, a business - can do with money; save it or spend it.  There are a limitless number of reasons why someone would want to save or spend.  And remember, only the government can print money and then take it back, through taxes.

 

But is there a dispute about the meaning of a want and a need?  As far as I’m concerned there is a clear difference between want and need.  For example, does the United States need another 1,000 nuclear weapons?  Will 500 or 10,000 fill the need to strengthen our defense?  Or are more nuclear weapons just something someone wants?  And if this country wants more nuclear weapons, then what will be spent to achieve that goal?  Why can’t we lead the world to give up all nuclear weapons - how much would that cost?

 

In the example above rational decision making should inform what will be done.  Unfortunately, people tend not to be rational when it comes to money.  Emotion conflicts the choice between want and need.

 

So it is should be no surprise that, as Yahoo reports:

 

“The saving rate dropped to 2.4 percent, the lowest level since September 2005, from 2.5 percent in November. It decreased to 3.4 percent in 2017, a 10-year low, from 4.9 percent in 2016.”

 

so to the Board of Govenors of the Federal Reserve System reports:

 

“November 2017
Release Date*: January 8, 2018
In November, consumer credit increased at a seasonally adjusted annual rate of 8-3/4 percent. Revolving credit increased at an annual rate of 13-1/4 percent, while nonrevolving credit increased at an annual rate of 7-1/4 percent.”

 

Save it or spend it.  Looks like a lot more spending, on credit, than savings.  And, as was so eloquently stated below, a deficit is ok as long as it is for a year.  After that it becomes debt.  And once you are in debt it gets real hard to save.

 

It’s a good thing we got them tax cuts and more jobs to pay for all them nukes.  I’d hate to run up more National Debt for something we really don’t need.

 

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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 8 of 65

And BTW .... the paltry tax cut you may have received will be readily eaten away by massive new costs to your health care when your Republicans cut $400 Billion from Medicare to pay for the massive tax cuts given to the wealthy!----------------------------------------------------------------------------------------------------------------------------------------------------------Cost actually will be coming down soon ,due to recent moves by Chase and Amazon  and several other companies  to combine their  resources  and form their own non-profit Health care Insurance company. Aetna and AARP and others will have to reduce premiums to compete. This move could start a trend in reducing health care cost overall. Medicare won`t be affective and may actually lower cost for seniors.

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Valued Social Butterfly
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Re: SAVINGS DROP TO 10 YEAR LOW

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Message 9 of 65

@afisher wrote:

IDS never sites where their info comes from....weird as they demand we read them and only them.   WAPO fact checked live last night - because most of what Donald said was his same old rhetoric that had been previously fact checked.  

 

Wages:   

 

   Employment:  Trump often inflates the number of jobs created under his presidency by counting Election Day, rather than when he took the oath of office. There have been about 1.8 million jobs created since January 2017, according to the Bureau of Labor Statistics. That’s the slowest gain in jobs since 2010

 

    Are the IDS now going to say that the BLS is a national agency and should not be trusted?  hee hee. 


Can’t wait for the rebuttal on this!

 

Gee, I miss having a real president!

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SAVINGS DROP TO 10 YEAR LOW

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Message 10 of 65

My buddy NH mischaracterized me when he wrote, "You sound like a true lover of taxes (and poverty) for those lucky people who NOW will have no taxes."

 

Come on NH, please stop avoiding the issue. You were the one who repeatedly compained about the 45% who pay no federal taxes while blaming Obama for that situation. You also repeatedly stated, 'EVERYONE SHOULD PAY at  least SOME FEDERAL TAXES".

 

Now that your boy Trump is President, paying no federal taxes is suddenly a good thing and no longer do you believe everyone should pay some federal taxes. So much for hypocrisy. 

 

Finally NH, you know me better than that. I'm very much like you in that I want lower taxes, preferably a FLAT TAX, so I don't appreciate your distortion of reality when it comes to my views on taxes. You were the person who repeatedly complained about people not paying federal taxes, not me.

 

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