Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

Change Now asked:


Great article that exposes the fallacy of conservative Republicanism.

http://harpers.org/archive/2010/02/hbc-90006567

Here’s an excerpt.

According to former Treasury Secretary Paul O’Neill, former Vice President Cheney claimed during a cabinet meeting that “Reagan proved deficits don’t matter.” How does deficit spending without consequences play in the Reagan legend?

This part of the Reagan legacy is so at odds with the 2010 message from Reagan-worshipping conservatives—especially the right-wing Tea Party faction—of fiscal discipline and deficit reduction that no one can figure out exactly what to do with it. I would argue that there are parallels between Reagan and Obama, in the sense that both presidents came into power during economic crises and both cut taxes and increased spending in their first year, leading to higher deficits. The one difference—and it’s an important one—is that Reagan’s increased spending was for the relatively wasteful area of defense (although it did lead to some job creation) while Obama is making an attempt to target more useful areas, such as infrastructure and alternative energy. The bottom line on Reaganomics is pretty bleak. Yearly deficits soared, and the overall national debt nearly tripled, from $930 billion to about $2.7 trillion, according to the Washington Post.

Ross Eyton

Ahmad Ali asked:


1. Which of the following categories accounted for the third largest percentage of total federal government expenditures?
a.Education and health.
b.National defense.
c.Income security.
d.Interest on the national debt.

2. Which of the following offers theories to explain why the government, like the private sector, may also “fail”?
a.Social economics.
b.Public choice theory.
c.Rational expectations theory.
d. Keynesian economics

Exhibit 1 Aggregate demand and supply model

http://yfrog.com/c8problemset3f10j

3. Suppose the economy in Exhibit 1 is in equilibrium at point E1 and the marginal propensity to consume (MPC) is 0.75. Following Keynesian economics, to lower the price level from 170 to 150 the government should raise taxes by:
a.$20 billion.
b.$100 billion.
c.$133 billion.
d.$400 billion.

4. The primary source of revenue at the federal level is:
a. the corporate income tax.
b. the personal income tax.
c. property taxes.
d. sales taxes.
e. customs duties.

5. Which of the following statements is true?
a.
Above the optimal tax rate, a reduction in tax rates along the downward-sloping portion of the Laffer curve would increase tax revenues.
b.
According to supply-side fiscal policy, lower tax rates would shift the aggregate demand curve to the right, expanding the economy and creating some inflation.
c.
The presence of the automatic stabilizers tends to destabilize the economy.
d.
To combat inflation, Keynesians recommend lower taxes and greater government spending.

Ima Hardister

singlejerk asked:

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Sunny Burwell

Matt asked:


We have seen what Obama believes can fix our economy. Massive spending, massive debt and social programs. These are very similar to Franklin D. Roosevelt’s ideas. (The Economic Stimulous Packages = The New Deals.)

I think that America has forgotten how long it took FDR to get us out of hard times. 10 years, 10 long years of suffering. More than that, it took World War II. We didn’t have a standing military so all of our tanks, planes, guns, ships, etc. all were obselete and needed replaced and we needed to hire new soldiers. It was all of the military orders that spurred the economy not the social programs. If we want to follow this path then I guess we should start bombing all of the Middle East because that would cause a World War.

But seriously, Obama’s tactics have spent record amounts and racked up tons of debt. If this worked, wouldn’t we have have gone from 11% unemployment to 2% in these pasted 2 years? We haven’t because history has shown that this doesn’t work (except the World War part, that did actually work). However instead of trading blood and lives for an economy, why not find a peaceful way from history?

FLAT RATE taxes have historically brought in far more revenue than PROGRESSIVE RATE taxes (provided the rate is reasonable 5%-15%) because it is easier and cheaper to pay the tax than dodge it. CUTTING government spending AND CUTTING taxes have also spurred economic growth.

President Harding brought America from 11% unemployment down to 2% unemployment in 2 years by cutting the federal budget in half and cutting taxes to just cover it. We had a 2 year recovery that shot us into the Roaring 20s; an age of new inovations, new inventions and wealth (Anyone who drives a car should thank Harding because it was in the 1920s that cars became a household item).

What have Obama’s 2 years gotten us? Massive debt and about a 2% reduction of unemployment.

Knowing all of this does anyone still have faith in Obama?
Response:

Will Nickel- You surprised me. I didn’t think that you would admit that Obama’s solution isn’t working. Also, you misunderstand. I’m not Republican, I’m an independent. I will vote for a Democrat or a Republican it depends on the INDIVIDUAL not the PARTY.

Hondo- You are correct that it isn’t the job of the President alone to fix the economy, however it is the President who writes the budget. Since the Pressident writes the budget he does determine (to an extent) the economic direction of the country. Granted congress has to approve of the budget so they are not free from blame either. I just wish the President AND Congress both would look at history before raising the national debt by $3.3 trillion in 2 years.

Roger- Please define “much better” because I’m sure that Ohio would love to have the news. Latest stats show that Ohio is doing as well as we did…in the GREAT DEPRESSION. Sure our unemployment has fallen a bit since last year but things are not all that “better” ye

Elton Cattrell

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Bud Giallorenzo

WCVBtv asked:

With unemployment in double digits, millions of people are struggling to pay their bills.

Francesco Zwickl