Already Looking forward to 2011!!!

[Boghie]

I work for the USMC.
This Friday will be my last full paycheck for an indeterminate time.

The next paycheck will be affected by the LibTards (our fine President and his Congress) believing that the Clinton tax code was a marvelous piece of art. They had two years to implement a viable solution to the reversion to that eras tax code - but there were Climate bills, Healthcare bills, and Porkulus bills to pass. They could have passed a tax code bill with a 90% income tax on everyone making over $50 bucks if they wanted to. But, they did nothing.

And, your faith in government is going to be shaken - not stirred.

The IRS and our CongressCritters have created crappy automation to support a crappy tax code. And, now they need a couple of months to implement the 'new' tax code approved in mid-December.
Who would have known?

Oh, thats right

I did.



How are you all going to spend your pay cut?

Maybe bounce your mortgage check!!!

 

[Birchtree]

Will our nonproductive members of the egalitarian entitlement state get their increase.

 

[Boghie]

Well...

I actually got my first paycheck for 2011 - coming this Friday, but visible on MyPay. I don’t know why this happened. I understood that I get paid one week AFTER I perform my hard labor as a computer geek.

Odd...

My Federal Tax withholdings increased by 8%. That is probably the result of Congress not getting off their schneid and passing the extension of the Evil Ones tax code in a timely manner.

My Social Security tax was reduced by 33% as provided by the additional 'stimulus' provided by the tax code agreement between President Obama and Congress. That was sure a nice feature – but I didn’t ask for it and really don’t need it.

My Kalefornea state tax reduced by 7% as well. My guess is that the tax increases they implemented to stimulate the economy were temporary and fell off the rolls this pay period. Moonbeam Brown and our Assembly/Senate are already grubbing to reinstate the 'temporary' tax increase.

I don’t know why my first two week paycheck is coming after the first week. And, I think there will be higher Federal withholdings when things catch up. But, losing 8% or 9% of ones take home pay is kindof a bummer. However, that will be temporary. When the IRS and DOD catch up with the law I will get all of that back – and more. However, I really don’t need the Social Security stimulus. Oh, well.

 

[Boghie]

Boghie Borging His Own Thread

Yes, folks...

I am Borging my own thread. I was 100% correct on the topic and discussion here so why not continue it. My modesty can be amazing

Anyway, it kinda feeds into the prophesy thang. So here goes:

This is the private sector in the 1930's:

Prediction, the the public secctor in the 2010's:

Folks, we just passed through the private sector collapsing because of overleverage.

What entity is more overleveraged than the Federal Gubmint.

I say, repent our sins.

The end is near

Uuuggghhh.

:nuts:

 

[Boghie]

Hard Choices - Taking Care of Em Dave Ramsey Style

Folks,

Let us apply Dave Ramsey’s Debt Snowball to our national debt – at least that which is undeniable (in Billions):

• Debt: $15,000
• Assumed Interest (G Fund): 4.26%
• Revenue – Current: $2,200
• Revenue – FY2007: $2,600

To service the debt and pay it down over 30 years we have to pay: $74/month, $888/year.
Our current policy of paying using the lowest option on the Alt-A billing is: $28/month, $334/year

But folks who did that on their Alt-A home loans are squatting in their foreclosed home awaiting the sheriff.

Assuming we want to pay the debt that leaves: $1,312 to fund the Federal government and entitlements. We might be able to sell the Bond Vigilantes on using the FY2007 number, which leaves us $1,712 Billion left to fund the Gubmint.

Folks, that is all we got.

Nobody in their right mind will fund us spending $3,819 Billion.

My guess is that we will not receive debt funding unless we get down to spending $2,600 Billion with monthly debt payment of about $75 Billion for a while. The first step is to slash spending by $1,200 Billion. Then we all (and I mean 100% of American workers) hike up our trousers and accept a $500 Billion dollar tax hike. And, reduced services.

So, President Obama, you have to accept serious cuts and do the hard thing.
So, Congressman Ryan, seeing the actual cuts you must not reduce tax rates till we overpay our debt.

My guess is that this will keep interest rates down, will result in a growing economy, and a tax base higher than our baseline.

 

[FAB1]

Re: Boghie Borging His Own Thread

Yes, folks...

I am Borging my own thread. I was 100% correct on the topic and discussion here so why not continue it. My modesty can be amazing

Anyway, it kinda feeds into the prophesy thang. So here goes:

This is the private sector in the 1930's:

Prediction, the the public secctor in the 2010's:

Folks, we just passed through the private sector collapsing because of overleverage.

What entity is more overleveraged than the Federal Gubmint.

I say, repent our sins.

The end is near

Uuuggghhh.

:nuts:

Cant see the other picture - ??

 

[Boghie]

FAB1,

One picture is of a dude in the 1930s carying the equivalent of a "Work for Food' sign.
The other is a photo showing a union demonstration demanding that WPA layoffs stop.

By the way, the WPA doesn't exist anymore.

 

[Boghie]

Re(1): 'Burning The Candle At Both Ends: Raising the Debt Ceiling, and Extending QE-2 Indefinitely', Gonzalo Lira
Re(2): 'What’s Really Worrisome About Treasury Debt: Not Its Rating—Its Interest', Gonzalo Lira

Anyone out there want to invest in a debt instrument that is being financed purely by new investors. Actually, not just financed by new investors - but actually by another part of the company.

Folks, the FED is buying enormous amounts of our bloated debt.

And, now the interest on the debt is over $420 Billion

The FED has already purchased big chunks.

Nobody wants our cr@ppy debt.


Here is why:

My back-of-the-envelope numbers say that each basis point of Federal Reserve interest rate hikes will translate into about a billion dollars a year in additional interest—and that’s being generous.​

Another way of thinking about it:

a 'hike of 1.5%? That would add an additional $150 billion in interest payments—just like that.'​

Our ignit politicians had better wise up very quickly. If Bernanke decides to defend the dollar and/or smack the pols about a bit we will have to sell another $15 Billion of debt each month. And, Bernanke would not be buying debt.

This deficit (and the enormous debt) is the single greatest challenge to the safety of our jobs. It might be too late.

Yowser.

 

[James48843]

FAB1,

One picture is of a dude in the 1930s carying the equivalent of a "Work for Food' sign.
The other is a photo showing a union demonstration demanding that WPA layoffs stop.

By the way, the WPA doesn't exist anymore.

You are right. WPA doesn't exist any more.

It stopped in 1943 when war - and the government spending for war, made WPA unnecessary. http://en.wikipedia.org/wiki/Works_Progress_Administration

 

[Boghie]

Nice little warning from a Bond Vigilante

And, folks, he has two points...
Don't mess with the debt ceiling...
And, don't increase the debt load....

So, we need a bit more that $2 Billion in cuts next year when we are currently expected to run a deficit of $1,500 Billion. Nobody will notice that - even as rounding error. Thus, VP Biden, you were not serious - I hope. We cannot run deficits of a Trillion here and a Trillion there...

Mr. President must cave soon or play the game like an adult and pay the piper. Debt servicing first, Social Security and Medicare next, Constitutionally mandated departments next, and then make decisions about the rest. That is your fallback Mr. President and the Liberal wing of Congress.

Mr. Boehner and we conservatives must accept revenue increases - but only after a demonstrable good faith effort at cutting (actual, not growth) gubmint significantly. If I see $300 Billion in hard cuts I will accept a flat tax on everybody by enough to match that amount. That will be necessary. But, I can't see someone who comes to the table with a 0.13% cut to next years deficit as being serious enough to implement the hundreds of billions in cuts needed to gain my confidence.

The Bond Vigilantes are coming...

 

[Silverbird]

I didn't think the President could do that. Congress is in charge of the money, and if they can't get the votes, that's in their court.

 

[Boghie]

I didn't think the President could do that. Congress is in charge of the money, and if they can't get the votes, that's in their court.

Eh...