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Bill Gates: Taxes Will Rise, Recovery to Take


AROCES

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Monday, January 25, 2010 12:12 PM

WASHINGTON – Bill Gates, the world's richest man, said on Monday the U.S. economy could take years to recover from recession and predicted taxes will have to rise to bring the federal budget into balance.

Speaking on ABC's Good Morning America, Gates also warned against too much government intervention and urged President Barack Obama to focus policy on long-term issues such as education to combat the effects of the worst recession since the Great Depression.

"When you have a financial crisis like that, it's years of digging out," said Gates, who co-founded Microsoft Corp and remains its chairman.

"The budget's very, very out of balance. And even as the economy comes back, without changes in tax and entitlement policies, it won't get back into balance. And at some point, financial markets will look at that and it will cause problems," he added.

"Taxes are going to have to go up and entitlements are going to have to be moderated."

Gates spoke two days ahead of Obama's State of the Union speech, which is expected to focus extensively on economic issues including the need for job creation.

"We're having a slow recovery and everybody's frustrated by the pace of the recovery. But I don't think the government could change and magically make it speed up a lot," he said.

"If you try to do too much, it can distort things. The government's role is more of a long term role, investing in education."

Gates also said the United States needs its leaders to level with the American people about the long-term challenges the country faces and the sacrifices needed to overcome them.

"We need leadership for these long-term trade-offs and I'm hoping that won't cut back a few key areas like aid to poor countries. But there's going to be cutbacks," he said.

"We're seeing this at the state level right now, and so far it's not being handled very responsibly."

© 2010 Reuters. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters.

http://newsmax.com/I...01/25/id/347909

If this is accurate then Obama is in deep hole since he tripled the budget deficit. No way he can cut spending now with a Democrat congress.

Edited by AROCES
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Japan was in the same boat and they did the same things Obama is doing with stimulis money.

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Well I don't think Bill really said anything we don't all know by now, nothing that isn't obvious. I like the way he states that he hopes the recession won't cut back "aid to poor countries". Apparently he doesn't realize we are one of the poor countries now which I take to mean his entitlements haven't had to be cut back. And I don't really understand why he hopes we'll concentrate on education when it was the educated rich that got us into this mess in the first place. And Bill gates dropped out of school!

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Well I don't think Bill really said anything we don't all know by now, nothing that isn't obvious. I like the way he states that he hopes the recession won't cut back "aid to poor countries". Apparently he doesn't realize we are one of the poor countries now which I take to mean his entitlements haven't had to be cut back. And I don't really understand why he hopes we'll concentrate on education when it was the educated rich that got us into this mess in the first place.

You blame this all on the educated rich, what about the politicians who put the heat on the educated rich to lend to those who can't afford it so they can live the American dream?

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And I don't really understand why he hopes we'll concentrate on education when it was the educated rich that got us into this mess in the first place. And Bill gates dropped out of school!

Because technology is always changing the best way to get employment opportunities is to learn were the jobs are going not what they were. when I left the service I went back to school for a CNC machinist there are alot more jobs in that field, it put me in a better position then just a guy who served in the military. it also helps companies that have need for a CNC machinist.

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You blame this all on the educated rich, what about the politicians who put the heat on the educated rich to lend to those who can't afford it so they can live the American dream?

Supposedly the politicians are educated too. And none of them are poor that I know of.

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Because technology is always changing the best way to get employment opportunities is to learn were the jobs are going not what they were. when I left the service I went back to school for a CNC machinist there are alot more jobs in that field, it put me in a better position then just a guy who served in the military. it also helps companies that have need for a CNC machinist.

I'm sure he saw it himself when they need to hire engineers and scientific skills from foreign countries.

We get flooded with illegal immigrants who I would say very small percentage are highly skilled. Look at the ads now and there are plenty of job opening in the highly skilled sections.

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WASHINGTON – Bill Gates, the world's richest man, said on Monday the U.S. economy could take years to recover from recession and predicted taxes will have to rise to bring the federal budget into balance.

Not news to me. It is simple economics 101.

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