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U.S. Supercommittee Flirts With Failure

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The congressional supercommittee seeking a long-term debt-reduction deal remains at an impasse with a deadline near, and the prospect of failure is prompting concern about further downgrades of the nation's credit rating.

With the committee heading into what may be a make-or-break week for striking a deal over a package of at least $1.2 trillion in deficit cuts, members are deadlocked over Democrats’ insistence on tax increases, according to committee aides who spoke on condition of anonymity.

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Wickian

Tax increases should be a last resort after all methods of spending cuts have been exhausted.

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Tax increases should be a last resort after all methods of spending cuts have been exhausted.

Any spending cut will lead to an economic decline in the US of A. A big part of what is left of the GDP is due to government spending, directly or indirectly. The first thing that has to be done is take back all unwarranted tax cuts from the last 20 years else the debt/GDP ratio will increase even more. That will lead to a degradation of the US rating and therefore to less GDP which would make the economy shrink even more while the debt remains where it is.

You can cut spending in good times, but certainly not in bad times. But in good times the politicians don't have the backbone to do that.

While I agree that the US has overspend in the last 30 years ( and that includes private, corporate and government debt) a cessation of spending, unless there where the money is wasted having no large contribution to the economy, is absolutely the wrong thing.

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ninjadude

Q, there must be some graphical way to show that because most people just don't understand it or believe it.

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Q, there must be some graphical way to show that because most people just don't understand it or believe it.

we could paint them a picture?

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BlindMessiah

Q, there must be some graphical way to show that because most people just don't understand it or believe it.

You could make a graph showing the change in employment, GDP, and government expenditures as a percentage. In theory, they should rise and fall together which would prove your point about government spending. I would imagine it would be staggered though.

Edited by BlindMessiah

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