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Sure. I'm off on vacation starting tomorrow anyway.
Fiscal cliff? Both sides should cut a deal. The uncertainty is undermining business confidence. Businesses aren't hiring and aren't investing. There's probably a % knocked off GDP growth because of it, and 3% growth or higher is what you need to be cutting unemployment.
I'm shaky on details for entitlement cuts. I'm not in America and not that familiar with what needs to be done. The Bowles-Simpson report had a way forward that made the necessary cuts to healthcare and social security. I was disappointed that Obama shelved it instead of supported it. But, election. Now that's done, time to dust it off.
In principle I'm okay with a voucher system for purchasing healthcare insurance, but healthcare insurance is ridiculously expensive in the States. Vouchers would also mean greater regulation on healthcare companies to ensure they don't just charge customers more. But it would reduce healthcare costs and that's important. America's government spends more on healthcare as a % of GDP than Canada does, where gov't pays for almost all healthcare. And that's not even counting the other half of America's healthcare sector that is paid privately.
You could safely cut entitlements for high income earners. 10% of federal entitlements go to the top 20% of income earners. (30% go to the bottom 20%, the remaining 60% go to the middle 60%) That's not an efficient distribution of support to the neediest. But yeah, I'm short on details here.
The Republicans should agree to tax increases, rather than refusing to sign off on any. This is the biggest barrier to a deal, and it's part ideology/mandate and part wanting to deny the Democrats a win. I get "no tax increases" is a large part of why they were elected, but it's not reasonable or realistic.
You would probably want to increase taxes by $1 for every $4 or $5 in entitlement cuts. That's about the ratio the UK is using to close their budget deficit. I think when the last deal fell through the Democrats were offering $1 in tax increases for every $10 in entitlement cuts. Maybe call it even at $1 tax for every $7 in cuts.
For specifics, keep the Bush tax cuts for all but the highest income earners. Cut the mortgage income tax credit - the government "spends" four times the amount of money subsiding the richest 20%'s mortgages than they do on public housing. That's not right. Or do what Romney suggested during the campaign and put an upper limit on deductions. (Maybe not on charities)
Do a deal on the corporate tax rate. Lower the general rate and close off the loopholes, whatever they are. Get American companies with global operations to feel safe investing their money in America.
This is probably politically impossible in America, but a value added tax. Australia and Canada both fixed their long-term structural deficits by implementing one. Services make up 80% of the economy and they're not really taxed, so that's an imbalance. Problems are, it's a new tax, so it's unpopular, and it's a regressive tax so it hits the poor hardest. Maybe you could get it in by eliminating the payroll tax, which is regressive and curbs employment. There's also the risk that it would be a low rate now, but raised by future governments. So it's probably a non-starter.
I've put more detail on the tax side because I'm more familiar with it, but the more important stuff is on the entitlement side of the ledger. But anyway, you'd want some combination of those things.
Congrats to President Obama on winning his reelection effort. Nov 07, 04:42
On the Secretary of Business stuff, economic development is different to what a Treasury Secretary should be responsible for. Nov 07, 07:21
There is plenty of overlap. I guess I just want business to by and large stay out of the way of business. Nov 07, 07:53
Of course, I misspoke. As for western Europe comparison, we will soon (2014) begin implementing Nov 07, 11:08
I am not a fan of the Import/Export Bank. I appreciate your comments, but we clearly disagree. {nm} Nov 07, 11:04
Makes sense right? Puts bacon on the table for you. {nm} Nov 07, 15:56
Come on dude. I'm being open with you. Theres no need to be dismissive because we disagree {nm} Nov 07, 17:57
I am not dismissing you bro. We are all bound to our experiences and whatever values we hold to. Nov 08, 04:59
Sure you are - that's why you said that I think the way I do because I am paid to do so. Nov 08, 08:18
I do not believe in straight-up zero government intervention Nov 08, 10:42
Sure. I'm off on vacation starting tomorrow anyway. Nov 08, 19:59
Wow a lot to chew on there. New thread? Email going forward? Nov 09, 04:28
Like I said, vacation. We can talk in a week. {nm} Nov 09, 07:20
Business should stay out of business, just like there's no intelligence in the CIA. {nm} Nov 07, 10:45
meanie Nov 07, 11:08
