tag:blogger.com,1999:blog-20524196.post3987479400007345654..comments2024-02-14T11:00:03.180-05:00Comments on Tom McLaughlin: Not A Party PooperTom McLaughlinhttp://www.blogger.com/profile/07691546351143209227noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-20524196.post-91078177448329738412017-01-03T13:31:03.185-05:002017-01-03T13:31:03.185-05:00It's up to the president to submit a budget, b...It's up to the president to submit a budget, but yes, Congress must approve it and thus deserves much of the blame.Tom McLaughlinhttps://www.blogger.com/profile/07691546351143209227noreply@blogger.comtag:blogger.com,1999:blog-20524196.post-84020663654152433852017-01-03T13:28:54.677-05:002017-01-03T13:28:54.677-05:00Tom said: "he (Obama) will have more than do...Tom said: "he (Obama) will have more than doubled our national debt from $10 trillion to $20 trillion.<br /><br />HE did? May I point out that it is Congress that signs off on spending and taxation. <br /><br /><br />And, even if it were up to Obama, reining in government spending during the recession would have been a bad idea anyway, economists told us.<br /><br />All I can do is keep on pointing this out to people, most of whom don’t want to hear it.<br /><br />As for Charles' post, I nearly spit out my coffee when I read that he thinks Trump will help make the USA ethical again!!! Talk about swigging down the snake oil!! Step right up ladies and gentlemen, and buy a load of this....it will make everything GREAT!!!!<br /><br />There is a sucker born every minute.<br />Briannoreply@blogger.comtag:blogger.com,1999:blog-20524196.post-84015508437159481782017-01-02T13:16:59.596-05:002017-01-02T13:16:59.596-05:00Your formula makes sense. The deficit, and ultimat...Your formula makes sense. The deficit, and ultimately the debt, must be addressed. Putting it off makes it more painful, and entitlements must be curtailed. It's political poison, but it must be tackled. Perhaps a 5% reduction per year would be politically survivable, but it's not on Trump's agenda. It should be, and maybe some of his appointments will be able to convince him.Tom McLaughlinhttps://www.blogger.com/profile/07691546351143209227noreply@blogger.comtag:blogger.com,1999:blog-20524196.post-81267141729930069092017-01-02T11:55:59.303-05:002017-01-02T11:55:59.303-05:00It would be great if a booming economy can be enou...It would be great if a booming economy can be enough to get us on a more fiscally sound path, but if we had a reliable formula for a strong economy then we’d always have a strong economy. Even if we get to six percent growth like Trump hopes, we most likely won’t be able to sustain that. Every economy grows and contracts. We need to think universally and long term. It took us decades to get in this mess, we need to think in terms of decades to get out of it. This is going to be a gross over simplification, but we need to take a hard look at every dollar that flows into the government and every dollar that flows out. I think there’s sense in the caution of not doing something too dramatic that might shock global markets, but if we approach the budget/debt universally and incrementally, we could be better off. We should expect every dollar going into the government to be just a little bit more, and every dollar coming out of the government to be just a little bit less – very modest, across-the-board changes that impact everyone and reaches every corner – and let everyone adjust to those small changes. So if the 2017 budget is expecting to generate an $800 billion shortfall (my made-up amount as an example), we structure the budget so we settle for a $600 billion shortfall. Then in 2018, we make another series of small, modest, across-the-board changes and strive for a $400 billion shortfall. Then in 2019 we make more incremental, modest changes and structure a $200 billion shortfall. Then 2020, actually balance the budget. 2021, we have a $50 billion surplus. Again, I freely admit this is a gross over simplification from a layman, but the national budget is often compared to household budgets. But when a household is deeply in the red, the responsible people take a hard look at every dollar going into and out of the house. Cuts are made everywhere, and one or both parents pick up extra work until they get their finances under control. A slow, structured pace could also show the world that we’re serious about debt and making committed, responsible changes to fix the problem. We all have skin in this game. Every one of us will lose if we don’t balance the budget and begin to pay down the debt, so EVERYONE has to contribute something. We need to market this correctly also. It’s practically akin to buying war bonds to help the military protect our shores. Everyone has to pitch in to pay down the debt. We all benefited to some degree going into debt, we all have to sacrifice to some degree to get out of debt. It’s American. It’s patriotic. It’s Americans coming together against a common enemy for the long-term solvency of this nation. Best to all in the new year.Stevehttps://www.blogger.com/profile/01343163377040116742noreply@blogger.comtag:blogger.com,1999:blog-20524196.post-26110322443345189062016-12-30T09:57:48.976-05:002016-12-30T09:57:48.976-05:00No, it wouldn't. If he's successful with t...No, it wouldn't. If he's successful with the economy, however, tax receipts may increase even with his reductions. JFK did it. Reagan did it too. We'll see what happens after about two years.Tom McLaughlinhttps://www.blogger.com/profile/07691546351143209227noreply@blogger.comtag:blogger.com,1999:blog-20524196.post-20184830281516368442016-12-29T17:48:00.768-05:002016-12-29T17:48:00.768-05:00I think President-elect Trump has addressed entitl...I think President-elect Trump has addressed entitlements, and he intends to leave them alone. I do genuinely hope they all come together to begin to address the national debt, but maintaining the entitlement status quo, increasing defense spending, spending a trillion on infrastructure and cutting taxes doesn’t seem like the needed recipe for a balanced budget, never mind paying down the debt.Stevehttps://www.blogger.com/profile/01343163377040116742noreply@blogger.comtag:blogger.com,1999:blog-20524196.post-60240943226611289162016-12-29T14:36:22.236-05:002016-12-29T14:36:22.236-05:00Andy's experience mirrors mine very closely. A...Andy's experience mirrors mine very closely. Alway had two other jobs when teaching and kept them when I retired from the classroom as you did. I took the retirement option that gave me the lowest monthly pension, but which will allow my wife to keep getting it after I'm gone until she dies -- if state government continues to keep retirement account funded, that is. It's a pretty safe bet that she'll outlive me, given my medical issues.Tom McLaughlinhttps://www.blogger.com/profile/07691546351143209227noreply@blogger.comtag:blogger.com,1999:blog-20524196.post-67800839047145986162016-12-29T07:18:42.376-05:002016-12-29T07:18:42.376-05:00But..but...If I just save money in a savings accou...But..but...If I just save money in a savings account, or maybe a CD...<br />then inflation, and "management fees" will only outpace any "interest" by,...Oh, day one.<br />Maybe if I invest in property and such....<br />THEN, it will only have to be reassessed "for tax/transfer purposes" when I go, as WELL as the need to assess my estate to pay a "licensed assessor" to assess it "for tax/transfer purposes".<br />And so on, and so on.....<br />Of COURSE I utilize (legitimate)alternative venues. <br />of COURSE I need to pay "licensed professionals" to "expedite" that which I'm not allowed, by law, to do myself, despite the need for me to instruct the "professionals"<br />CaptDMO Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20524196.post-87822141569021646652016-12-28T22:38:01.774-05:002016-12-28T22:38:01.774-05:00My Dad warned me in 1979 not to count on Social Se...My Dad warned me in 1979 not to count on Social Security. So I socked away as much as I could in investments, 401k's, etc. And I chose a profession that was underpaid but provided a pension, such as it is. I retired as an educator this past September at age 62. I'll continue working my 2 side jobs, as I've always done (reference 'underpaid,' above) until I'm 66, when, like you, I hope to collect. Since I have always worked under the assumption that it won't be there, whatever I get I'll consider gravy. I've given my kids the same advice my Dad gave me - we'll see if they listen....Andy in Utahnoreply@blogger.comtag:blogger.com,1999:blog-20524196.post-5485235365529381342016-12-28T15:41:14.730-05:002016-12-28T15:41:14.730-05:00Yes, economic stimulus and more people working wil...Yes, economic stimulus and more people working will help, but there's still a cap on how much income is subject to FICA. Raising that would help too. Raising the retirement age gradually would do more though to keep SS viable, as you suggest.<br /><br />As for Medicare? That's another story.Tom McLaughlinhttps://www.blogger.com/profile/07691546351143209227noreply@blogger.comtag:blogger.com,1999:blog-20524196.post-44808957408754038672016-12-28T14:50:48.441-05:002016-12-28T14:50:48.441-05:00If Donald Trump fires up the sluggish economy left...If Donald Trump fires up the sluggish economy left to him by Obama, millions of jobs will be added. This will help provide money to those receiving social security benefits. However, one long term solution is to GRADUALLY increase the retirement age.<br /><br />I haven't felt optimistic about the economic future until this last election. Time will tell, obviously, but I think America will become solvent, safe, united, strong, ethical and great again.<br /><br />Anonymousnoreply@blogger.com