Worry About Debt Ceiling Machinations Misses Bigger Points

Russ Winter of Winter Watch and Aaron Krowne of ML-Implode.com join the Wall Street Examiner’s Lee Adler as they continue their regular brief updates on the market and economic scene, with particular attention this week to the government’s debt ceiling machinations and their true market impact, both now and in the weeks ahead. Lee says there are bigger underlying issues here, regardless of the debt ceiling impasse.

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3 comments for “Worry About Debt Ceiling Machinations Misses Bigger Points

  1. Paul
    July 7, 2011 at 10:23 pm

    Lee, my wife and I paid, combined, paid 38 percent of total income in taxes to last year to the U.S. oligarchy in 2010 — which does NOT include sales tax and endless bogus usage fees, licenses, registrations, et cetera. I view every dime of this taxes paid wasted.

  2. Stuart
    July 8, 2011 at 11:38 am

    And does that include anything for health insurance?

  3. July 15, 2011 at 2:17 pm

    Paul- In that bracket you are a high income earner. If you lived in Canada, you would be paying 55-60%. But you’re right, in the US, your money is wasted, mostly on high tech weaponry and military adventures, and other wasteful government programs like agricultural subsidies, and tax breaks to multinational corporations for which the society at large receives no benefit.

    In Canada the money is spent on things society needs, not always efficiently, but the social welfare programs, including health care, and things like child care and government guaranteed paid family leave, and low cost higher education are tremendous, and for the most part they work. That’s where the money should be spent. It generates enormous returns in terms of the well being of society as a whole.

    That being said, taxes are too high in Canada and salaries are much lower than in the US. There needs to be a happy medium. The US needs to spend far less on its grossly wasteful military, tax a little more, and spend a lot more on social welfare for the betterment of the society. I’ve seen how it works in another country, right next door to the US, and much like the US in many ways. There’s no question in my mind that the vast majority of people are far better off than the majority in the US.

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