, Srikanth_t wrote

*snip*

Oh ok. Obama is doing Theatrics then. There... is that good enough for ya ? There is no real interest in *actually* addressing the issue he says he is addressing. In fact there is no real interest in addressing the deficit but all a bunch of deceptive talk like a typical street side performer. He is the one who initiated this "tax the rich" talk...supposedly to address the deficit. That makes him a dishonest person at best and a liar at worst.

Most of the Economically challenged "deficits don't matter" crowd seem to be having a hard time comprehending the real danger of such high Debt. In programming, we account for things called "exception conditions". On a current account debt of $16.5 trillion, if interest rates reach 10%, government will have to pay $1.6 trillion on just interest payments alone. That's right, majority of tax receipts just go for one single line item..aka Interest payments. May be the mentally challenged "mainstream" parties that you seem to favor over the one sane person (Ron Paul) don't want to account for the exception conditions, but those of us who care about this country are genuinely concerned.

By the way, 10% interest rates are very much with in the realm of possibilities. Back in 1980s interest rates reached > 15%.

I'd agree if you're talking about the inordinate focus on tax hikes, that's a bit of theatrics. 

If you're talking about the practicality of it, it'll help some short-term deficit issues, like ongoing costs of the wars and so on, but then, after that, they have to move on to discussing big issues like Medicare and Social Security. That should have really been the focus of the election debates, imo... talking about entitlements. We got some little bit of that, but most of the election chatter got diverted into other issues.

I don't think a tax hike on the wealthy would hurt the economy if you could separate out small businesses or give a tax credit to them. Tax credits for small businesses is something he proposed as a compromise, by the way, which I give him credit for. But I still don't understand why we're talking about it over issues like entitlement reform.