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The Fair Tax is the way to go - The Galveston County Daily News : Columns

September 1, 2014

Three Musketeers The Fair Tax is the way to go

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15 comments:

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  • kevjlang posted at 10:52 am on Tue, Mar 18, 2014.

    kevjlang Posts: 2819

    Defeatism has been around for centuries. Psychiatrists and psychologists have tried to deal with the phenomenon for as long as there have been psychiatrists and psychologists. For those people that feel they've been left out of the economy and opportunity, I don't know how much of that is purely their fault, and how much of it is due to our nation not adjusting to the changes in the world economy. Although I think I'd do OK if I was coming out of high school today, I'd be less than honest if I said I'd love to do it and set the example. At this point, the example I'd like to set is to retire young enough to open up opportunities for others to experience the same success as I've had.

     
  • Bigjim posted at 10:19 am on Tue, Mar 18, 2014.

    Bigjim Posts: 419

    Reply to carlosrponce posted at 8:15 am on Tue, Mar 18, 2014.
    “Coolidge inherited a nation in the midst of an unprecedented economic boom and handed it over just before it fell into the Great Depression. He succeeded in his primary goals of balancing the national budget and reducing the deficit, but he failed to supervise the giddy rise of the stock market. He also refused to address the needs of millions of American poor, and instituted a strict, discriminatory immigration policy. "America," he said, "must be kept American."
    While signs of financial crisis were evident by the late 1920s, Coolidge did nothing to avert the eminent catastrophe. Instead, he abruptly declined to run for a second full term, leaving his successor Herbert Hoover to navigate the most dismal economic straits in U.S. history”
    “On poverty, Hoover said that "Given the chance to go forward with the policies of the last eight years, we shall soon with the help of God, be in sight of the day when poverty will be banished from this nation", and promised, "We in America today are nearer to the final triumph over poverty than ever before in the history of any land," but within months, the Stock Market Crash of 1929 occurred, and the world's economy spiraled downward into the Great Depression.”
    Which one of the Presidents were responsible for the Great Depression? If this happen today, fingers would be pointed where, at the President. Have things changed that much? President Coolidge declined to run for second term, why?

    Did he foresee the things to come!

     
  • carlosrponce posted at 8:15 am on Tue, Mar 18, 2014.

    carlosrponce Posts: 2059

    Oh yes, the "Me" - linneals are those blame everyone else but themselves for their lack of prosperity and success. They whine about inheriting the "worse economy ever" for the lack of job availability. They sound just like President BO.
    By the way, the worse economy was inherited by President Calvin Coolidge. His turn around led to "The Roaring Twenties". He cut the budget in half and eliminated the nation's debt. We need another "Silent Cal".

     
  • kevjlang posted at 7:29 am on Tue, Mar 18, 2014.

    kevjlang Posts: 2819

    Nothing unique about millenials. The millenials have neither invented nor perfected any form of human behavior. Maybe we focus more on it today, but I don't think it's anything our predecessor generations didn't have to deal with, too. If it's more of a problem today, it's because we didn't do anything to correct it in prior generations.

     
  • carlosrponce posted at 7:12 pm on Mon, Mar 17, 2014.

    carlosrponce Posts: 2059

    " I rang up my share of debts, and I paid them off. No other person's blood, sweat, and tears were used to do so."
    A good lesson to pass on to your progeny. Too bad too many "me-lennials" don't quite get it. They want it all and they want it NOW. And they are not willing to put in the hard work it takes to become successful.

     
  • kevjlang posted at 6:25 pm on Mon, Mar 17, 2014.

    kevjlang Posts: 2819

    bvresident and carlosrponce, one, I'm not making a single statement in favor of more tax revenue. If we all agree that revenue is sufficient as is, then we need to agree on what we're going to give up in order to pay the debts we incurred.

    As for incurring debt, there is no set formula for the right way to get yourself from 16 to 30 or 40. Just like many successful businesses begin by leveraging a bunch of debt while they develop their great ideas and start pulling in revenues, so too are many successful businessmen born from taking in great debts to invest in the education that will lead them down their path of success. Incurring debt, in and of itself is not necessarily a bad thing. For consumers, home loans historically have made sense because the rate of appreciation of the real estate is frequently greater than the interest rate on savings and greater than the interest rate on the loan. Car loans can come down to a matter of the opportunity cost of the money.

    Of course, there are people, companies, and countries, that overleverage themselves with debt. I've been close to that myself as I, sans silver spoon, had to navigate my way through college and early career to discover my own mix of what's important, what's not important, what can't wait, and what must wait. I rang up my share of debts, and I paid them off. No other person's blood, sweat, and tears were used to do so. No government assistance, no special provisions from the financial institutions, or anything else. I dug myself into the hole, and I dug myself out. Today, I have a greater appreciation for the responsible uses of debt, and how easy it can be to use credit irresponsibly.

    For our country, it's certainly debatable as to whether we're overleveraged. What's not debatable is that we need to develop a plan for paying it back. Since those dollars weren't just pulled out of thin air, the dollars to pay it back won't come out of thin air, either. They are going to come off of some peoples' backs. I fully expect that some of it will come off of my back. Maybe I don't like half of what those dollars bought, but I don't feel that's a sufficient reason to not meet my obligation. Whether that ethic is liberal or conservative matters little to me. I think it's my responsibility to help clean up the mess, and I'm fully aware that I might have to settle for a Corolla or two instead of the Ferrari and Lamborghini I was planning on. Since most of this mess was created by our generation, I think it's only fair that our generation at least do some of the heavy lifting to clean it up. I don't know the fair way to divvy it up, but if we're as smart as we think we are, we probably need to start figuring that out.

     
  • carlosrponce posted at 12:43 pm on Mon, Mar 17, 2014.

    carlosrponce Posts: 2059

    They call it "planning" and "budgeting". The necessities of life are one thing. Getting your children the latest X-Box, I-Pad, stylish clothes are another. "Look for the bare necessities, The simple bare necessities, Forget about your worries and your strife, I mean the bare necessities Old Mother Nature's recipes That brings the bare necessities of life."

     
  • carlosrponce posted at 12:34 pm on Mon, Mar 17, 2014.

    carlosrponce Posts: 2059

    kevjlang, too bad common sense is not passed out with degrees at universities these days. Upon graduation from SHSU in 1979 I had zero debt. Learn to budget your time and your resources. "To Everything, There is a season And a time to every purpose, under Heaven."

     
  • bvresident posted at 11:45 am on Mon, Mar 17, 2014.

    bvresident Posts: 1074

    Those on the left do such a bang-up job of exaggerating their basis for always crying about getting more tax revenue. The fact is that those who go to college shouldn't incur college loans unless they are going to be completely responsible for paying them off. When the taxpayers are on the hook for paying college loans for anyone other than there own children then it becomes another entitlement that will neither be appreciated nor earned and won't result in a more educated society.

    As for the ridiculousness about our younger generation struggling to buy diapers and food and shelter, that's another left-wing smokescreen. We're paying for that stuff for way too many people who have no business bringing children into this world.

     
  • kevjlang posted at 9:27 am on Mon, Mar 17, 2014.

    kevjlang Posts: 2819

    I see what you're saying carlosrponce. Young people should not incur college debt. When they land that first job, they should sleep on the street outside their office, running through sprinklers to take their showers. At least until they've collected enough paychecks to save up for a rental apartment next door to work, and don't move into the suburbs until they can afford a car. Getting a place to live and having a car to get around are such overrated expenses.

    As for children, there is a saying that if you wait until you're fully prepared for kids before you have them, we'd be extinct in just a few generations.

    Getting that first place, setting it up, and acquiring that first car are all expenses that most people start incurring before the first paycheck hits the bank. Sure, many people, young and old, would do better to maintain lower financial profiles. On the other hand, our corporate and government leaders generally don't do a good job of setting good examples along those lines.

     
  • sstrat5 posted at 9:13 am on Mon, Mar 17, 2014.

    sstrat5 Posts: 3

    "Got to" have diapers, "got to" have child care, "got to" have food and shelter for your kids. Yes, carlosrponce, I see where you're going with that. [smile]

     
  • npappous posted at 8:03 am on Mon, Mar 17, 2014.

    npappous Posts: 245

    Yes Ron but there are problems on all sides. If you tax the elderly more then you are taxing them for services they will not likely be around to see the full life of - no pun intended. The elderly don't spend as much because they are "empty-nesters" without children to support. If you tax them more through another method, then they are then going to run through their nest-egg faster without the means to generate income in their latest stages of life. There are issues everywhere with each means of taxation. I maintain the best method is the most transparent and easiest to collect. That is a national sales tax... Although I would give the first $xx,000 of spending to each person for free.

     
  • carlosrponce posted at 6:46 am on Mon, Mar 17, 2014.

    carlosrponce Posts: 2059

    And why, Ron Shelby, do "[s]pending patterns increase significantly from ones 20s to about 50 and then decline"? I say lack of prudent spending habits. I see young people spending themselves into debt by catching the "got to" disease. Got to have that new fancy car, got to have a fancy home, got to have all the latest tech, got to give kids all the latest in everything, etc. They used to call it "keeping up with the Jones". I say plan a family when you can afford one, budget keeping an emergency fund handy. And where is there a law saying you have to pay for your children's post-high school education? They are considered adult at 18. there are millions in scholarships available through high school counseling offices that no one ever applies for. And whatever happened to working your way through college? I have noticed kids who college is paid on the backs of their parents and all they do is party. And college isn't for everybody.

     
  • Matt Coulson posted at 6:13 am on Mon, Mar 17, 2014.

    Matt Coulson Posts: 115

    Aren't those people already carrying the tax burden, just in another format?

     
  • RonShelby posted at 3:48 am on Mon, Mar 17, 2014.

    RonShelby Posts: 480

    The underlying problem with a sales tax only structure is that spending patterns do not remain flat throughout life. Spending patterns increase significantly from ones 20s to about 50 and then decline. That means the greatest tax burden is being placed on those just getting started and beginning to raise children. At a time of greatest financial commitment they are alo disproportionately carrying the greatest burden. Longer term it means they will be able to save even less early in life towards retirement, the time at which they really need to save and invest so that they'd be less off a financial burden to society later. This definely has many problems.