12:07 am, July 10, 2014

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  • As MacBeth said
    30years
    "a poor player That struts and frets his hour upon the stage And then is heard no more: it is a tale Told by an idiot, full of sound and fury, Signifying nothing." Sequestration will be felt slowly. By the time the public feels the impact Congress and the President will be on to some other crisis. And when the public can't get through to SSA or IRS or is in line at the Airport or has a flight delayed they will blame the government employee, not Congress or the President.
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  • The SKY IS FALLING!!!
    Mc
    GIANT Tsunami's will eat your family! No more cows! Bread lines everywhere! No more air to breathe. O' the Humanity!!!
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  • Floods and avalanches also build slowly
    Just me
    Yesterday I took comp time to go do some errands. Most of the stores were empty, or very lightly patronized in the Northern Virginia shops I hit. I would, therefore, argue that the effects of sequestration have ALREADY begun, and the people impacted are already spending less.
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  • True...
    Big Joe
    You are absolutely correct. I've taken $18k a year out of the local economy in the last two months. I've taken my children out of private religious school, eat out once a payperiod instead of once a week. We didn't buy that new car we need.... I did take a second job and am saving every penny of that, so when I get to the point I feel safe I can buy that car for cash, albeit several years from now. I'm not buying anything I don't have to.....
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  • False...
    Mc
    The reason people are spending less is not because they're paying you less to surf the internet all day. The reason for less spending is due to higher prices, which is a direct result of the Fed's devaluation of the currency by HUGE money printing (85 billion per month!).
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  • What is your solution, Mc?
    FERS Fed
    Let the economy crash?
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  • No MC
    Moderate
    First Just me, I agree with you and Big Joe on this one. The effects of sequestration are that we should spend less if possible and let the government (both branches) explain this roll back of the economy and its effects on their livelihoods.----And now Mc, are you Big Joe's supervisor? How do you know what he does and when he does it? Your comment makes no sense. Perhaps you are not a government worker?
    worker
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  • Retail Down All Over
    ben
    Generally, retail is down all over the nation, not just NOVA. JC Penny and Wal-Mart especially hard hit. But, then a reason for few people shopping during the day may be that they are either working, or looking for a job.
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  • Now its gonna go down even more
    FERS Fed
    There's no way this amount of money gets pulled out of the US economy and it doesn't become another recession. ..... Thank you, Senate GOP, for refusing to even allow a vote on a compromise plan to eliminate tax breaks for oil companies and reduce federal support to agri-businesses in exchange for additional spending cuts.
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  • Not the way it works!
    ben
    To finance that $85 billion, the government must borrow that amount, removing it from private hands. Similarly, eliminating tax breaks do the same. Keeping funds in private enterprise results in a higher yield, including more tax revenue. Government spending results in less revenue as it is a expenditure of tax revenue, not a generator. Reducing federal support to agribusiness is a good idea. The PIGS in the EU over spent tax revenue to GDP and are now basket cases. Japan's national debt is 233 percent of GDP because of massive infrastructure building. Her economy is suffering and has for over a decade. Not spending $85 billion by the government in a $16 trillion (one half of one percent of GDP) economy will be a grain of sand thrown in the water, not a boulder -- the ripples will not be noticed.
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  • "removing it from private hands"?
    FERS Fed
    Whether financed from tax revenues or from borrowing, the $85B doesn't just disappear down some government rathole never to be seen again. It goes right back INTO private hands. ..... Where do you think the USG and its employees spend that money? A lot of businesses with payrolls to meet are going to miss that $85B. ..... If you want to talk about 'disappeared' money, let's talk about all the business capital sitting overseas unused because it might be taxed, or all the money parked in offshore accounts by Mitt Romney et al.
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  • Still Don't Understand
    ben
    If employed by private enterprise, the $85 billion generates much more than its original amount, including increased government revenue (taxes). If employed by the government, the $85 billion will generate much less than $85 billion in taxes to return to the treasury -- diminishing returns. As to the overseas capital parked in the Caymans, etc., you misunderstand the situation. Corporations are parking the funds because they perceive an uncertain future in the US. Corporations exist to return increase revenue to their shareholders. In uncertain times with leaders injurious to business, they preserve their capital until they perceive a better climate invest -- survival mode. Individuals park capital in offshore accounts simply because its near their investments. They pay taxes on their accounts. Not to do so would be a federal crime. Banks report these accounts to the IRS -- not to do so would result in penalties equaling almost any profits they would make in the US, or a freeze on any further business in the US -- a death sentence to most overseas banks. Reid owns Romney a big apology.
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  • No Ben, You do not understand
    Moderate
    First, again, the money paid to federal enmployees goes right back to private industry in the form of consumption. The money kept by the wealthy is less spent on consumption. Also, that money has a better chance of going overseas (legally or illegally) That money may or may not be reported by overseas banks. I doubt if the poor or middle class has much in the way of overseas accounts.---- In response to your overseas comments, the US branch or tree of a company incorporated overseas shows its income and expenses. It then pays the safety deposit box of its overseas mother a huge amount to escape US taxes. Then the IRS and taxpayer fight over the deductible amount of this transfer of funds expense. Of course, with sequestration, this fight will take even longer due to furloughs and loss of manpower. Thus, more money stays overseas.
    worker
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  • No!
    ben
    If, tax revenues paid to federal employees, or for other expenses, were a major contributor to the economy, instead of a drag, Greece would be in another Golden Age. Intense borrowing is a drain, as is taxation above a certain point. Money in private hands, by any class, contributes more to the economy, than government spending. Government spending is drain of wealth, not a multiplier. In ordinary times, the wealth do consume in extraordinary amounts, but their real multiplier is as investors. Corporate funds are parked overseas because the present administration is perceived as anti-business and incompetent. The corporations are in survival mode. Unlike government, they can't print more money.
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  • Sequestration
    nick1010
    I've said it before, and so have others. Sequestration (i.e., the furlough aspect) will cost not only federal employees, but state employees who are federally funded, and private contractors. I contend that the average middle class American in these jobs will simply have to spend less money. It's not as if we'll buy fewer stocks, or cut our investments in off shore banks. My grocer will hurt, my local restaurants will hurt, the state treasuries will hurt because I'll be paying less sales tax ... and on, and on. What are these clowns in D.C. thinking? And I mean ALL of them, not just one party or another. They are all to blame. And I'm a little angry about it because it seems to be a big game to them.
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  • Wants attention
    Linda
    I think 30 years is right. Congress just wants the media attention. How do they get that? By creating a crisis instead of doing their job. Maybe if the TV only reported on Congress when they passed a bill rather than when they don't, more would get done.
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  • we'll manage
    Rob
    I think for the majority of Americans sequestration will come and go without much notice. If people don't play any games, like needlessly releasing law breakers from detention centers to prove a point, then I think our government will survive borrowing 33 cents for every dollar spent versus 35.
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  • We'll Manage
    vetdude
    Rob, the key phrase in your comment is "majority of Americans". While true, the irony is that federal workers, if they haven't already, are tightening their purse strings to make ends meet yet those receiving entitlements such as welfare (those on the dole) will feel no impact. Is this a great country or what?
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  • Good Points
    Rob
    No doubt about it federal workers will feel the pinch and have for 4 plus years. If you're a federal employee and you're just now tightening your belt then it makes me wonder what you've been doing the last several years. I've been very outspoken about the entitlement society I think has expanded greatly over the past 4 years. We can't keep asking the responsible citizens of this country to pay for the irresponsible. I believe in equal opportunity for all people. However, I don't think it's the role of government to ensure equal results for all people.
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  • The majority may manage, but many will have difficulties
    Moderate
    How many will have their income reduced because of sequestration?----As far as releasing lawbreakers, they had to do so because of financial considerations caused by the Republicans refusal to work with the Democrats. It cost money to keep illegal immigrants in jail. Thank your Republicans allies. As far as borrowing all of this money, thank George Bush and his Republican friends for the economic mess we are in and for the huge borrowings necessary to bring us out. Hopefully, when we are out of this Republican mess, we will be able to have surpluses instead of giving tax cuts to the wealthy.
    worker
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