Who still thinks there will be an economic "recovery"?

AspenValley wrote: Warren Buffett on class warfare, taxes, and the growing deficit - in 2006:

“There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”

http://www.nytimes.com/2006/11/26/busin ... every.html

Wow! Never saw that before, but I am disappointed in Buffett for saying it. Have to wonder if the NY times reporter guilted him into saying it?

Anyway, I just disagree with it. I do not believe class warfare politicking is productive or moves the country forward. We have been hearing it since Obama's campaign, what has it accomplished? It just gives people excuses for their misery, and to think why bother trying, the system is against me. Yeah, tax those rich bastids, then I'll feel better.

I wonder if Warren wants the 15% Cap Gains and Dividends tax raised to 20 or 30% on just Billionaires, or everybody? (I pay 0% tax on my Roth IRA income for life). He could always raise his rather low $100K salary to $10 million and pay plenty of tax at 35%. It is in his control.

Bottom line is I would rather talk about fair, simplified tax reform than politick "class warfare".

Yes, I'm sure that any billionaire who doesn't drink the teabagger soak-the-middle/lower-classes-to-preserve-the-rich line of robot-speak must surely be a disppointment.

The warfare he speaks of is absolutely real, and it's absolutey the rich that are waging it.

LadyJazzer wrote: Yes, I'm sure that any billionaire who doesn't drink the teabagger soak-the-middle/lower-classes-to-preserve-the-rich line of robot-speak must surely be a disppointment.

The warfare he speaks of is absolutely real, and it's absolute the rich that are waging it.

Robot speak, I will have to remember that one.

Just wondering why the "horror" at the mention of class warfare?

I also wonder just who has worked so hard to make it practically a four-letter word.

Who uses "millionaires and billionaires" on a regular basis?

Plus Buffet is very good at putting his money in tax free foundations and the similar. Even his kids aren't traditional heirs. They are running charities set up to hide their wealth.

So Warren talks a good game but uses all the tax dodges he can find. He is also not quite the white knight he pretends to be, numerous allegations about him using insider information to make a lot of money.

We've reached the limits of what the American economy can produce up against the weight of massive government. Any economic or natural disaster will send us downward from here.

Businesses have the jack boot of government against their throat and individuals are stretched to the limit. The economy can not grow from here without somthing big to bring new life into it. I can not see what "that somthing" is from this point in time.

The internet was an example of somthing big- it was the last somthing big we had to create wealth. The government economic policy since then has been to run up the credit card, keep money cheap and we saw what those policies have done to us.

The jig is up.

The only thing government can do to help is cut itself by massive amounts- cut taxes, cut regulations, and get back to the basics. It not only needs to cut back to the level that it takes in as revenue- but more than that in order to start paying down the credit card. Governments in Europe already know this and are taking action- but our government seems to think that we can keep on spending.

This is the only way possible to produce economic activity is to back off.

We have a severe reduction in the standard of living coming our way very soon (actually it has already begun) if we don't act this very minute. Hard times are at our door.

That said- I think it's possible that "somthing big" could happen and our economy could grow again as a result. I just don't know what it might be.

The best strategy right now - not knowing if somthing good is coming, would be to reduce the size of government- but this will not happen without the people demanding it to happen. Like Ronald Reagan said;

No government ever voluntarily reduces itself in size.

I think we will have to change our way of life - and I'm not meaning just us, but everyone of every class - remember how I've said we're going to have to take a step back in order to go forward? I stick by that. Mass consumerism is no longer the answer.

Local_Historian wrote: I think we will have to change our way of life - and I'm not meaning just us, but everyone of every class - remember how I've said we're going to have to take a step back in order to go forward? I stick by that. Mass consumerism is no longer the answer.

It is if you are in the upper income brackets....

Even them at some point.