Steve Schwarzman: Even Rich Americans Need To 'Give Something Up' To Narrow Deficit

[AAAintheBeltway]

We do no thave a deficit problem. We have a spending problem. The government collects plenty of money, and comparisons to western european socialist countries prove nothing, unless we want to end up like them. They also have $9 a gallon gasoline. Anyone think that would bea good idea. I mean other than obama and richter.

The one thing that is clear from history is that the congress will spend >100% of any additional taxes collected. The more we raise taxes, the bigger the deficit problem, because additional revenues reduce the pressure to cut spending.

 

[Ricter]

Gas prices around the world:

http://money.cnn.com/pf/features/lists/global_gasprices/

 

[Hello]

Quote from Ricter:

Gas prices around the world:

http://money.cnn.com/pf/features/lists/global_gasprices/

From your article:

NEW YORK (CNN/Money) – Gasoline prices in the United States, which have recently hit record highs, are actually much lower than in many countries. Drivers in some European cities, like Amsterdam and Oslo, are paying nearly 3 times more than those in the U.S.

The main factor in price disparities between countries is government policy, according to AirInc, a company that tracks the cost of living in various places around the world. Many European nations tax gasoline heavily, with taxes making up as much as 75 percent of the cost of a gallon of gasoline, said a spokesperson for AirInc.

In a few Latin America and Middle-East nations, such as Venezuela and Saudi Arabia, oil is produced by a government-owned company and local gasoline prices are kept low as a benefit to the nation's citizens, he said. All prices updated March, 2005.

 

[Ricter]

Re our spending problem:

<img src="http://www.visualeconomics.com/wp-content/uploads/2009/11/spendingvsgdp.jpg">

 

[Ricter]

Quote from Hello:

From your article:

NEW YORK (CNN/Money) – Gasoline prices in the United States, which have recently hit record highs, are actually much lower than in many countries. Drivers in some European cities, like Amsterdam and Oslo, are paying nearly 3 times more than those in the U.S.

The main factor in price disparities between countries is government policy, according to AirInc, a company that tracks the cost of living in various places around the world. Many European nations tax gasoline heavily, with taxes making up as much as 75 percent of the cost of a gallon of gasoline, said a spokesperson for AirInc.

In a few Latin America and Middle-East nations, such as Venezuela and Saudi Arabia, oil is produced by a government-owned company and local gasoline prices are kept low as a benefit to the nation's citizens, he said. All prices updated March, 2005.

Yeah, I had a hard time finding current, but figured the proportions were still probably pretty close. Have you got 2011 handy?

 

[Hello]

Quote from Ricter:

Yeah, I had a hard time finding current, but figured the proportions were still probably pretty close. Have you got 2011 handy?

Nope, i was merely pointing out that you can basically take all those prices and double them in terms of where it is at today.

 

[Ricter]

The government collects plenty of money, and comparisons to western european socialist countries prove nothing, unless we want to end up like them.

Good heavens, anything but that!!

Forecast for the Swedish economy 2011:

http://www.sweden.gov.se/sb/d/9513/a/162135

Shall I link to more revised 2011 economic forecasts for western European socialist countries, like Switzerland, Finland, Denmark, Germany, France, Poland (ok, not western)?

Even Japan, a commie country [gini=38, R/P 10%=4.5 (The ratio of the average income of the richest 10% to the poorest 10%)] with virtually no important natural resources, slammed by three calamities, expects some growth this year.

 

[Tsing Tao]

Quote from Ricter:

Good heavens, anything but that!!

Forecast for the Swedish economy 2011:

http://www.sweden.gov.se/sb/d/9513/a/162135

Shall I link to more revised 2011 economic forecasts for western European socialist countries, like Switzerland, Finland, Denmark, Germany, France, Poland (ok, not western)?

Even Japan, a commie country [gini=38, R/P 10%=4.5 (The ratio of the average income of the richest 10% to the poorest 10%)] with virtually no important natural resources, slammed by three calamities, expects some growth this year.

yeah, they all expect to grow. the difference is what actually happens. just like how today's GDP number was considerably less than forecast 1 month ago. funny how that happens.

 

[Ricter]

Quote from Tsing Tao:

yeah, they all expect to grow. the difference is what actually happens. just like how today's GDP number was considerably less than forecast 1 month ago. funny how that happens.

Good point, agreed. But is there any reason to believe their reduced expectations will be any worse than ours? Anyway, I was not trying to argue they're superior in any way, only that implying how bad conditions are there is not fair.