The stimulus will fail...

[Galen Sevinne]

Texas will never institute a state income tax because all the politicians here, Dem and GOP alike understand the fundamentals of economics -- if the people have more money, they spend more money and that leads to economic stability.

I think you might want to research this a little biit more before preaching such certainties. I read something just this morning which spoke to the idea of Texas' future deficit problems. I will have to look on my other computer to see where it was in my history and post the link.

[HoustonRaven]

I think you might want to research this a little biit more before preaching such certainties. I read something just this morning which spoke to the idea of Texas' future deficit problems. I will have to look on my other computer to see where it was in my history and post the link.

In 2008, Texas ran a very small deficit of $10 Million (compared to it's GDP of about $1 Trillion) which it recouped by lowering property taxes in certain areas of the state. But we have a balanced budget amendment so any deficit the state ever has is quickly made up as to not roll over debt to future generations (Obama and the Democrats, take notice).

And how exactly does a government deficit equate into an upcoming bad economy or the need for a state income tax?

I understand that's the in-the-box thinking liberals have in regards to the economy. But in the real world, those numbers dont add up. You should be encouraged though -- CA is doing exactly what you think will work in actually raising all kinds of taxes, fees etc to make up for their budget short fall.

The Gubmint there takes and takes and takes ....

[Galen Sevinne]

GALEN still doesnt answer Greg's question and moves on to Houston.

He cant answer mine either - the one about why it's OK for his country to practice deficit spending but it's not Ok for him on a personal level.


TALK ABOUT SPENDING.

LET'S HERE IT FOR MY CHESSEBURGER IN PARADISE.

I answered Gregs question. United States. He just didn't like my answer because he doesn't see the connection between how education enables people to run successful private businesses and infrastructure allows businesses to move product and communicate. Those are two examples of huge spending that set the framework for private enterprise. It seems silly to debate that.

You are right that I live in a small house and drive cheap efficient vehicles. I buy clothes from the outlets and my one t.v is 29 inches and 10 years old. No there is no surround sound stadium seating either. I also spend an outrageous amont of money each year traveling so to each their own. Visiting my accountant this morning, she said my wife and I are one of the few she worries about because we have no debt outside of the house mortgage and a few straggling student loans.

The country is in a different situation though Trap. Every economic indicator is spiraling down and will continue to go down. Do you really thiink that extra $13 a paycheck the american public will get next year because of the tax cuts will make a difference? Spending is investment if done properly. One can debate that the stim. might be bad from an investment standpoint and there might be better ways of inserting that spending but to throw out a blanket statement that "spending has never worked" is really right wing ideology and oblivious to how businesses become successful and how this nation has been built.

If everyone out there in america lived in an affordable house, purchased affordable automobiles, did not have credit cards and avoided Best Buy intoxication then we wouldn't even be having this debate and I would be praising tax cuts. It ain't that way though...unfortunately.

[HoustonRaven]

And as to Galen's assertion about some deficit here in Texas ....

http://www.cbpp.org/9-8-08sfp.htm

Best I could come up with is a "possible budget deficit" in 2010, but that's not certain depending on how fast the economy turns itself around -- BTW, housing sales are way up in TX without the nonsense of Obama's spending plan.

So if it's good for the 7th largest economy in the world, why wont it work for the entire US?

[Galen Sevinne]

And as to Galen's assertion about some deficit here in Texas ....

http://www.cbpp.org/9-8-08sfp.htm

Best I could come up with is a "possible budget deficit" in 2010,

Texas 3.5 billion? Florida 2.3 billion? These are two of the three worst off projections 2010 as far as deficits are concerned. Poor examples of your no income tax theory.

[HoustonRaven]

Texas 3.5 billion? Florida 2.3 billion? These are two of the three worst off projections 2010 as far as deficits are concerned. Poor examples of your no income tax theory.

Do the math ....

1. It's a possible future deficit, based on economic conditions right now. Maybe read the whole thing first?

2. Texas has a GDP of $1 Trillion. I am no math major, but that works out to a possible (and meager) 3.5% shortfall. Very easily made up with no drastic action as adding a state income tax.

[Rochardrik]

^^^^^^^^^^^^^
AMEN to that. You shold see the mobs at the local Circuit City store that is going out of business. They:ve sold almost everything including those big TVs - right off the walls.

I pulled a Warren Buffet on SAT and stood off to the side and noted how many paid with plastic. About 99% used credit cards.

I bought two movies for $10 but have my eye on a great printer for $100 but Im waiting to see if it comes down.

I do have a home theater system I bought years ago when they came out and a 35 inch flat screen HD TV 4 years ago but that has long been paid for.

I haven't bought a new car in a decade while still driving a 99 Camry with over 170,000 miles on it.

I love to travel and bought a place down the ocean last summer from the equity of my first home as a young adult. Paid cash for it and will rent it out this summer. That will be free money for me in addition to my pension.

I moved in to take care of my mom and give her rent when dad died because she has diabetes. i saved her lfie a couple of times when she passed out and I had to pump sugar into her.

I've had a condo in Daytona Beach for 10 years when a realtor buddy tipped me off on an assumable mortgage, but I rented it out to the same lady all these years and never paid a cent on the mortgage. Its almost paid for and Im resisting an offer to buy another condo in Miami for $100Gs 2 blocks from the beach. My friends have them and the prices are really low right now. It would put a big hole in my portfolio which already took a hit with the crash so I'll pass.

When mom dies, she's 83, I'll live in the Fla condo during the winter, it's on the beach - 3rd floor and you can feel the mist coming off the ocean waves at night, and in the OC condo during the summer. It has a side street view of the ocean. That's my dream.

I entered retirement debt free and Im still not soc sec age yet.

Trap, it's no wonder you have no compassion for those less fortunate than you. It's kinda like McCain saying... the economy is sound.... What does he know? he has 7 houses and a secure income. It also irks me to no end to hear him calling the stimulus package "passing debt on to our children"
.... Like the trillion in debt W racked up in his unwarranted attack on Iraq will not be passed on to our children.... but trying to help THE PEOPLE IN THIS COUNTRY by spending a tril is somewhat worse than spending it on killing 500,000 people?