O/T: Quote Of THe Day

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On Fri, 07 Sep 2012 20:29:03 -0500, Richard wrote:

Until recently, we only had alcohol in the gas in the winter. Riding a motorcycle in the winter here is only for the foolhardy, so it didn't bother me.
Now we have it year round. I went to put gas in the tank last year and found big pieces of my tank liner floating!
I got the tank relined with something supposedly impervious to the alcohol, but I've been buying un-alkied gas at a commercial station whenever possible.
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On Thu, 06 Sep 2012 14:39:26 -0600, Just Wondering wrote:

Because we spend a lot more than is required for defense. Even more than the Pentagon wants. A lot of it is pure pork barrel - local jobs get politicians re-elected even if the rest of the country is paying for something not needed.
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On 9/6/2012 5:23 PM, Larry Blanchard wrote:

That's a matter of legitimate debate.

not "entitlement" spending.
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On Fri, 07 Sep 2012 12:18:53 -0600, Just Wondering wrote:

I won't swear to this, but IIRC we spend more than the next 7(?) countries combined and twice as much as the next highest. Seems to me to be a bit more than required.
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"Larry Blanchard" wrote:

I heard it was 17, not 7; however, also not confirmed.
What is also overlooked is the basic research the military supports.
Internet, GPS, etc, etc.
Lew
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On Fri, 7 Sep 2012 14:11:59 -0700, "Lew Hodgett"

http://en.wikipedia.org/wiki/List_of_countries_by_military_expenditures
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Jack Novak
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On Fri, 7 Sep 2012 15:12:16 -0700, "Lew Hodgett"

http://en.wikipedia.org/wiki/List_of_countries_by_military_expenditures----------------------------------------------------------Wikipedia is not a vetted source.The best it gets is hearsay.Lew

Agreed, but the article cites the data provided by the Stockholm International Peace Research Institute.
http://www.sipri.org/yearbook/2012/04
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Larry Blanchard wrote:

Whatever it is, it isn't enough.
There are troubles in the world that it's up to the U.S. For example, the public transit fares just doubled in Singapore and, for some reason, farmers in Sri Lanka are not growing enough potatoes. I even heard of a cat being shaved in Egypt.
It's up to us to sort all this out.
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On Sat, 08 Sep 2012 06:28:06 -0500, HeyBub wrote:

Love it :-).
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Just Wondering wrote:

Er, no. The federal deficit can be reduced, or eliminated, by growing the economy. "A rising tide lifts all boats," including the US treasury.
Of course politicians have to restrain themselves from spending only what comes in, not the "projected" revenues in the out-years.
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On 9/7/2012 4:37 AM, HeyBub wrote:

entitlement programs are cut. Suppose that beginning today, the federal government spends only what come in. Suppose that beginning today that the economy began to grow by a robust 4% per year, and that is the means relied on to cure all federal budget problems. How long would it take before the federal deficit is reduced to zero? What would the federal debt be at that time? How long would it take to reduce the federal debt to its present $16 trillion? How long until interest on the federal debt become less than 10% of total federal spending? How long until the federal debt is reduced to below five trillion dollars?
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Just Wondering wrote:

Four percent is not what I'd call "robust." For example, China's GDP has been increasing in the neighborhood of 8% for some time. So, assuming a 6% growth for the US and a cutback of current expenditures to the pre-Obama level, just a quick back-of-the envelope calculation shows we could make a slightly less than $1 trillion reduction of the debt each year.
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On 9/7/2012 1:35 PM, HeyBub wrote:

" Historically, from 1947 until 2012, the United States GDP Growth Rate averaged 3.25 Percent ..." http://www.tradingeconomics.com/united-states/gdp-growth
You are assuming a growth rate nearly twice the historical average. That is not realistic.

gross national product of $15 trillion (that's high), a current federal debt of $16 trillion (from news reports, that's pretty much spot on), a starting federal budget of $3 trillion (an unrealistic rollback to 2008 levels, but you assumed it so let's use it), a 2% annual increase in federal spending (that''s low), a starting tax revenue of $2.3 trillion, a 4% annual growth in GNP, and that the federal government collects through taxes 15% of the increase in GNP. At the end of 10 years, the federal budget would increase to about $3.66 trillion and federal revenue would increase to about $3.38 trillion, reducing the annual deficit from $700 billion to $280 billion, but also increasing the federal debt by $5.6 trillion to over $21.6 trillion. If the U.S. pays 2% on the debt, the annual interest on the federal debt would have gone from $320 billion to over 430 billion; $90 billion of the increased revenue would go to service the increased interest on debt, taking a huge chunk of the increased federal revenue from a growing economy.
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Complexities? No, nothing complex, we just let the government grow and grow. Used to be about 1 in 10 people was government employed, now closer to 1 in 4.
http://www.forbes.com/sites/baldwin/2011/03/16/whats-your-states-deadweight-ratio/4 /
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wrote:

Right. I'm left of Ed, but the main reason I retired was being sick of regulations that took my time from the research I was supposed to do. But the problem is how to reduce the burdens, and I don't know how. Just some of the problems in today's research fields is that of fraud and of abuse of research subjects. The regulations designed to combat these are stupendous, requiring testing & certification of researchers, approval programs of proposed protocols, and documentation, documentation, documentation. The HIPAA forms we are all familiar with are another example. Something that should be just self-evident, that your doctor shouldn't expose your records to just anyone, now requires multipage forms of legalese with exceptions and exceptions to the exceptions.
So let us do away with the HIPAA forms and everything analogous, and just punish anyone who violates our trust with sufficient force. Let's do away with due process?
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Doug, there is a difference, obscure to many, including me, between debt and budget deficit: <http://www.treasurydirect.gov/news/pressroom/pressroom_bpd08052004.htm I wish I really understood.
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On 09/05/2012 06:52 AM, Han wrote:

It's really very simple:
When calculating annual budget deficits/surpluses, the gov counts all excess "trust fund" contributions as revenue, but doesn't count the treasury note placed into the trust funds in place of those funds as an expense. When calculating debt, they do count the notes as expenses, hence the difference. This amounts to several hundred billions annually.
One of the "problems" Obama has is his "payroll tax vacation" in which the employee contributions aren't being made for SS and medicare. This means that the employer portion isn't enough to cover current expenses, hence there is no excess revenue from these funds to count. It also means that those funds are being depleted at a much faster rate than anticipated and the gov needing to borrow more, adding to the "real" deficits and debt.
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gospel of envy, its inherent virtue is the equal sharing of misery"
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I indeed didn't understand that "payroll tax vacation" other than it being a simple infusion of stimulus to everyone. But, like some other tax reductions, it is supposed to end, this one Dec 31 2012.
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On 9/5/2012 7:52 AM, Han wrote:

you spend that's more than you earn. A deficit increases debt - when you spend money you don't have, that money has to come from somewhere. The usual way is to borrow it. .
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