August 1st actually. Right now we're paying for our commitments with grandma's pension. Thanks, Republicans!

What's wrong with getting rid of income tax again? You realize the richest people today don't even pay income tax, because there are so many loopholes, don't you? I'm not saying a pure sales tax is the way to go, but At least a change of the income tax setup (simplifying and specifying, instead of adding to a huge mess.) is in order, to balance. Honestly, a sales tax doesn't sound so bad compared to the maddening paperwork we deal with.

I don't think income tax is the worst, though, I would prefer a removal of property tax, personally. Why punish someone for not spending their money quickly?

Because spending money is what makes an economy f-cking work. When people aren't spending money, other people aren't making money, and the economy stagnates. That's part of the problem we have now.

I agree though that we need to get rid of the loopholes in income tax. Simplification might also be a good idea if you're not using that as code for shifting the burden on the poor(which is what the Ryan Plan does). If it wasn't for GOP Inc., the wealthiest would a well be paying their fair share by now, and we wouldn't be giving billions of dollars to the Oil companies(a repeal of which was also blocked by GOP Inc.) But I digress.

But if they stick their money in a bank, the bank invests it for them, so it's still circulating.

My "Simplification" was code for balance against mostly the rich, and making it so there are maybe 3 pargraphs outlining income tax as a whole, or heck, exen a spreadsheet . I'm in favor of small gov. but that doesn't mean I'm a radical conservative who thinks rich people need more.

Gambling is not the same as investing.

Actually, it is. The only difference is the odds, and the gain. Investing is gambling with a high enough rate of return that, overall, a large sum of money will increase over time. Like, let's say the odds are 1/3 that you double your money, you will lose money over time. But, 1/3 and you get, say, 3.2 times what you put in, over time you will make money

And that's still circulating money.

I am too lazy to actually make my own post so instead I quote people and then don't say anything new.

House voted 318-97 against raising the debt ceiling without matching spending cuts. Woot.

Yay for being irresponsible and not paying our debts!

On a more serious note, can anyone tell me how exactly a default on our loans would affect me as an individual? I mean I know it would be absolutely terrible for the country's respect, integrity, and credit rating, but as a high-school student looking toward college, with my parents still paying a mortgage and other debts, am I gonna get screwed on this?

I've been wondering the same thing It's not like I pay much in taxes.

Worst case scenario: The Government cuts a ton of educational spending, and student grants.