Your Questions About Debt Busting

Paul asks…

If the UK goes bust, what happens to “The Commonwealth”?

Many commentators say the UK (and the US) are already bust, bankrupt. Canada is supposedly the property of HM The Queen, as are Australia, New Zealand etc..

Sterling WAS the global currency of reserve, now (and only for about 5 years more) it is the US dollar. That WILL change as sure as eggs is eggs.

What does the future hold for the Saxe-Coburg-Gotha family (Windsors) if the UK defaults on it’s debts?

If you are going to argue the UK can get out of debt, please explain how with examples of countries that have got out of similarly huge debts without defaulting.

John answers:

The Government will allow inflation to get us out of debt.

The Monarch’s role as head of state is specifically separated from the financial control of the state for political reasons.

Sandy asks…

Any other Conservative notice the uptick on Liberals attacking on social issues lately?

Is it because they cannot defend Obama’s economy, the way that the USA is in debt, or the way the Stimulus (787 billion) bill was a big fat bust.

John answers:

It could be that they are tired of conservatives attacking people as opposed to issues, that they generally don’t actually know what they are talking about and get most of their misinformation from biased sources like FOX news as opposed to varied sources. They get tired of people blaming Obama for the messed economy which resulted from conservative deregulation, and want these people to understand that the Stimulus was necessary. That this was learned after the 1930’s depression and the vast majority of economists agree it was necessary. They want people who have no expertise in the areas they talk about to stop it already. Because it only makes your country look stupid. They also want conservatives to acknowledge that the stimulus worked, but will take time…

Ruth asks…

Should i stay in and be skint or go out and get even more skint?

My girlfriend has gone out on the town, all my mates are out for one of their birthdays, i`m skint and staying in.
HOWEVER i do have my credit card I can bust into, sooo should i go out of my mind home alone or should i go and have some fun and get into a little more debt?

John answers:

Go out and get even more skint. At least you’ll have some fun doing it.

Chris asks…

What do you think about this article?

A day before President Obama delivers his new jobs plan, the White House ramped up pressure on Congress to act on the president’s proposals — preemptively pinning the blame on lawmakers in the event those proposals die.

But despite widespread speculation about the contents of the president’s plan, White House Press Secretary Jay Carney repeatedly declined to elaborate on what it might contain. He said only that the proposals would be “bipartisan” and that Congress should pass them.

“He will call on Congress to take up those proposals because they are sensible, they are bipartisan and they are paid for,” Carney said, claiming the American people are tired of “excuses” and the only reason for Congress not to act will be if “politics gets in the way.”

“The American people expect Washington to take sensible measures to grow the economy and create jobs and to pay for it. The president will put forward a proposal to do that. He’ll do it in front of Congress because he is calling on Congress to act,” he added.

Republican lawmakers voiced skepticism in the run-up to the address.

Several GOP lawmakers announced they will not attend. Others groused that the administration is not doing enough to tackle excessive regulation. Though Carney cited the president’s “fine working relationship” with House Speaker John Boehner and prior meetings the two have had, Boehner’s office complained that they would not have a chance to discuss a jobs plan with the president before the address.

“It’s hard to take seriously the White House suggestion that his plan will include bipartisan proposals when Republicans are not allowed any input,” Boehner spokesman Brendan Buck said.

The mood underscores what countless lawmakers and analysts have been saying for days — the president faces enormous pressure to unveil something big, something new and something bipartisan, or watch Thursday’s address fall into the just-another-speech annals.

At a minimum, Obama is expected to propose a package of federal spending and tax cuts worth at least $300 billion.

Among some of the items that would quickly add up are a $110 billion payroll tax cut extension as well as $60 billion for extending unemployment benefits for another year; a highway bill worth $90 billion that the president proposed last month to extend but which has not gone anywhere; a $40 billion job training program; and a targeted payroll tax cut for employers to encourage new hiring worth about $30 billion.

Obama has also called for public works projects, such as school construction. Advocates of that plan have called for spending of $50 billion, but the White House proposal is expected to be smaller.

That would easily surpass a $300 billion price tag, and the proposals may be closer to $400 billion to $500 billion.

Obama faces the dual challenge of proposing something big enough to jump-start the economy but not so big that it turns off the deficit hawks in both parties.

Carney, mindful of deficit concerns, insisted Wednesday that the proposals will be paid for. “We’re not going to bust the debt ceiling,” he said.

Though the president may look to offset the new spending by closing tax loopholes, Sen. Jeff Sessions, R-Ala., warned Wednesday that Republicans will oppose the package unless it’s offset by spending cuts.

The White House also shot down a rumor Wednesday that the administration was considering a moratorium on regulations, drawing a rebuke from House Republican Leader Eric Cantor’s office. “Such excessive regulations stifle economic growth,” his office said.

Senate Republican Leader Mitch McConnell likewise said the administration is “throwing a big wet blanket on job creation.” Rep. Allen West, R-Fla., urged the president to reduce regulatory burdens, calling his current policies “anti-growth.”

On the other side of the equation, a liberal group called Social Security Works, warned Obama that any payroll tax cut for employers will do nothing to stimulate new hiring by companies “suffering from weak demand rather than weak profits.”

“This tax cut would be bad enough if it were not also undermining Social Security,” said Social Security Works Co-Director Nancy Altman. “America’s richest companies, many of which pay little in taxes, do not need another tax break. Many companies that will benefit have a long record of shipping thousands of jobs overseas. There is not even a requirement that a company has to create a single job to get this tax break.”

Obama will lay out his plans during an early prime-time speech at 7 p.m. ET, scheduled to precede the NFL’s regular season opener. Republicans have not scheduled a rebuttal to follow the speech.

The proposal comes as the employment report for August rel

John answers:

Very Good!

David asks…

Which tax return do I need to fill in?

My wife and I ran our on restaurant, which went bust within a year. It has left us alot of debt. Which tax return do I have to fill in?

John answers:

Whichever one HMRC send you.
It should include a SA103.

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