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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Ken who wrote (7498)	7/31/1999 4:15:00 PM
From: Lane3	Read Replies (2) \| Respond to of 9818

Ken, the concern over IRS collections is one of the least compelling I've seen. The inability to raise money could be a problem for the locals but certainly not the Feds. The Feds can spend money they don't have. They've had a lot of practice over the last 30 years or so. It's called deficit spending. Karen

To: Ken who wrote (7498)	7/31/1999 10:38:00 PM
From: daffodil	Read Replies (2) \| Respond to of 9818

>>without an organized, enforced system of national and local tax collection...scores of millions of people dependent on welfare and tax refund checks to survive will take to the streets, riot, and loot, in anger and out of desperation!!!<< Hi, Ken. I have two concerns about this scenario. First, without incoming tax revenue, our government will resort to its time-honored practice of simply printing more money. Crisis or no, Congress will sit...and they can be expected to authorize any and all emergency funds regardless of incoming revenue. Therefore, it seems to me, the essential question is not, will the IRS be able to collect, but can the checks be issued and will the Treasury be able to print the bills? BTW I understand that the Social Security Administration is one of the best-prepared Federal agencies....of course, there are concerns about the DC infrastructure, etc.....in other words, the SSA computers may be able, but will the electricity be on in the District? Read the July 15th GAO report for enlightenment about the readiness of major cities, particularly DC. Secondly, I understand that there are reasons for serious concern about the ability of state governments to meet their obligations with regard to welfare payments. I think that we need to be mindful of this, not just with regard to our personal preparedness, but also as a social concern. In other words, what can we do to help those who are not able to survive--to feed their families--if they fail to receive a welfare check? For me, this is a matter of personal concern with which I'm still struggling...how can I help? I'd appreciate hearing from others as well. Thanks for listening, }=>--------->>>