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Somebody has to be fiscally responsible and pay the debt Bush has accrued over the last 8 years. Bill Clinton helped pay for Reagan and Bush 41's debt. Now its time for Obama to pay Bush 43. It seems republicans don't know how to manage money. The national debt has DOUBLED!!! under Bush. Consumer debt has reached all time highs. We do not need any more republicans screwing things up. We've tried that already, now lets try something smart and different.
The Democrat-controlled Congress, back in the 1980s, on average spent 2.8% more than Reagan asked for.
Notice how the deficit started going down only after the Republicans won control of Congress in the 1994 elections?
Obama has repeatedly said he would implement a PAYGO system, and has been lauded by the right for this stance.
Asked if he would scale back his agenda if some of his proposed tax increases fail, Obama said, 'I am a strong believer in pay-go,' a term for avoiding new deficits by paying as you go. 'So adhering to pay-go means that if I couldn't find the revenues or reduce spending in other areas, then I couldn't pay for my proposals.'
I am going to assume you make less than 250,000 dollars, because the overwhelming majority of Americans make less than that. None of your taxes are going to increase, quite the contrary. Obama is giving you a bigger cut than McCain is. Be thankful we are going to have a sensible President who has a fair tax policy.
We've already been experiencing higher taxes for the past seven years. While Bush prattles on about federal tax cuts, his unfunded mandates have shifted a huge portion of the tax burden to state and local governments.
But way too many dunderheads around here have ignored the increased taxes they pay at the state and local levels, preferring to concentrate on the imagined savings from Bush's deficit spending. They don't even comprehend that his record deficit will result in tax increases regardless of who the next president is.
As far as inflation goes, we don't need to get ready for it. It's been with us for the past year in a very uncomfortable way.
Obama has repeatedly said he would implement a PAYGO system, and has been lauded by the right for this stance.
Asked if he would scale back his agenda if some of his proposed tax increases fail, Obama said, 'I am a strong believer in pay-go,' a term for avoiding new deficits by paying as you go. 'So adhering to pay-go means that if I couldn't find the revenues or reduce spending in other areas, then I couldn't pay for my proposals.'
Obama Laments Lack of Fiscal Flexibility | US Budget Watch (http://usbudgetwatch.org/budgetblog/2008/obama-laments-lack-fiscal-flexibility-7 - broken link)
Pay as you go? Doesn't have the appearance up front of that. I guess he could come out and redefine his position.
According to a recent analysis by the nonpartisan Tax Policy Center, Obama's tax plan would add $3.4 trillion to the national debt, including interest, by 2018.
Notice how it went through the ceiling under the Republican controlled congress of 2000 - 2006?
It's a good thing no major event's happened in that time frame....
Before its bankruptcy in late 2001, Enron employed around 22,000 people (McLean & Elkind, 2003) and was one of the world's leading electricity, natural gas, pulp and paper, and communications companies, with claimed revenues of $111 billion in 2000.
The dot-com bubble burst, numerically, on March 10, 2000,
As the Government continues to print and spend money driving both the federal debt and the deficit to astronomical levels they are ensuring both higher taxes and higher inflation. The rising debt is making Treasury Bonds much harder to market to China, the Saudis and the few others they have been able to make backdoor deals with to buy the debt. The only choice the Government will have is to raise taxes to begin to pay more on the deficit. The problem is even with much higher taxes, we will not be able to service the debt, and therefore in the long run the dollar will continue to loose value causing the cost of living to go up at double digit rates. Your future has been mortgaged like a first time homebuyer being talked into a liar loan. Remember that when you go to the polls this November, whether they call themselves Democrats or Republicans, they conspired together to sell the American people down the river.
Both candidates must raise taxes. With the credit markets in the shape they're in today, the housing market down and small business and commercial seeing the effects come their way, taxes must go up to support the cities and infrastructure. Job creation is the key and one candidate gets it, and the other doesn't. The trickle down theory by most accounts has been a failed experiment. 20+ years is enough, it's time to explore a new model. Welcome to the era of Behavioral Economics.
Pay as you go? Doesn't have the appearance up front of that. I guess he could come out and redefine his position.
According to a recent analysis by the nonpartisan Tax Policy Center, Obama's tax plan would add $3.4 trillion to the national debt, including interest, by 2018.
"Even with the loophole closers, these proposals would reduce federal revenues by about $5.7 trillion over ten years if they could be enacted immediately. Under a more realistic assumption that they don’t take effect until October 2009, the cost would be about $5.4 trillion. (Details of our calculations are in TPC table T08-0071.)
Cuts this size would pare government back to levels not seen since the Eisenhower administration. In FY 2012, tax revenues would be reduced by about $550 billion compared with current law (with the tax cuts expired). That is roughly equal to CBO’s baseline projection for all nondefense discretionary spending.
McCain’s proposal is $300 billion bigger than all of President Bush’s FY2012 tax cut proposals. Tax revenues would be about 16.8 percent of GDP. By comparison, spending this year is about 20 percent of GDP."
TaxPolicyCenter
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Get ready for higher taxes and higher inflation.
overlooking the obvious
