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Are you folks serious? How can you in one post blast Bush for a less than $500 billion dollar deficit with around 5% UE rate and in another praise Obama for a $1.3 trillion dollar deficit with an average of high 8% UE?
I am blasting both of them. Idiot Bush for doing it and Obama for furthering it. How long do you people think we can keep going this way without massive austerity, massive inflation or depression?? Maybe all 3.
Now they are coming back for round 2 of this fight. Obama got stomped in round 1. The Republicans extended ALL the Bush tax cuts and Obama got nada, nothing, zero, zilch in return. Now the Democrats and Obama are already backing away from the Republicans again. Obama once threatend a VETO if the tax cuts were extended for anybody over $250,000 a year. Now he backed off to a million a year. The Republicans have again made it clear they will accept nothing less than a full retreat. Obama should find some spine and use his veto stamp and let all the tax cuts die if the Republicans do that. I don't think he will because Obama is spineless and gutless but he should.
Obama and democrats clearly could have done nothing and just let them expire. For all the rethoric i think perhaps they are afraid of what lettig them and the payroll tax hliday as its called expire. We will see if what they had said previous to being elected is rethoric or smoke agin .They have to do nothing;just let them expire and Obama can even not sign a extention if other democrats don't.
You don't have any choice. You have to let the tax cuts expire, and stop paying U/I. The logic of U/I is to tie people over until they get another job, but when no jobs exist, and won't exist it's pointless and waste of money. There is no magical formula for employment.
Each 0.X% of GDP does not equate to N,000 Jobs anymore than each $XMillion in Government Spending equates to N,000 Jobs. That might not be what people want to hear, but it is the truth.
Recessions eliminate inefficiency and waste, and you have a lot of that from federal government to State government to county and local government, and in your manufacturing, wholesale, retail and service industry (and especially in your health care industries). Recession creates excess/surplus labor and that condition persists until Capital is shifted to more efficient and productive uses.
We saw that in the 1990s. The Cold War ends, you have surplus excess Capital in the Defense sector of the Economy. That excess Capital exists in the form of Labor, Cash (stocks/bonds/cash) plus parts and machinery, semi-finished goods and raw goods. The Recession did not last long, because the Capital (Labor) was shifted to other uses immediately.
But that does not always happen, and there is no guarantee it will happen and you cannot force it to happen. Sometimes excess/surplus Labor is nothing more than excess/surplus Labor. What do you? Nothing, because there is nothing you can do, and there is no place for that excess/surplus Labor to be utilized.
You're a post-Industrialized State, not some 2nd World or 3rd World State that has additional new possibilities for Labor/Market expansion that will absorb the excess labor you have.
So you're going to waste tax dollars by throwing them at jobs that should not exist and never will exist? That ain't too smart. It costs a lot of money to create absolutely nothing very slowly.
I told you all in 2007 that you would permanently lose millions of jobs and that some people would never work again.
Here's the definition of "never" for the clueless:
It results in the government cutting spending, except the government doesn't know how to do that, so it ends up borrowing even more money, and the Nation Debt increases that much faster.
As I said, at current rates the US National Debt will equal World GDP by 2040.
None of them, um, "economic wizards" on C-D have tackled that, and rather conspicuously avoided it. They don't necessarily have to, I would just be happen if they would address US National Debt as 1/3 of World GDP by 2020-2022.
If you want to keep Social Security and Medicare then you must do two things, first, you have to eliminate the tax cap, and then you have raise FICA taxes to a minimum of 9% by 2014, and then you must have regularly scheduled FICA tax increases to 16.4% by 2040.
And if you do that, then by 2040, you'll only have to cut Social Security benefits by 12%-15%, unless you start means-testing.
All you're doing is digging your grave deeper in preparation for Austerityâ„¢.
You need to restore the personal income tax rates, increase FICA and stop paying extended U/I and start dealing with Realityâ„¢.
You must also cut spending, and no, I don't mean giving HUD a planned increase of 14% and then reducing the planned increase to 11% and then screaming the sky is falling. That is not a spending cut. A spending cut is taking HUD's budget and increasing it by -15% for the next 10 years until your budget is balanced and you have a budget surplus instead of a budget deficit.
Logically....
Mircea
very well said. i cant give you enough reps or thumbs up for this post.
as for the current tax rates, the democrats could have done WHAT EVER they wanted with them from the time obama was inaugurated until jan 6 2011, but they choose NOT to. and before anyone claims that the tax rates were set by law, rubbish. the supreme court has ruled that current congresses are not required to be held to what previous congresses have done.
The potential increases include $165 billion more from taxpayers as a result of expiration of the Bush-era tax cuts, which would push taxes from a bottom rate of 10 percent and a top rate of 35 percent to a bottom rate of 15 percent and a top rate of 39.6 percent.
"Taxmageddon is a $500 billion, one-year tax hike that hits the economy on Jan. 1, 2013," Curtis Dubay of the Heritage Foundation said.
It would cut the child tax credit by half, from $1,000 a child to $500.
The marriage penalty would return.
The tax on dividends, which many seniors rely on, would soar from 15 percent to as high as 39.6 percent.
And a temporary fix to the alternative minimum tax would be erased. The tax originally was aimed at millionaires, but it could would hit some 34 million taxpayers next year.
"Almost the entire tax code has been put on a year-to-year lease, and in some cases, month-to-month lease, which is no way to run a tax system," Scott Hodge of the Tax Foundation said.
The expiring cuts would hit all income groups but those at low and middle incomes the hardest. "Taxmageddon falls 70 percent on middle and low income families. That's because 60 percent of the Bush tax cuts were for middle- and low-income taxpayers," Dubay said. ...
In a way, I hope they expire as well. When working people see their tax burden explode, the marriage penalty return, loose a good share of the child tax credit, they will wake up with regard to who is trying to do something for the working poor and middle income tax payer. It sure as heck ain't the Obama Democrats. It might just keep another liberal Democrat from getting elected for a nice, long time.
Maybe people will finally remember what tax rates were like under Clinton...and realize just how much they have been lied to by those that use the ignorant term "Bush Tax Cuts for the Rich. I realize any informed person knows this all ready, but there are plenty of ignorant, uninformed ones that do not.
You have been challenged on this many times and you always lost.
You can't do the same thing over and over and expect different results.
"Bush took the nation from the largest surplus".
There was NO surplus.
Why don't you explain to us when right wing "give everything to the rich" fiscal policies have ever worked. How is racking up massive debt and spending like maniacs a good thing?
Now they are coming back for round 2 of this fight. Obama got stomped in round 1. The Republicans extended ALL the Bush tax cuts and Obama got nada, nothing, zero, zilch in return. Now the Democrats and Obama are already backing away from the Republicans again. Obama once threatend a VETO if the tax cuts were extended for anybody over $250,000 a year. Now he backed off to a million a year. The Republicans have again made it clear they will accept nothing less than a full retreat. Obama should find some spine and use his veto stamp and let all the tax cuts die if the Republicans do that. I don't think he will because Obama is spineless and gutless but he should.
So do you beleive the tax cuts should go away for everyone?
Now they are coming back for round 2 of this fight. Obama got stomped in round 1. The Republicans extended ALL the Bush tax cuts and Obama got nada, nothing, zero, zilch in return. Now the Democrats and Obama are already backing away from the Republicans again. Obama once threatend a VETO if the tax cuts were extended for anybody over $250,000 a year. Now he backed off to a million a year. The Republicans have again made it clear they will accept nothing less than a full retreat. Obama should find some spine and use his veto stamp and let all the tax cuts die if the Republicans do that. I don't think he will because Obama is spineless and gutless but he should.
That payroll tax cut was Obama's idea.
And these are now the "Obama cuts", not the Bush cuts because they expired. The President has this power called "VETO" but he doesn't use it.
FWIW those cuts should have never been extended. They did what they were supposed to and should have expired.
It is going to be more detrimental in the long run if he extends them again. The country cannot afford them. If they are extended again, massive cuts to other programs including Social Security, Medicare and, yes, the military are going to be necessary in the future. And that will harm the country more.
It sure is easy to ignore that you could tax the rich 100% and SS and Medicare will still be insolvent. You are buying a lie if you believe otherwise.
The country can't afford to waste more money on social nets that keep the poor, poorer. We can't afford the waste in government, the overlapping programs, the regulations and the cost of implementing them. We can't afford free rides for slothful breathers and breeders. We can't afford parrots who repeat everything they hear, and could give a $hit about anyone but themselves.
"Ask not what the government can do for you, but what you can do for yourself"
We can't afford the nanny state.
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