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"The short answer is no," said Len Burman, director of the Tax Policy Center, when asked if Obama could pay for it all. "We're talking about massive tax cuts, significant new spending priorities, and down the road we have enormous economic challenges, particularly on health care."
The above National Debt is in TRILLIONS .... not BILLIONS.
And when Clinton left office in 2001 ... there hasn't been so much inflation since then that would make his 5.7 Trillion very different than 5.7 Trillion just eight years later. If you were talking maybe 20 or 30 years of inflation, then yes I would agree with you.
TRILLION DOLLARS, exquize me. You know what I mean...
And look how both our National Debt and Budget Deficit both GREW as a RESULT!!!
Bush believes in making our CHILDREN pay for the party we are all having now with these TAX cuts!!
And ... look ... the tax cuts gave people more money to buy houses that they couldn't afford ... which led to foreclosures ... and left the stock market where it is at today.
Guess the tax cuts weren't so great for the economy after all ???
Any big surprise ???
Short sided. GDP falls in there also. If you only look at debt then your right.
Thirty years of Republican tax policy have now completely eliminated federal income taxes on the poor and lower middle-income Americans, and almost eliminated them on middle America.
The latest data from the Congressional Budget Office and the Internal Revenue Service show that the lowest 40 percent of income earners as a group actually receive net payments from the federal income tax system. (They get 3.8 percent of total federal income tax revenues instead of paying any income taxes.) The middle 20 percent of income earners pay 4.4 percent of federal income taxes. Thus the bottom 60 percent of income earners together, on net, pay less than 1 percent of all federal income taxes. (These workers earn 26 percent of national income.)
AEI - Short Publications - Tax Cuts, Real and Imaginary (http://www.aei.org/publications/filter.all,pubID.28578/pub_detail.asp - broken link)
The Tax Foundation - Hard Numbers on Obama’s Redistribution Plan On this account, the plans are vastly different. Under the McCain plan, since every taxpayer gets a tax cut, the overall distribution of the federal tax burden remains roughly the same as it is today. Under the Obama plan, because some taxpayers get a tax cut and others get a substantial tax increase, the overall distribution of the federal tax burden changes quite considerably. In short, the Obama plan would redistribute more than $131 billion per year from the top 1 percent of taxpayers to all other taxpayers. In 2009, for example, Tax Policy Center figures show that after the income-shifting in the Obama plan, the top 1 percent of taxpayers would pay a greater share of the total federal tax burden than the bottom 80 percent of Americans combined. In other words, 1.13 million Americans would pay more in all federal taxes than 128 million of their fellow citizens combined.
Do Republicans EVER try to pay for ANYTHING with only the current budget ... or do they always need to put it on a GOVERNMENT CREDIT CARD (issued by China)?
That's exactly what the tax cuts end up doing!
And that's why the National Debt keeps GROWING and GROWING and GROWING !!!
Why would anyone issue a TAX cut when we have a 500 BILLION Budget Deficit?
That's like telling your spouse to go out and MAX out all of the credit cards right after you are laid off from work !!
Do Republicans EVER try to pay for ANYTHING with only the current budget ... or do they always need to put it on a GOVERNMENT CREDIT CARD (issued by China)?
That's exactly what the tax cuts end up doing!
And that's why the National Debt keeps GROWING and GROWING and GROWING !!!
Why would anyone issue a TAX cut when we have a 500 BILLION Budget Deficit?
That's like telling your spouse to go out and MAX out all of the credit cards right after you are laid off from work !!
Do Republicans EVER try to pay for ANYTHING with only the current budget ... or do they always need to put it on a GOVERNMENT CREDIT CARD (issued by China)?
That's exactly what the tax cuts end up doing!
And that's why the National Debt keeps GROWING and GROWING and GROWING !!!
Why would anyone issue a TAX cut when we have a 500 BILLION Budget Deficit?
That's like telling your spouse to go out and MAX out all of the credit cards right after you are laid off from work !!
You have no choice our economic bubble bust no matter what.
We have been living it up on all levels. Very soon we will see what it's like to be "put in our place"
It's not partisan fault....It's bi-partisan fault. We have set ourselves up for the same downfall that USSR fell to.
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