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Despite all the delusional fantasies courtesy of the Rushie and Fox Show, this video is an oasis of reality in the Beck fabricated alternate reality that pervades way too much of the economic and political debate in this country.
1. BOTH Gipper and Senior had enough sense that the surest way to reduce debt, especially during a recession is,...., TO RAISE TAXES,.., STUPID.
2. It was under a DEMOCRATIC CONGRESS along with Senior as President, that PayGo was established. This meant that all programs that can be implemented MUST BE PAID FOR IN FULL.
3. It was under a DEMOCRATIC PRESIDENT with a GOP congress that we had one of the few SURPLUSES in recent American history.
4. It was under Junior and the GOP Congress that fiscal responsibility was tossed out the window, and irresponsibility was became the name of the game.
5. The revelation WHY President Obama was so focused on health reform, instead of the economy, for much of his freshman year. It was a pretty good reason, even though many, (myself included) did not agree with the way he want about things.
In conclusion, given 2, 3, 4 & 5, one side of the aisle really has as much claim to fiscal responsibility as one media entity has to fair & balanced,.., in short ZERO.
And those yelling about the debt, cannot cry and whine about taxes. Do the math, debt is created by revenues being lower than spending. The way to reduce debt is to either cut spending or raise taxes.
Since most of the spending goes to health care for seniors (the most active voting demographic) plus one entitlement (yes despite their current rants against entitlements) that was created by the administration of fiscal irresponsibility and also defense, spending reduction is not likely to happen since it would politically costly for any party and politician.
The tax cuts under Junior were generally for the rich. Yes that 1% of the population making 250K and over that feels they are middle classers just barely making ends meet.
So either they have to be the class of fiscal responsibility and pay tax rates they did a long, long time ago (wow a decade feels like a century ago) OR they will be the ones dooming generations of Americans, our children, grandchildren, great gran,.., well you get the idea.
Blathering BS from the baffled members of the slave class.
Who would've thunk? Reagan signed the largest peace time tax hike in the history of this country. Was this the death of Reaganomics?
I had always thought it was G.H.W. Bush that killed Reaganomics with his tax hike.
Blame liberals, blame conservatives. Who gives a crap? We all are in a bad situation from which we have to extricate ourselves. We've all lived high on the hog for too many years and never thought we would have to pay for it. Grow up! Snap out of it! We will have to pay for our s!@t or our s!@t will be taken away. Both, most likely.
Good link OP. I am a fan of Frontline, and try to watch it when I can. I missed this one, though.
Bloody good show old man. With the people in Iceland and Greece giving the middle finger to the crooks who raped the world economy ... there you are bending over .. begging for it.
Austerity please!!! I've been too selfish ... too self indulgent ... I should be punished!!
No blame, just pointing out the facts. The 1st step in solving a problem, is getting out of the denial. The 2nd is researching the history and source of the problem. Once this is done and the problem has been fully detailed and analyzed the next step is developing and experimenting with solutions. Gotta have some sort of scientific method.
No matter how much they claim to hate government interference in their life, their is as much chance the (by most accounts) aging Americans, who like to party and sip tea, will graciously accept cuts to their medical & social security as Hussein nalin' Sarah Palin with a love child.
I believe the Dems have once again passed PayGo in Congress, despite all the Repubs voting against this. So whatever they implement, it will be paid for.
Wouldn't this be discriminatory?
The President indicated this was something he was open to when at the GOP Q&A.
Many of the top earners already use loopholes to pay tax rates lower than many people who earn much lower than them.
Shouldn't be unconditional, since as we see with the bank bailouts, they would go back to business as usual. They should get tax relief for domestic hiring of American citizens.
I disagree. We should make a strong push to develop a renewable, sustainable, eco-friendly energy sources. Nuclear as in nuclear fusion research and development is a form of nuclear, I hope (but doubt) that the President was talking about as an alternative energy source.
On this I whole heartedly agree.
I agree, and I nor did the video blame anyone. It just pointed out THE FACTS. And I would expect an honorable and integral poster as yourself will likewise point out the facts when false blame and baseless accusations are made about the current President and his administration.
There IS a problem on the intake side as 1st of the previous administration's Treasury Secretary was fired when he brought that up. Both Reagan and Senior had enough sense when to: drop with ideological talking points; face reality and raise taxes when the situation demands it. Following the party line will sometimes lead you off a cliff.
Hello!
Only AFTER they spent more money than ever before and ran up record deficits, Democrats decided they wanted PayGo again. It's political cover for huge tax increases to follow.
hope and change = tax and spend
Democrats are going to have their @sses handed to them in November because of this unadulterated contempt for the voting public.
"The usual explanations include numerous factors, especially high consumer debt, ill-regulated markets that permitted overoptimistic loans by banks and investors, the lack of high-growth new industries,[1], and growing wealth inequality, all interacting to create a downward economic spiral of reduced spending, falling confidence, and lowered production.[2]"
"The hedge fund bought the riskiest portion of a kind of securities known as collateralized debt obligations -- CDOs. If housing prices kept rising, this would provide a solid return for many years. But that's not what hedge funds are after. They want outsized gains, the sooner the better, and Magnetar set itself up for a huge win: It placed bets that portions of its own deals would fail.
Along the way, it did something to enhance the chances of that happening, according to several people with direct knowledge of the deals. They say Magnetar pressed to include riskier assets in their CDOs that would make the investments more vulnerable to failure. The hedge fund acknowledges it bet against its own deals but says the majority of its short positions, as they are known on Wall Street, involved similar CDOs that it did not own."
Sorry sport, there is no selective or revisionist history.
FACT government spending and taxes was cut by 40 percent over 2 years,
FACT unemployment went from 11 to 4 percent in that span.
I repeated the FACTS for you since you cannot seem to grasp them.
Your reply did nothing to refute those facts. Just a bunch of gibberish nonsense unrelated to what I posted.
"Do the math, debt is created by revenues being lower than spending. The way to reduce debt is to either cut spending or raise taxes"
I still chuckle when I read this. People like you don't get it. Even though history has proven you incorrect you still cling to ideas that don't work. Keep going back to the poisonous well.
Despite all the delusional fantasies courtesy of the Rushie and Fox Show, this video is an oasis of reality in the Beck fabricated alternate reality that pervades way too much of the economic and political debate in this country.
1. BOTH Gipper and Senior had enough sense that the surest way to reduce debt, especially during a recession is,...., TO RAISE TAXES,.., STUPID.
2. It was under a DEMOCRATIC CONGRESS along with Senior as President, that PayGo was established. This meant that all programs that can be implemented MUST BE PAID FOR IN FULL.
3. It was under a DEMOCRATIC PRESIDENT with a GOP congress that we had one of the few SURPLUSES in recent American history.
4. It was under Junior and the GOP Congress that fiscal responsibility was tossed out the window, and irresponsibility was became the name of the game.
5. The revelation WHY President Obama was so focused on health reform, instead of the economy, for much of his freshman year. It was a pretty good reason, even though many, (myself included) did not agree with the way he want about things.
In conclusion, given 2, 3, 4 & 5, one side of the aisle really has as much claim to fiscal responsibility as one media entity has to fair & balanced,.., in short ZERO.
And those yelling about the debt, cannot cry and whine about taxes. Do the math, debt is created by revenues being lower than spending. The way to reduce debt is to either cut spending or raise taxes.
Since most of the spending goes to health care for seniors (the most active voting demographic) plus one entitlement (yes despite their current rants against entitlements) that was created by the administration of fiscal irresponsibility and also defense, spending reduction is not likely to happen since it would politically costly for any party and politician.
The tax cuts under Junior were generally for the rich. Yes that 1% of the population making 250K and over that feels they are middle classers just barely making ends meet.
So either they have to be the class of fiscal responsibility and pay tax rates they did a long, long time ago (wow a decade feels like a century ago) OR they will be the ones dooming generations of Americans, our children, grandchildren, great gran,.., well you get the idea.
Hmmmmmmmmmmm.............................
What about out of control massive spending? I would bet that has a little to do with the debt.
The government is like a fiscal crack *****. If you give them more money in the form of taxes, they will just blow it and the debt will continue to go up. Spending needs to be controlled.
Your "solution" is to spend, spend, and spend. I am afraid that this has not worked so far. Every party has been responsible for this, particularly this administration.
The most fiscally sound situation in the last fifty years has been with REPUBLICAN senate and congress and a DEMOCRATIC president. Currently, we have a congressional rubberstamp of a democratic president, which is the worst fiscal scenario, and it shows.
Now tell me again, why was it good fiscal policy for Obama to blow $3.2 trillion on Obamacare when the nation is drowning in debt?
The problem the US has is that lender countries are enablers by supplying them with money every time the US asks. The US government will only become fiscally responsible when lending countries stop playing the role of enabler
by defaulting on our countries debt (both funded and unfunded) the USA could lower taxes on everyone, get rid of 80% of all federal programs and those federal employees and create a boom of employment inside the borders of the USA for the civilian sector.
Just as in the opening post, although Gipper and Senior were not as horrible as the pseudo-ideological nuts that came to dominate the GOP since 1994.
"A word about poor H.W. Bush. He had called Reaganomics, "voodoo economics"--an amazing turn of phrase for a nearly inarticulate man, so he must have believed it. But, he was stuck with it. Then, recession struck (his son was to outdo him in magnitude, but that is another story), and HW raised taxes on the wealthy, and Bill Clinton did it again--right in the midst of a recession.
And, what happened? Economic growth, budget surpluses, and a 10% reduction in the debt/GDP ratio.
Indeed, the two faces of H.W. Bush -- read-my-lipservice to Ronald Reagan, and then following through on his original beliefs so he did part of the heavy-lifting that Clinton had to do, make the point."
Over 5,000 years ago, Moses said to the children of Isreal, "Pick up your shovels,mount your a$$es and camels, and I will lead you to the Promised Land." Seventy years ago, Roosevelt said, " Lay down your shovels,sit on your a$$es, and light up a camel. This is the Promised Land"
Now Barak Obama Mr. President is going to steal your shovels,kick your a$$, raise taxes on camels, and mortgage the Promised Land.
If your one of the fortunate people who has anything left after paying your taxes, I would expect an audit coming your way. Respectfully and not in all seriousness.Power has only one duty- to secure the social welfare of the people(Disraeli) Unfortunately Power is often in the hands of the wrong people.
"KUDOS to the Federal Housing Finance Agency, overseer of Fannie Mae and Freddie Mac, the crippled mortgage finance giants. While some in Washington have continued to coddle the big banks even after they drove our economy into the ditch, this agency seems serious about recovering money for taxpayers by holding bad financial actors to account.
The subpoenas are designed to tell the agency what many of us want to know: How did Wall Street package and sell private-label mortgage securities to investors, even though the nature and quality of some of the loans crammed inside those tidy little packages were, at best, suspect?
Once that question has been answered, Fannie and Freddie can force the institutions that sold the securities to repurchase the improper loans, allowing taxpayers to recover some of the losses they’ve swallowed on Fannie’s and Freddie’s federal bailout. "
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