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Old 08-01-2010, 07:27 PM
 
Location: San Diego, CA
4,897 posts, read 8,321,875 times
Reputation: 1911

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This video from CNN is honest and straight talk about America's budget deficit, the reasons for it, and why it will never be balanced without tax increases.

Video - Breaking News Videos from CNN.com
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Old 08-01-2010, 07:29 PM
 
Location: San Diego, CA
4,897 posts, read 8,321,875 times
Reputation: 1911
Honestly, I think he is right. The most responsible thing to do is to let all the tax breaks expire. BTW for the reality impared neo-cons who keep claiming tax cuts pay for themselves here is what Former Chairman of the Federal Reserve Alan Greenspan had to say today:

Quote:
Former Fed Chairman Alan Greenspan said that the push by congressional Republicans to extend the Bush tax cuts without offsetting the costs elsewhere could end up being "disastrous" for the economy.
In an interview on NBC's "Meet the Press," Greenspan expressed his disagreement with the conservative argument that tax cuts essentially pay for themselves by generating revenue and productivity among recipients.
"They do not," said Greenspan.
Here is the transcript for today's meet the press: http://www.msnbc.msn.com/id/38487969...ss-transcripts

Plus I have an article on it here:
http://www.huffingtonpost.com/2010/0..._n_666549.html
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Old 08-01-2010, 07:33 PM
 
Location: On the Chesapeake
45,439 posts, read 60,638,057 times
Reputation: 61060
washingtonpost.com


Number 4 disagrees.
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Old 08-01-2010, 07:42 PM
 
Location: San Diego, CA
4,897 posts, read 8,321,875 times
Reputation: 1911
http://www.nytimes.com/2010/08/01/op...kman.html?_r=1

NYT's agrees.

Either way if we are to extend the tax breaks we need to pay for them because even Alan Greenspan says tax cuts do not pay for themselves.
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Old 08-01-2010, 07:45 PM
 
Location: Denver, CO
2,325 posts, read 5,512,222 times
Reputation: 2596
The single largest part of the deficit is a government that SPENDS MONEY IT DOESN'T HAVE. A third-grader could figure that out.

Some people are so brainwashed that they actually believe the government creates money (and I don't mean when they crank up the printing presses). They don't create anything. Both their power and money is derived from the people. Have you ever noticed, no matter how much you give them, it is NEVER enough?
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Old 08-01-2010, 07:48 PM
 
Location: San Diego, CA
4,897 posts, read 8,321,875 times
Reputation: 1911
Quote:
Originally Posted by North Beach Person View Post
washingtonpost.com


Number 4 disagrees.
I do like myth #2 though:

Quote:
2. Allowing the high-income tax cuts to expire would hurt small businesses.Less than 2 percent of tax returns reporting small-business income are filed by taxpayers in the top two income brackets -- individuals earning more than about $170,000 a year and families earning more than about $210,000 a year.
Anyone with even a bit of knowledge about small businesses knows the Republicans are lying when they claim letting the Bush tax breaks expire will some how hurt small businesses. 98% of small businesses wouldn't even be effected.
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Old 08-01-2010, 08:07 PM
 
Location: Flippin AR
5,513 posts, read 5,243,976 times
Reputation: 6243
This is like saying the #1 cause of government spending more than it makes, is the fact that it does not confiscate 100% of the wages of every American.

If I go and buy a $500,000 yacht when my family makes $50,000 a year, is the primary problem that my family failed to earn an additional $450,000 that year? Or that I spent money I didn't have.

As some posters have noted, even a child could figure this out. Too bad the Government-Lovers aren't nearly as intelligent as children.
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Old 08-01-2010, 08:07 PM
 
Location: Over There
5,094 posts, read 5,442,950 times
Reputation: 1208
Quote:
Originally Posted by whoisjongalt View Post
The single largest part of the deficit is a government that SPENDS MONEY IT DOESN'T HAVE. A third-grader could figure that out.

Some people are so brainwashed that they actually believe the government creates money (and I don't mean when they crank up the printing presses). They don't create anything. Both their power and money is derived from the people. Have you ever noticed, no matter how much you give them, it is NEVER enough?

Thank you!!! If we all spent in our own lives the way the government did we would all be broke and in debt. The answer is not taking yet MORE of Americans money but STOPPING the government hogs from spending what they do not have!!!

The government is not meant to make money, they are meant to govern not take care of people from cradle to grave, not bail people out who can't pay their mortgages, not to become a health insurance company, not to become the tit people suck off of. Yet here they are trying to do all of those things and taking Americans money to do it. No the tax cuts are not the reason, the government spending and playing mama are!
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Old 08-01-2010, 08:11 PM
 
Location: Texas
44,259 posts, read 64,397,970 times
Reputation: 73937
Quote:
Originally Posted by whoisjongalt View Post
The single largest part of the deficit is a government that SPENDS MONEY IT DOESN'T HAVE. A third-grader could figure that out.

Some people are so brainwashed that they actually believe the government creates money (and I don't mean when they crank up the printing presses). They don't create anything. Both their power and money is derived from the people. Have you ever noticed, no matter how much you give them, it is NEVER enough?
Yeah...get your economics training from the Communist News Network...

+1
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Old 08-01-2010, 08:30 PM
 
Location: Destrehan, Louisiana
2,189 posts, read 7,055,023 times
Reputation: 3637
The thing that Greenspan said and no one heard is (without offsetting the costs elsewhere).

The government can balance the budget if they cut out all the pork spending they do.

Same as balancing your check book. If you make $2K a month you can't spend more unless you find a way to make more. Most people know this and will live within there means. The government needs to learn the same thing that balancing the budget is no different than balancing a check book.

busta
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