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Lets not fool ourselves like the governor of Connecticut. He had a 2 billion shortfall.
He proposed 1 billion in tax increases and 1 billion in spending cuts. The taxes are in effect but Oh my, my! the cuts haven't been approved yet. That's why we want the cuts first!
Lets not fool ourselves like the governor of Connecticut. He had a 2 billion shortfall.
He proposed 1 billion in tax increases and 1 billion in spending cuts. The taxes are in effect but Oh my, my! the cuts haven't been approved yet. That's why we want the cuts first!
Here is the final proof that liberals should need to see that what the U.S. is suffering from is a SPENDING problem. Fair share, fair share, fair share, tax the rich, tax the rich, tax the rich is all I ever see on this site anymore. Look at the numbers! The highest % of GDP tax revenues has EVER been since 1934 is 20.9%.
The GDP for 2010 was around 14.7 Trillion dollars. IF we have 21% tax revenues compared to GDP, the highest it has EVER been in over 80 years, the government would have 3.087 Trillion dollars. The government WILL SPEND around 3.65 Trillion in 2011. Anyone see the problem here? The highest percentage in over 80 years would not even cover the current deficit.
The problem I see is with the right wing mentality, that they can only think one way or the other. To be able to have a balanced state of mind appears to be a tall order if not downright impossible.
So, if you think only spending cuts can "fix it", why did you use never before 21% of GDP for tax revenue as a baseline to try and come up with a balanced budget? I have not seen anybody but you use that number.
Anyway, if spending cuts alone is key, with your "don't bother me asking for details" assumption of 20% cut in spending, it would land you in a $900 Billion hole. It is why you can't think about balancing budget with just spending cuts. Not only will it be just a fiscal disaster, it will be a disaster for the country as a whole. It is also why nobody (that I'm aware of) has proposed fixing it all with just tax increases. BOTH, spending and revenue will have to be addressed.
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But wait, it gets worse. Take a look at the White House's own projected budget numbers through 2021. By 2015(deep into Obama's hopeful 2nd term) the government budget would be around 4.2 Trillion with revenue of less than 3.6 Trillion. Through 2021, by the WH's own projections, the tax revenue would need to be at least 24% of GDP per year! And yet, liberals STILL insist that the government is not spending too much money. WAKE UP!
Lie. OMB's budget proposal estimates tax revenue receipt at 20.0% of GDP in 2021, not 24%. While the former is overly optimistic considering 20% has been a rare occurrence, your claim of them expecting 24% is a flat out lie.
It is also why nobody (that I'm aware of) has proposed fixing it all with just tax increases.
I just want to point out that see this assumption in at least 2-3 threads every single day on this forum and I try to bat this talking point down every time I can.
Where is this right wing assumption that democrats are trying to balance the budget with only tax increases? This much be coming from somewhere in the right wing echo chamber since I see it so often on these forums.
I just want to point out that see this assumption in at least 2-3 threads every single day on this forum and I try to bat this talking point down every time I can.
"Repeat a lie often, and eventually it will become the truth"
Look, massive budget cuts will be needed to close the deficit but tax increases will be needed as well, especially on the wealthy. Furthermore, the entire tax code will have to be reformed (for individuals and corporations) so that major loopholes are closed.
Look, massive budget cuts will be needed to close the deficit but tax increases will be needed as well, especially on the wealthy. Furthermore, the entire tax code will have to be reformed (for individuals and corporations) so that major loopholes are closed.
Great, so you put the blame solely on republicans who refuse to compromise?
Great, so you put the blame solely on republicans who refuse to compromise?
You guys crack me up. Here you are barking like Pavlov's dog wanting another cookie. So, the Dems that supposedly put up a bunch of cuts a MONTH ago makes it that they were for this all along? Don't you know that elections are coming up?
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