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Kudos to you for making simple enough for the simple minded
Either way, the 1.2 T in cuts is a drop in the bucket and will make little to no impact. Unless the administration figures out a way to get the private sector going again, we are heading toward another credit downgrade. Obama already holds the distinction of being the only US president sit in office for a US credit downgrade. Wanna try for two?
Do you honestly believe that a credit downgrade will have no impact?
Do you believe that the expiration of Bush tax cuts will make a dent in the deficit? Or that families making $250,000 benefited tremendously from these cuts?
Do you honestly believe that a credit downgrade will have no impact?
Since the credit downgrade had no impact in August I see no reason any future one would. Besides, if you read the S&P report on the downgrade they said:
Quote:
“On Aug. 5, 2011, Standard & Poor’s Ratings Services lowered its long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’. The outlook on the long-term rating is negative … the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process.”
S&P was concerned about the political process that prevents the government from lowering costs or raising taxes due to political polarization.
What was the bond market's reaction? The U.S. can borrow at zero or negative real interest rates:
This is how to calculate a potential downgrade:
Quote:
Originally Posted by theS5
Do you believe that the expiration of Bush tax cuts will make a dent in the deficit?
Since the Bush tax-cuts were the single most important factor in creating the long term debt, the answer is 'yes.' According to TPM,
Quote:
[making the Bush tax-cuts] permanent, [will have] a total cost of $3.8 trillion over 10 years.
Quote:
Originally Posted by theS5
Or that families making $250,000 benefited tremendously from these cuts?
That's not even debatable. The top income bracket benefited disproportionally from the Bush tax-cuts. While the top 1% was benefited disproportional, the biggest benefit went to the top 0.1% since capital gains, their prime income source, had the rate cut to 15%.
Families earning more than $1 million a year saw their federal tax rates drop more sharply than any group in the country as a result of President Bush’s tax cuts, according to a new Congressional study.
The study, by the nonpartisan Congressional Budget Office, also shows that tax rates for middle-income earners edged up in 2004, the most recent year for which data was available, while rates for people at the very top continued to decline.
Based on an exhaustive analysis of tax records and census data, the study reinforced the sense that while Mr. Bush’s tax cuts reduced rates for people at every income level, they offered the biggest benefits by far to people at the very top — especially the top 1 percent of income earners.
The Bush tax cuts are not merely a special procedure for the top 0.1 percent, but rather a full body surgery on the entire tax code. The permanent extension of the 10, 25 and 28 percent tax brackets, for example, add $800 billion to our debt over ten years, more than the permanent extension of the top brackets for families making more than $250,000.
Either way, the 1.2 T in cuts is a drop in the bucket and will make little to no impact. Unless the administration figures out a way to get the private sector going again, we are heading toward another credit downgrade. Obama already holds the distinction of being the only US president sit in office for a US credit downgrade. Wanna try for two?
Nothing is going to get done until the refuticans get norquist off of their backs and make some concessions to tax increases for the real wealthy, and quit fighting against EVERYTHING that the president suggest and people stop believing everything that faux puts out
I like the way we do a budget here in Canada. The ruling party brings a budget to the floor of the house. If it does not pass the government falls and we have an election. It's a case of "Nonconfidence". If the house does not have confidence in the government then the government has lost the ability to run the country. It's a very simple concept.
The American system in contrast is an ongoing case of nonconfidence. The country can and has for many years just limped along with little or no government action at all. The bureaucrats are running the country and the government sits there as useless as can be. It really is quite amazing to me to see a government that has a party majority in both houses of congress and holds the office of president and yet by the stupid rules of the congress the minority opposition can stall, prevent and subvert the government and stop anything from being done. I really believe that things are not going to be good at all in the American body politic until there is some major reform of the system and how is that possible seeing even the easy things can't get done. It's a classic catch 22.
Either way, the 1.2 T in cuts is a drop in the bucket and will make little to no impact. Unless the administration figures out a way to get the private sector going again, we are heading toward another credit downgrade. Obama already holds the distinction of being the only US president sit in office for a US credit downgrade. Wanna try for two?
And have you ever wonder why that every president before the current one had no probelm with negotiating the debt ceiling, but along comes the teabaggers and all hell breaks loose The interesting thing about it the right blames the president for the congress's inaction No one mentions the fact that the republicans(not all) signed an unbreakable and outdated pledge not to raise taxes under any reason.
I didn't know President Obama was on the Supercommittee.
The Supercommittee, created as a means to bypass the tea party Republicans in the House who were breaking Congress with their unqualified idiocy, failed because of the Republicans on the committee.
We are struggling with a post-Bush economy. President Bush gave President Obama an economy that was badly damaged, neglected, mangled, and broken as only Republicans can accomplish this. Republican solutions are NOT going to fix the problem that Republicans created. Absurd even having Republicans at the table. This is what the 2012 election is about --> Getting Republicans away from the table.
This great President needs a Congress that is as advanced and effective as he is, not one hampered by the hapless Republicans.
I didn't know President Obama was on the Supercommittee.
The Supercommittee, created as a means to bypass the tea party Republicans in the House who were breaking Congress with their unqualified idiocy, failed because of the Republicans on the committee.
We are struggling with a post-Bush economy. President Bush gave President Obama an economy that was badly damaged, neglected, mangled, and broken as only Republicans can accomplish this. Republican solutions are NOT going to fix the problem that Republicans created. Absurd even having Republicans at the table. This is what the 2012 election is about --> Getting Republicans away from the table.
This great President needs a Congress that is as advanced and effective as he is, not one hampered by the hapless Republicans.
Here! Here! How dare you speak the truth! It's treason I say, just plain old treason!
We don't want to give you any more of our $$$ that's why we vote for Republicans...
Really? You vote Republican because you don't want to give us anymore of your money?
That's kind of like someone saying, "I stand behind a rabid stallion in heat because I don't like to get kicked in the head."
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The interesting thing about it the right blames the president for the congress's inaction
No one mentions the fact that the republicans(not all) signed an unbreakable and outdated pledge not to raise taxes under any reason.
