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The combo of automatic spending cuts and letting the Bush tax cuts expire would half the deficit in one year. I say do it even though it will hurt the economy to both cut spending and let tax cuts expire. The tax cuts had expiration dates on them for a reason and it's just pandering to try to make them permanent.
The combo of automatic spending cuts and letting the Bush tax cuts expire would half the deficit in one year. I say do it even though it will hurt the economy to both cut spending and let tax cuts expire. The tax cuts had expiration dates on them for a reason and it's just pandering to try to make them permanent.
I tend to agree, but I wouldn't be as impacted by the raising of tax rates as those that earn much less. I would say, following the end of the Bush tax cuts with a tax cut bill for people earning less than $100k may be good.
Leave it to Democrats to lie about the budget and tax cuts that are actually tax hikes. AND throw the country into recession. AND increase unemployment.
The best thing for America will be for Republicans to retain the House and take back the Senate and the White House.
Leave it to Democrats to lie about the budget and tax cuts that are actually tax hikes. AND throw the country into recession. AND increase unemployment.
The best thing for America will be for Republicans to retain the House and take back the Senate and the White House.
That snowball was already rolling down the mountain before Bush left office.
It's not called the "Bush Recession" for no reason.
I agree that they should do nothing. I disagree that it's going to harm the economy also. I get tired of articles like this where the author seems to believe that everyone else is gullible and have no idea what the deal is.
Say you are a politician who favors a top tax rate of, say, 37 percent. If Congress extends the 2012 rules and keeps the top rate at 35 percent, you would be raising taxes—a tough sell. But if Congress lets rates rise to 39.6 percent, your 37 percent rate looks like a tax cut.
Either way they have less money than the year before so they know it was a tax increase. Anyone hit at this higher level knows what is going on.
Actually doing something to address the debt will have a major positive impact on the economy in the long run. Now if we can only get the government to enforce it's regualtions to keep the banks from mucking things up again, we might get somewhere.
All politics aside this is simple math. We have two options:
1) Continue to kick the can down the road until we are FORCED to make cuts via the capital markets. (ie- the cost of borrowing would skyrocket)
2) Cut spending, increase taxes or some combination of the two.
Option number two will cause a 20 to 30% drop in GDP any way you go about it. The United States would suffer a deflationary depression and it would make 2008 look like a walk in the park.
THIS is why the leadership has been playing "extend and pretend" for so long. They KNOW it won't do anything but delay the inevitable.
I agree that they should do nothing. I disagree that it's going to harm the economy also. I get tired of articles like this where the author seems to believe that everyone else is gullible and have no idea what the deal is.
Say you are a politician who favors a top tax rate of, say, 37 percent. If Congress extends the 2012 rules and keeps the top rate at 35 percent, you would be raising taxes—a tough sell. But if Congress lets rates rise to 39.6 percent, your 37 percent rate looks like a tax cut.
Either way they have less money than the year before so they know it was a tax increase. Anyone hit at this higher level knows what is going on.
Actually doing something to address the debt will have a major positive impact on the economy in the long run. Now if we can only get the government to enforce it's regualtions to keep the banks from mucking things up again, we might get somewhere.
Government practically forced banks to hand out loans to people who would not be able to pay them back.
Four more years of Obama will increase debt to new heights. This article is about a dumb idea coming from dumb Democrats and should never be considered.
Obama put together a super committee and then ignored their solutions. Also, the sequester can be retroactively taken off the table if the Republicans keep the House and win back the Senate and the White House.
Along with repealing Obamacare. Then the economy will be heading in the right direction.
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