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Why did we just raise the debt limit without ANY spending cuts?
Because last time the all mighty mr obummer shutdown our government , so the republicans had to give in , raise the ceiling , and then get blamed that it was the republicans fault for the shutdown..
Why did we just raise the debt limit without ANY spending cuts?
You could just as easily ask-why did we raise the debt limit without increasing any taxes?
Funny thing, our spending as a % of GDP has continued to remain fairly low....so what drives the deficit then? Well turns out if you drop the tax rates, and add in all sort of loopholes, and keep spending the same, or only drop it a little....you get deficits. Funny huh?
You could just as easily ask-why did we raise the debt limit without increasing any taxes?
Funny thing, our spending as a % of GDP has continued to remain fairly low....so what drives the deficit then? Well turns out if you drop the tax rates, and add in all sort of loopholes, and keep spending the same, or only drop it a little....you get deficits. Funny huh?
Can you provide something to show spending as a % of GDP?
And I agree tax loopholes need to be closed but raising tax rates goes too far.
Is this supposed to be breaking news? Trillion dollar wars and worst economic crisis in modern history have happened within the last decade. If you are surprised then you know nothing about what's going on.
Why does raising rates go too far exactly? Seriously, we had 90% rates (with a over 40% effective rate) at one point and were doing great. So why EXACTLY do you believe we need lower rates?
Well...maybe a lot of it is because you, like me, pay the highest effective rate? If (like me) you're in the top 20% for income, which means you make about 100K per year. You pay 12% in social, and about 22% in federal. Your tax rate therefore is about 40%-although 6.5% of thats hidden in the "employer side" of social security. Then another 10% for state tax, and then all the other little taxes that add up, car registration etc. Basically you've reached the top quintile for income...and you're not getting ahead. You make enough you get NO benefits or help......but you dont make enough to get into the great investment opportunities, or the benefit of hiring amazing tax lawyers. Basically you are in the worst possible place for taxes, and the idea of raising them horrifies you.
Guess what? Most people when they talk about higher tax rates-they're talking about the .1% whose rates are actually FAR lower then yours. The social security that takes 12%? Thats not for them, they dont pay that except on the first 110K of their income. Social security taxes are for the poors.
And investment income? Taxed at a lower rate. Plus theirs carried interest etc etc.
90% of the debt under Obama actually belongs to Bush. It's from the two wars started under Bush who decided to do the unthinkable and not raise taxes in a time of war to pay for said wars. Also Bush hid the cost of the wars with accounting tricks so these trillion dollar wars didn't appear in the budget.
TARP and other Bush programs are also responsible for the debt under Obama.
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