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Author Topic:   Fiscal Impact of the `Boehner` plan
Node
Knowflake

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posted September 12, 2010 10:43 PM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote
Before Sept of 2008 six million Americans slipped out of the middle class and into poverty.
what was the administrations response?
Was there a bail out for those people?

Those that lost good paying jobs and are now working for significantly lower wages?
Over 7 million Americans lost health insurance, over 5 million Americans lost their pensions. Total consumer debt had more than doubled.


From CNN-->


September 24, 2008


"Failure to act quickly on the bailout plan could result in a "long and painful recession," Bush warned. U.S. President George W. Bush, saying "our entire economy is in danger," urged Congress to approve his administration's $700 billion bailout proposal.

"We're in the midst of a serious financial crisis, and the federal government is responding with decisive actions," Bush said in a televised address Wednesday night from the White House.

It is not only tiresome but sickening to see post's framed as Poverty Flourishing. If poverty does indeed flourish
I would much rather have the man who is in office right now than the person who ran against him fighting to get us out of the ditch. Would any of us still prefer John McCain? And guess what we have a long and painful recession, surprise!

My mother's donut hole on her Medicare will not become a bill at the end of this year. Last year she paid 100% for everything in the month of Dec because her ceiling was reached. That was changed this year, and other things, good legislation.
But saying that Poverty is flourishing is moronic, and just politics.

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jwhop
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posted September 13, 2010 09:18 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Just doing what all Marxists Socialists Progressives do...play the "class warfare game"

So, anyone who knew what Barack Hussein O'Bomber really was..underneath his lying rhetoric of post politics, post racial, post partisan bullshiiit...knew O'Bomber was and is a Marxist, first, last and always.

So now, O'Bomber is playing the "class warfare" card which is standard fare for Socialists of all stripes.

The American people have O'Bomber pegged in the right stinky phew and so does John Boehner who's calling O'Bomber out on playing "class warfare" instead of doing his job.

Raising taxes in a recession is just the opposite of what should be done to clear the way for an economic recovery. But, that's the Marxist way and that's O'Bomber's way of attacking the economic interests of America and Americans.

While lying about his economic policies, O'Bomber has managed to put more people on the poverty rolls and food stamp rolls.

The good news is that almost everyone knows O'Bomber is an economic dunce of the first order, they know his policies won't work and that he's lying through his teeth when he says the economy is recovering.

Like the O'Bomber stimulus which wasted about a trillion dollars in payoffs to his union comrades and his cronies, his "Summer Recovery" was a complete failure.

O'Bomber is anything but a "uniter". He's the most divisive president in history and now, O'Bomber is playing "class warfare" to further divide America.

It's no wonder that many Americans want Bush and Bush policies back and O'Bomber and O'Bomber policies OUT.

O'Bomber Kool-Aid drinkers can't say they weren't warned about Barack Hussein O'Bomber.

Gibbs, Boehner trade shots

By MIKE ALLEN | 9/12/10 6:28 PM EDT Updated: 9/13/10 1:44 AM EDT

Following House Republican Leader John Boehner’s new flexibility on tax cuts during a “Face the Nation” interview, he and White House Press Secretary Robert Gibbs traded statements Sunday evening as the two sides sought to box in the other.

From the White House – “Statement by Press Secretary Robert Gibbs on Representative Boehner’s Change in Position on Tax Cuts for the Middle Class: We welcome John Boehner's change in position and support for the middle class tax cuts, but time will tell if his actions will be anything but continued support for the failed policies that got us into this mess.”

From Boehner’s office — “Boehner Responds to Statement by White House Press Secretary Robert Gibbs on President Obama's Job-Killing Tax Hike: Raising taxes on any American, and especially small businesses, in a struggling economy is the exact wrong thing to do, a position shared by not only by my Republican colleagues, and several of my Democratic colleagues, but by a vast number of economists.

"If the president is serious about job creation, there's a clear way forward, and that's for us to come together and pass legislation immediately that cuts spending to 2008 levels for the next year and stops all of the coming tax hikes by freezing all current tax rates for the next two years. Anything short of that may selfishly check a political box for the president, but it fails the American people.

"Instead of resorting to tired old class warfare rhetoric, pitting one working American against another, the president and the Democratic leadership should start working with us this week to ensure a fair and open debate to pass legislation to cut spending and freeze tax rates without any further delay."
http://www.politico.com/news/stories/0910/42037.html

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katatonic
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posted September 13, 2010 10:11 AM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
sorry, jwhop, but it is you who is playing class warfare and attempting to divide the nation against itself. you and the republicans and the conservative crowd. on one page you say you want american companies to build it here and sell it here, on another you call obama's suggesting a surtax on foreign made goods COMMUNIST...2+2+5, right? how will YOU enforce american made goods? with guns?

if your memory stretches to the last page...

i see now boehner is saying he would consider the end of the top 2% tax cuts as long as the tax cuts to the lower and middle classes are continued...very much as obama has been saying...and no doubt like the other oppositionists will claim credit for such a plan going through even though that has been the administration's intention all along.

this is what you and your fave raves keep doing...second=guess the situation, object to all suggestions by obama and the admin, then put forth THEIR IDEAS as if they are your own.

either way it falls you were right, right? NOT. either way you were fighting - shadow boxing, actually - and determined to take the credit even when you kicked and screamed the whole way.

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jwhop
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posted September 13, 2010 12:10 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Being against O'Bomber's Marxist Socialist Progressive nonsense IS NOT dividing America.

It's O'Bomber's birdbrained Marxist policies which are dividing Americans.

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AcousticGod
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posted September 13, 2010 12:29 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
Back to the idiotic "Marxist" scapegoating, huh? Ridiculous.

Democrats do have a record on poverty, which is that the people under the poverty line have tradition decreased under Democrats while increasing under Republicans. That this isn't the case thus far with Obama is simply a matter of the severity of the economic downturn. Marxism has nothing to do with it.

quote:
Raising taxes in a recession is just the opposite of what should be done to clear the way for an economic recovery. But, that's the Marxist way and that's O'Bomber's way of attacking the economic interests of America and Americans.

There's nothing particularly Marxist about raising taxes. The first George Bush wasn't a Marxist when he raised taxes. The truth is that taxes need to be raised across the board for the government to return to financial solvency, so will be the furtherance of an expensive grace period for the country. What would be closer to Marxism would be Bush's tax rebate program, which actually dolled out money.

Raising taxes on those that make over a quarter million dollars a year hardly attacks the economic interests of America and Americans. The argument is always that this hits small business owners. Well, if small business owners want to avoid the taxes, they can take home less than $250K, and instead invest that money into their business. You know, create jobs. No one's twisting their arms to take that high a salary if they're really that concerned with taxes.

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jwhop
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posted September 13, 2010 03:35 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
I agree Socialist demoscats have a record on poverty.

In this country, Socialist demoscats have created an army of poverty stricken citizens. Their record is clear and it's an ugly picture.

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AcousticGod
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posted September 13, 2010 06:04 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
No, poverty decreases under Democrats.

    Examining the Census data, what I found was this: during the 20 years of Republican administrations, each year on average the number of Americans living below the poverty line rose by 416,400, while during the 20 years of Democratic administrations, each year on average this number fell by 829,900. I then applied the analysis suggested in Michael Kinsley's article: I credited each year's performance to the previous year's administration. In this analysis, during the years credited to Republican administrations, the number of Americans below the poverty line rose 371,095 on average each year, while during the years credited to Democratic administrations, this number fell 845,421 on average each year.

    The performance results also favor Democrats if we look at the poverty rate - the percent of the total population below the poverty line. The poverty rate fell on average 0.58 percent each year of Democratic administrations, while poverty rose on average 0.036 percent each year of Republican administrations. If we assign credit to the previous year's administration, the poverty rate fell on average 0.59 percent each year credited to Democratic administrations, and rose on average 0.012 percent each year credited to Republican administrations. http://democraticshortlist.com/compare.htm

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jwhop
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posted September 15, 2010 01:48 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
No, poverty increases under demoscat politics.

demoscats have for years attempted to destroy marriage and the nuclear family by offering government welfare as a substitute.
As a result, they've created an army of poverty stricken single mothers and children.

demoscats have for at least the last 50 years attempted to destroy real education in America. They've done a damn fine job of it too. We now have 2 generations of public educated adults who have no language skills, no knowledge, no work habits and no future in a fast paced dynamic society.

Poverty is the desired outcome of demoscats and their big, big, big financial backers in the education unions. Both demoscats and their union backers want people kept down on the plantation...especially minorities.

There are some brain dead idiots..[almost all demoscats] who believe government welfare, food stamps, section 8 housing and free medical care are attractive substitutes for the energizing benefits of liberty.

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katatonic
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posted September 15, 2010 03:17 PM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
We now have 2 generations of public educated adults who have no language skills, no knowledge, no work habits and no future in a fast paced dynamic society.

if overstatement were worth money, jwhop, you would be a billionaire...and i guess by what you say about having to pay an extra percent or so on everything over a certain amount, living in the caymans now or very soon!

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AcousticGod
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posted September 15, 2010 05:04 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
Astonishing how wrong he can be sometimes.

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jwhop
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posted September 16, 2010 08:17 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Well, if I'm wrong that demoscats are behind efforts to create poverty among Americans...especially minorities...then katatonic and acoustic, you should be able to do more than make a bare a$$ed assertion that I'm wrong. How about a little proof that I'm wrong?

Do you deny the welfare system penalized low income families where there was a father present in the home which was in general an attack on the nuclear family?

Do you deny the welfare system rewarded single mothers who had additional babies with higher welfare benefits, higher food stamp benefits and larger section 8 housing units?

Do you deny the public education system in America's large inner cities is a total disgrace? A disgrace where education is not the goal at all. Do you deny students are passed along up the grade system who can't read, write and function at grade level in math and science?

Do you deny it's Republicans who want to get those poor kids out of those disgraceful public school systems and give their parents education vouchers so their children can attend a private school where they will get a quality education?

Do you deny it's demoscats who wheeze, whine, screech and shriek whenever education vouchers for poor...mostly minority kids..are brought up by Republicans?

Do you deny Barack Hussein O'Bomber abruptly canceled the D.C. student education voucher system immediately upon infesting the White House?

Do you deny a quality education is a critical component in lifting families and their children out of poverty?

Do you deny the so called education unions give all or almost all of their hundreds of millions of campaign contribution to demoscats and that the NEA, FTA and other teacher unions are totally against vouchers for private education?

Now acoustic and katatonic, when you can answer these questions...truthfully and with a straight fact, get back to me.

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katatonic
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posted September 16, 2010 10:40 AM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
when you can ask a question that is not "infested" with judgments and character assassination i might consider answering. i do not know that much about many of your questions.

that does not change the fact that your attributing "intention to destroy" to the democratic party is not only a blatant generalization but an OPINION on your part for which you have NO FACTUAL PROOF.

i DO know that having more babies - while it does generate more benefits - still does not generate enough welfare income to support those families or feed them. do you have any idea what the AMOUNT of those food stamps comes to?

what are you suggesting, that people who don't manage to NOT conceive should be penalized by being kept in the human version of battery cages? that 4 kids should have as much room as 1?

do you realize that conception is not always preventable except by complete abstinence? are you suggesting that poor women should wear medieval chastity belts to keep their men out? what will they pay for the item with? food stamps?

i don't know what a welfare check comes to these days but i do know that to collect it you have to spend time in the unemployment office looking for work under supervision OR do community service or BOTH...

and that the "average" unskilled worker who may make 24K gross in a year will have to live on 12K unemployment...and if that worker has kids tough noogies. they may get about $350 a month in food stamps for a couple of mouths too!! how long do you think people will willingly stay out of work on that kind of money? i am talking about california where expenses are high, not someplace where they might be half as much...

as to quality education, parents can make sure their kids get that by what they do at home. as indeed, did obama's mother when he was in indonesia getting a less-than-satisfactory education.

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AcousticGod
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posted September 16, 2010 01:13 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
quote:
Well, if I'm wrong that demoscats are behind efforts to create poverty among Americans...especially minorities...then katatonic and acoustic, you should be able to do more than make a bare a$$ed assertion that I'm wrong. How about a little proof that I'm wrong?

I already have in this thread as well as others. Did you miss where I posted that poverty decreases under Democratic administrations? You're blatantly, tremendously wrong.

As for wrecking education, it's completely illogical and irrational to think that all these liberal educators got into education so they could spoil it. The voucher system isn't a proven solution...still.

And aren't you the one who believes there's some points to be made by calling Democrats the party of the rich?

So, yeah, when you put Democrats as propping up poverty you've clearly got it wrong.

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jwhop
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posted September 16, 2010 03:36 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
You've furnished no evidence demoscats are not hell bent on producing as many government dependents as possible acoustic. Your comments are in no way evidence of anything.

On the other hand, I've provided direct proof that demoscat plans, schemes and policies have produced an army of poverty stricken Americans.

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katatonic
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posted September 16, 2010 03:51 PM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
you have offered no evidence that the republicans understand that we are all in this together and mollifying the very rich will NOT get any more work done or bring manufacturing and jobs back home. they much prefer paying $1/hour to as many workers as they can and investing their money in tax shelters WHATEVER the top bracket is.

and you have offered no proof that you know anything at all about the "intentions" of the democrats either! assumption, assumption, and more assumption. you are the little dog who went to the house of 1000 mirrors growling and snarling and when he looked inside saw a thousand vicious curs snarling back at him....

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AcousticGod
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posted September 16, 2010 05:05 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
quote:
You've furnished no evidence demoscats are not hell bent on producing as many government dependents as possible acoustic. Your comments are in no way evidence of anything.

Once again, Jwhop, I have. There's plenty of evidence in Democrats lowering the amount of people under the poverty line. Clearly, based on this data alone, we can infer that there's no such drive to make government dependents. Who signed the toughest reform of Welfare in modern times? Clinton. You're being ridiculous.

quote:
On the other hand, I've provided direct proof that demoscat plans, schemes and policies have produced an army of poverty stricken Americans.

I've provided proof that poverty increases under Republican administrations.

You've provided zero proof that Republican ideas have saved anyone from poverty.

quote:
you have offered no evidence that the republicans understand that we are all in this together and mollifying the very rich will NOT get any more work done or bring manufacturing and jobs back home. they much prefer paying $1/hour to as many workers as they can and investing their money in tax shelters WHATEVER the top bracket is.

Quite right. In the meantime in America, real wages have decreased a lot over the last couple generations.

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jwhop
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posted September 19, 2010 05:11 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Where's all that evidence you're talking about acoustic?

Looks to me like more people are below the poverty line, more people are on food stamps and more people are losing real purchasing power under O'Bomber than under any prez in recent history.

Eventually even the most dense would understand that saying "Bush did it" to deflect O'Bomber's total failures isn't going to fly.

Enter John Boehner as the "new"..."he did it" in the O'Bomber attempt to deflect from his failures.

Who's next? "Bugs Bunny did it"?

Perhaps one day leftist morons in the White House and their Kool-Aid drinking non thinkers will figure it all out that the voting public knows demoscats have been in control of Congress since 2006 and in control of Congress and the White House since 2008.

The American voting public is saying...with justification..."You Did It"; now man up and admit your failures.

John Boehner: the second of 12 kids from Ohio who is Barack Obama's elitist target

The White House is attempting to cling on to Democratic control of Washington by portraying an Ohio congressman who grew up in near poverty as an elitist country club Republican controlled by wealthy lobbyists.
By Toby Harnden, Reading, Ohio
Published: 8:09PM BST 17 Sep 2010

President Barack Obama is doing his best to turn Representative John Boehner, the House minority leader, into Public Enemy Number One. If Republicans win back the House of Representatives in November, as polls indicate, he will replace Nancy Pelosi as Speaker of the House.

In a recent speech, Mr Obama mentioned Mr Boehner by name nine times. A fundraising email sent out from BarackObama.com this week stated that corporate interests and lobbyists “have put all their chips on one man: Congressman John Boehner”.

Democrats have started a BeatBoehner.com website that claims he spent $1 million on "luxury hotels, exclusive golf resorts and gourmet dining for himself and his fat-cat contributors". On the I-75 freeway outside Cincinnati, a huge poster showing a tanned Mr Boehner playing golf accuses him of teeing off 119 times in a year.

Yet Mr Boehner's life story is the type of classic up-by-the-bootstraps tale of the American Dream that can put a tear in a voter's eye. As his story becomes better known, the Democrats could even be drawing favourable attention upon him. Right now, most Americans have never heard of Mr Boehner, and fewer still can pronounce his name, which rhymes with Rayner. The alleged elitist country club Republican is an Ohio Congressman who grew up in near poverty.

His sister Lynda Meineke, who is 51, is a waitress and bar tender at Andy's Cafe in Carthage, Ohio, a family business that was founded by their grandfather Andy Boehner in 1938. As a child, one of Mr Boehner's jobs was to mop the floor.

Sitting outside the bar this week, sipping a bottle of Bud Light and smoking a cigarette, Mrs Meineke described her childhood as "cramped" but happy. "We learned how to share. If there was a toy, it wasn't just for you but for all the younger ones."

Mr Boehner, 61, is the second of 12 who grew up in a German-Irish family in Reading, Ohio, just outside Cincinnati. All but two of them still live within a few miles of each other. Two are unemployed and most of the others have blue-collar jobs.

The future Congressman started work as a janitor and took seven years to get his degree – the first in the family to do so – because he had several jobs to pay his way. He joined a plastics and packaging company, rising to president before entering local politics by being elected to the town board.

The family house on Hill Street initially had two bedrooms with Mr Boehner and three brothers sleeping in one, their sister in another and their parents on a pull-out bed in the living room. Their father Earl later built a three-bedroom extension.

Mrs Meineke, whose husband is an unemployed builder, still lives in the modest house. She remembers her father rising at dawn to go off to the café, which he ran with his twin brother and was a favourite with truck drivers.

"Then my mother would get up before all of us, and drink coffee and listen to the radio, packing our lunches and writing our names on all the brown bags.

"Then she'd start waking us up. You knew that if you didn't get up you'd be cutting your time in the bathroom in half. Sometimes, the boys had to go outside and pee by the tree."

Mr Boehner's deep tan is often mocked by Democrats. At a dinner last year, Mr Obama said: "He is a person of colour, although not a colour that appears in the natural world."

Like Mr Obama, Mr Boehner is a keen golfer and a smoker. His sister sniggered at the suggestion her brother might ever have been on a tanning bed. The "dark hair and olive skin", she said, came from her mother.

Bob Boehner, 62, the oldest of the 12, who sells real estate and is "looking for work", said: "We were conservative because we had to be. There wasn't the money to spend frivolously on things. We grew our own vegetables up on the hill. We learned early on that if you wanted something you had to go out and work for it."

His brother's childhood, he thinks, was good training for Congress, where, if he becomes Speaker, he will have 435 members to control. "He tried to make the younger ones do their homework and get the room cleaned up. He was somewhat of an authority figure to the younger ones.

"John is still an everyday person and we need more people like that in Congress because too many people there have never had a job and never had to balance a budget before."

Some Republicans believe that Mr Obama has allowed his personal animus to drive an anti-Boehner campaign that could well backfire. Shortly after Mr Obama won the 2008 election, Mr Boehner described him as a "chicken **** " for voting "present" so many times in the Illinois Senate. Reacting to Mr Obama's health care bill, which narrowly passed but appears to be an electoral millstone around Democratic necks, Mr Boehner shouted "Hell, no you can't!" on the House floor.

Liberal elements of the American press have enthusiastically taken up the Democratic theme of Mr Boehner as an out-of-touch plutocrat.

When the "New York Times" ran a front-page story this week under the banner "A GOP Leader Tightly Bound to Lobbyists", Robert Gibbs, Mr Obama's press secretary, sent a web link to article via Twitter, stating: "Headline says it all."

The Washington Post's Dana Milbank obliged by a description of Mr Boehner's "polished tassel loafers and perfectly tailored suit, a quarter-inch of white cuff revealed at the wrist".

Mrs Meineke said that at family gatherings at Andy's Bar Mr Boehner's nephews were more impressed by his Secret Service guards than the Congressman himself. "You see how he talks to Obama. He tells it how it is, right there in black and white. If all they can find on him is that he plays golf and he has a tan, well, whatever."
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/8009943/John-Boehner-the-second-of-12-kids-from-Ohio-who-is-Barack-Obamas-elitist-target.html

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AcousticGod
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posted September 19, 2010 10:09 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
quote:
Looks to me like more people are below the poverty line, more people are on food stamps and more people are losing real purchasing power under O'Bomber than under any prez in recent history.

Regardless of what it looks to you, the simple fact of the matter is that this Administration is not the cause of this economy.

"Real purchasing power" is a funny thing for you to bring up after eight years of Bush, and his devaluing the dollar.

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jwhop
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posted September 19, 2010 10:20 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
This administration has done everything wrong that could be done wrong. There is not one O'Bomber policy which enjoys majority approval of the American people.

The Bomber economic plan is a total failure and never had a chance of succeeding.

Attempting to copy the failed economic policies of Roosevelt means Bomber and the other economic nitwits with which he's surrounded himself doomed any economic recovery for years.

More than 3 million jobs have been lost since Bomber crammed his Porkulus Bill down America's throat.

His Socialist comrades in Congress are going to pay the price for creating the economic morass in which we now find ourselves...in the very near future.

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Node
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posted September 19, 2010 10:42 PM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote
When are the mouthpieces in the Republican party going to man up? And woman up?

Sounds like never. So party loyal I wish i could respect it, but few things other than reading or keeping my eyes open have pushed me away like a magnetic pole than your posts JW.

Your posts have made me research. The mouth pieces of the party Palin, Limbaugh, McConnell, et all have shown over and over again that they are bought and paid for at best. Hypocrites at best. Yes the rest of Washington are sharing the covers.

BUT

I am willing to give the Dems 2 more years. That is a much shorter amount of time than the Pubs had the Presidency and Congress to dig this hole.

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Node
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posted September 19, 2010 10:57 PM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote
If the other charts I posted were not enough.....


The Bush Tax Cuts Ballooned The Deficit, Extending Them Would Make It Worse

CBPP: The Bush Tax Cuts Are The Biggest Factor In The Federal Budget Deficit. According to the Center on Budget and Policy Priorities, ". If not for the tax cuts enacted during the presidency of George W. Bush that Congress did not pay for, the cost of the wars in Iraq and Afghanistan that were initiated during that period, and the effects of the worst economic slump since the Great Depression (including the cost of steps necessary to combat it), we would not be facing these huge deficits in the near term... Just two policies dating from the Bush Administration - tax cuts and the wars in Iraq and Afghanistan - accounted for over $500 billion of the deficit in 2009 and will account for almost $7 trillion in deficits in 2009 through 2019, including the associated debt-service costs."


[CBPP, 6/28/10]

New York Times: Extending Tax Cuts For The Rich Would Cost $700 Billion. According to the New York Times: "Most of the tax cuts that were a signature domestic initiative of George W. Bush's presidency carried an expiration date of Dec. 31, 2010, to limit the potential revenue losses; supporters assumed that they would be extended when the time came. Extending them for the next 10 years would add about $3.8 trillion to a growing national debt that is already the largest since World War II. About $700 billion of that reflects the projected costs of tax cuts for those in the top 2 percent of income-earners." [New York Times, 8/10/10]

Pew: Extending Bush Tax Cuts Would Cost $3.1 Trillion Over The Next 10 Years. According to the the Pew Economic Policy Group: "Making the tax cuts permanent for all taxpayers, regardless of income, would cost $3.1 trillion over the next 10 years and inflate the national debt to 82 percent of GDP. This would be the highest level since 1948, in the aftermath of World War II, and well above the average debt-to-GDP ratio of the last 50 years of 37 percent. The current ratio is about 57 percent." [Pew Economic Policy Group, May 2010]

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Node
Knowflake

Posts: 1430
From: 1,981 mi East of Truth or Consequences NM
Registered: Apr 2009

posted September 21, 2010 09:48 AM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote

A standard right wing talking point is that tax cuts for the rich and corporations create jobs.
That is actually true. They create jobs overseas.


here is a empirical goodie that lays it out horizontally if the vertical charts make one dizzy.

simple enough:

If you have money to invest, you're going to invest it where it'll return the most. Right now and in the past couple decades that is either in financial games, or it is in economies which are growing fast and have low costs. The US does not have high growth compared to China or Brazil or many other developing countries. It has high costs compared to those countries as well. And the workers demand a living wage.

If you can build a factory overseas which produces the same goods for less, meaning more profit for you, why would you build it in the US?

until it's worth investing in the Us, most of the discretionary money of the rich will either go into useless speculative deals like the housing and credit bubbles, which don't create real growth in the US, or they will go overseas.


a few people have answered with this:

quote:

•You could slap taxes on foreign capital flows;
•you could slap tariffs on foreign goods produced in low cost domiciles so that companies have to produce in the US to have access to the US market;
•you could push industries which are hard to outsource but don't actually decrease American competitiveness. The housing bubble increased the cost of doing real business in the US by inflating real estate costs. A massive buildout making every building in the US energy neutral or an energy producer would increase US competitiveness.
•you could try and do what America once did: have a tech boom. If the future is being produced in a country then everyone has to invest there and when things are changing fast you can't offshore production, because speed matters and offshoring is slow. This is why real wages increased during the tech boom of the 90s.

Proving once again if one is thinking about long term fiscal sustainability, then the tax code needs to address the top 2%. The expiration is a modest increase BTW, shoot if we went back to the IKE tax code the very rich would be looking at a 91% And some people are calling for that.

People need to put this in historical perspective, as stated above this is comparatively a modest increase.


The Tax Cuts were not effective period. They did not do what they were supposedly designed to do

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katatonic
Knowflake

Posts: 6778
From:
Registered: Apr 2009

posted September 21, 2010 11:28 AM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
and let's not overlook the NBER report which agrees with me (i noticed it in my work volume before anyone was talking recession) that the recession STARTED IN 2007 and ENDED IN JUNE 09...

the ECONOMY IS GROWING AND HAS BEEN SINCE OBAMA WAS 6 MONTHS IN OFFICE.

it is outsourcing and AUTOMATION of jobs that is continuing the jobless figures even as the economy GROWS.

perhaps obama should ban computerization and then we can have LOTS of people working again...(many of them in asia, of course!) at jobs they don't want, ie menial jobs...

an interesting book i read last christmas called THE FOUR HOUR WORK WEEK is all about getting computers and Indians to do the work you would have to have major capital for if you went the traditional route. the book was written by a 30-something former failure who now lives like a billionaire because he found the way to cut his overhead and actual worktime to a fraction of the traditional size...

but jwhop holds that putting a "buy american" tariff on foreign goods and services is ALSO socialist, and therefore dangerous. meanwhile the countries who are WELL OUT of recession are the ones who have invested in and are using clean-fuel renewable resources, govt sponsoring to keep people in work, universal healthcare and all the heinous practices obama's administration has been working towards.

go figure. the old model of the energetic, imaginative capitalist on main street just doesn't exist the way it did decades ago.

and many are working solo or in small groups for themselves due to the possibilities the internet affords to do so. they don't have JOBS but they are doing okay even in this economy.

i also think the NBER report will encourage even more people to TRY to get back into a job market they have been told was dead in the water, and inspire an upswing that proves their findings...

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katatonic
Knowflake

Posts: 6778
From:
Registered: Apr 2009

posted September 21, 2010 11:57 AM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
and just for the record, olive skin is not ORANGE! boehner IS orange. always. maybe it's not from a tanning bed but from his makeup box, tv makeup artists tend toward orange to prevent people looking green on camera....

the above attempt to paint boehner as the current MR DEEDS is ridiculous to the point of sublime...

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jwhop
Knowflake

Posts: 3911
From: Madeira Beach, FL USA
Registered: Apr 2009

posted September 22, 2010 07:05 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
You know Node, you really should save your Congressional Budget Office charts and other propaganda.

Perhaps you haven't heard but this so called non-partisan office is REQUIRED to do their calculations, make their projections and otherwise forecast costs of legislation based on ASSUMPTIONS inserted in legislation by congressional members.

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