Increased taxes on the consumer class would be devistating to our economy.
Increased taxes on the wealthy (the top 1% of income earners) has neither a positive or negative effect on the economy, except to help fund our government.
Government spending during times of high unemployment, if well distributed, can help improve the economy - at least up until the point where the government becomes financially unstable due to excessive debt, at which time it eather cranks of the printing press causing crazy inflation, or it simply declares bankrupcy in some form or fashion.
With an economy that is not recovering due to the private sector, and with a government that can not spend much more without running out of money, we are pretty much screwed. We could raise the heck of taxes on the wealthiest Americans, much like we did during WW2, but that is not politically feasable without a major war or other major disaster that we all would support. We don't have any enemies right now who are strong enough for us to have a major war with, and whats the odds of some type of other major crises happening that cause us all to support major tax hikes? Maybe that was what "global warming" was all about, but that crises hasn't quite panned out.
Basically, we are all economically screwed.
Increased taxes on the consumer class would be devistating to our economy.
Increased taxes on the wealthy (the top 1% of income earners) has neither a positive or negative effect on the economy, except to help fund our government.
Government spending during times of high unemployment, if well distributed, can help improve the economy - at least up until the point where the government becomes financially unstable due to excessive debt, at which time it eather cranks of the printing press causing crazy inflation, or it simply declares bankrupcy in some form or fashion.
With an economy that is not recovering due to the private sector, and with a government that can not spend much more without running out of money, we are pretty much screwed. We could raise the heck of taxes on the wealthiest Americans, much like we did during WW2, but that is not politically feasable without a major war or other major disaster that we all would support. We don't have any enemies right now who are strong enough for us to have a major war with, and whats the odds of some type of other major crises happening that cause us all to support major tax hikes? Maybe that was what "global warming" was all about, but that crises hasn't quite panned out.
Basically, we are all economically screwed.
Here's more analysis showing how in the end, the Bush tax cuts were devastating the deficit. In addition, when you consider that they took place at a time we were fighting two wars - then you see the problem. Critics Still Wrong on What
Certainly, Obama and the 111th Congress share some of the blame - but they inherited a crappy economy. Bush inherited a rough-patch economy from which we never 100% recovered (the top tiers did, the lower tiers remained stagnant for the entire decade).
The easiest way to begin improving the deficit is to simply let the tax cuts die. They never should have been passed in a time of war in the first place.
According to the link above: $500 BILLION a year of the deficit is due to the Bush Tax Cuts, the Wars, and the interest paid on borrowing the money to pay for them.
Here's more analysis showing how in the end, the Bush tax cuts were devastating the deficit. In addition, when you consider that they took place at a time we were fighting two wars - then you see the problem. Critics Still Wrong on What
Certainly, Obama and the 111th Congress share some of the blame - but they inherited a crappy economy. Bush inherited a rough-patch economy from which we never 100% recovered (the top tiers did, the lower tiers remained stagnant for the entire decade).
The easiest way to begin improving the deficit is to simply let the tax cuts die. They never should have been passed in a time of war in the first place.
According to the link above: $500 BILLION a year of the deficit is due to the Bush Tax Cuts, the Wars, and the interest paid on borrowing the money to pay for them.
i'd have to see some serious spending cuts before i'd be good with tax hikes. deficits are outlay-driven, not revenue driven.
Simple math would indicate that its both spending and revenue that affect deficit.
Simple math would indicate that its both spending and revenue that affect deficit.
no doubt when it comes to the spending cuts....in the long run, even if we like it or not, we will have to raise taxes, pairing the hikes with some rather significant cuts in spending, or we will be in the same boat as greece.i'd have to see some serious spending cuts before i'd be good with tax hikes. deficits are outlay-driven, not revenue driven.
no doubt when it comes to the spending cuts....in the long run, even if we like it or not, we will have to raise taxes, pairing the hikes with some rather significant cuts in spending, or we will be in the same boat as greece.
when the dems finally realize that they can no longer demagogue this issue and admit they are gonna have to raise taxes on all taxpayers and cut benefits to the non-tax payers-that's when the poop will hit the fan and the era of runaway government will end
if you don't raise taxes on those who are mainly responsible for the irresponsible government spending, there will never be any incentive for those people to stop voting for spendthrift politicians who buy the votes by promising them no tax hikes except on "the rich"
its the middle and lower classes who are mainly responsible because the top 1% cannot out vote the masses.
If you all are serious about deficit reduction massive cuts are far better than massive tax hikes on those who drive the economy. The reason why the economy sucks now is because those expecting to get soaked are not spending as much as they normally would
Zakaria: Raise My Taxes, Mr. President! - Newsweek
We have one of the smallest governments among all the rich countries in the world. Yet we refuse to pay for it. (Yes, health-care spending is the big exception and, yes, we will have to get those costs under control.) I understand the fear that this is not a good time to raise taxes. But the impact of marginal shifts in tax rates on growth is pretty unclear. Clinton raised taxes in 1992 and ushered in a period of extraordinarily robust growth. Bush cut taxes massively in 2001 and got meager growth in return
snip
Who in the middle class is concerned with deficit reduction in wake of nearly 10% unemployment?
Everyone SHOULD be concerned with deficit reduction. In case you have missed it...that 14 TRILLION dollar deficit we have? It isnt creating jobs.
ROFL!!!!!
A $14 trillion deficit you say? Brilliant!
By GLEN JOHNSON (AP) – Jul 11, 2010
BOSTON — The heads of President Barack Obama's national debt commission painted a gloomy picture Sunday as the United States struggles to get its spending under control.
Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association that everything needs to be considered — including curtailing popular tax breaks, such as the home mortgage deduction, and instituting a financial trigger mechanism for gaining Medicare coverage.
The nation's total federal debt next year is expected to exceed $14 trillion — about $47,000 for every U.S. resident.
"This debt is like a cancer," Bowles said in a sober presentation nonetheless lightened by humorous asides between him and Simpson. "It is truly going to destroy the country from within."
And congress has raised the debt ceiling to 15.5 trillion by the end of the year.
Oh...I can see why that is ROFL funny. No...wait...I cant either...
Of course not
Seriously laughing boy...ask mom to explain what that debt means to you...well..to her...
Everyone SHOULD be concerned with deficit reduction. In case you have missed it...that 14 TRILLION dollar deficit we have? It isnt creating jobs.
Not the most cunning comment considering your recent fuddle of basic vocabulary.
Care to admit your boo boo?
Not the most cunning comment considering your recent fuddle of basic vocabulary.
Care to admit your boo boo?
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