CBO: If Obama allows the Bush tax cuts to expire, it will be a fiscal freefall

[iamwhatiseem]

Surprise....the same tax cuts that the Democrats railed against years ago...and rail about still today - a study by the CBO says it would throw the country back into a recession.
Whaddya know...

A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.

The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.

Read more: CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire | Fox News

 

[Truthseeker420]

Fox didn't say nutin about the speding cuts being part of the equation?

 

[iamwhatiseem]

Fox didn't say nutin about the speding cuts being part of the equation?

Is your first name Forrest?
In the above paragraph alone it mentions it twice.

 

[Truthseeker420]

Fox didn't say nutin about the speding cuts being part of the equation?

Is your first name Forrest?
In the above paragraph alone it mentions it twice.

I'm sure most Fox "News" viewers don't read...so again i ask....

 

[iamwhatiseem]

Dammit - already a thread...http://www.usmessageboard.com/polit...f-if-bush-era-tax-cuts-allowed-to-expire.html

 

[Truthseeker420]

Dammit - already a thread...http://www.usmessageboard.com/polit...f-if-bush-era-tax-cuts-allowed-to-expire.html

Strangely his thread title didn't mention the spending cut part of the equation either.

 

[jillian]

Surprise....the same tax cuts that the Democrats railed against years ago...and rail about still today - a study by the CBO says it would throw the country back into a recession.
Whaddya know...

no one really believes that. funny, nothing went into a "free for all" when reagan raised taxes seven times.

 

[edthecynic]

Fox didn't say nutin about the speding cuts being part of the equation?

Is your first name Forrest?
In the above paragraph alone it mentions it twice.

So what the CBO really said is, cut the DEFICIT and the economy falls off the "fiscal cliff." Don't try to reduce the deficit and the economy grows by 4.4%.

Lyin' Ryan, Willard Romney, and the GOP want to cut the deficit NOW, IMMEDIATELY if not sooner, because they don't want the economy to recover before the election.

 

[itfitzme]

Surprise....the same tax cuts that the Democrats railed against years ago...and rail about still today - a study by the CBO says it would throw the country back into a recession.
Whaddya know...

A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.

The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.

Read more: CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire | Fox News

But if they were left in place, CBO says it would wring hundreds of billions of dollars from the budget deficit that would "represent an additional drag on the weak economic expansion."

CBO projected that the economy would contract by 1.3 percent in the first half of 2013, which would meet the traditional definition of a recession, which is when the economy shrinks for two consecutive quarters.

'"Such a contraction in output in the first half of 2013 would probably be judged to be a recession," CBO said.

The economy would rebound at a 2.3 percent growth rate in the second half of the year, however, under CBO projections.

What the CBO said is that the reduced spending would result in GDP decline and the the reduced spending would be caused by the expired tax cuts. The FOX title is incorrect.

So austerity, reduced government spending, will cause an initial decline followed by growth due to a rebound. That doesn't sound to bad. If we can handle the initial decline due to reduced gov't spending. Another way to say it is that the reduced deficit will a short term detrimental effect while the tax increases will have a long term positive effect.

Sounds great to me, let's do that. Or do we not fare about the deficit now?

 

[Mad Scientist]

The CBO also said that ObamaCare would cost UNDER 1 Trillion dollars .

Just thought I'd throw that out there.

 

[starcraftzzz]

Dammit - already a thread...http://www.usmessageboard.com/polit...f-if-bush-era-tax-cuts-allowed-to-expire.html

Strangely his thread title didn't mention the spending cut part of the equation either.

Or the tax cuts Obama enacted

 

[starcraftzzz]

The CBO also said that ObamaCare would cost UNDER 1 Trillion dollars .

Just thought I'd throw that out there.

It said it would cost under 1 trillion in the years 2010-2020. When your argument is that they are wrong because it costs more in the years 2012-2022 it means you are being a retards=

 

[starcraftzzz]

Surprise....the same tax cuts that the Democrats railed against years ago...and rail about still today - a study by the CBO says it would throw the country back into a recession.
Whaddya know...

A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.

The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.

Read more: CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire | Fox News

So the CBO says that currently tax cuts are good for the economy. So why is it that the whole GOP congress votes against tax cuts proposed by Obama?

 

[waltky]

Granny says, "Dat's right - Obama be the champion o' the workin' man...

Obama: 'Compromise' on middle-income tax cuts
Jul 14, 2012 - President Obama is urging Congress to compromise on cutting taxes -- by doing it his way.

In his weekly radio address this morning, the president noted that both Democrats and Republicans want to prevent taxes from rising on income below $250,000, even for those earning far more. That's all Democrats want -- holding the line on middle-income taxpayers, while letting taxes rise for anyone earning more than $250,000. So under this 'compromise,' Obama wouldn't have to give up anything.

Republicans, however, want to keep everyone's taxes at the current rates established under George W. Bush in 2001. Obama wants to raise taxes on the rich. "The only place we disagree is whether we keep giving tax cuts to the wealthiest 2% of Americans. Republicans in Washington want more of those tax cuts. With the deficit we have, I don't think we can afford them," Obama said. "But even if we disagree on the tax cuts for the wealthiest Americans, we all agree that no American should pay more taxes on the first $250,000 of their income. So let's at least agree to do what we all agree on. That's what compromise is all about."

Here's the president's full address:

Over the past couple weeks I've been talking with folks across the country about how we're going to rebuild an economy where if you work hard, you and your family can get ahead. And right now, there's a big debate going on in Washington over two fundamentally different paths we can take as a country to do that. One path -- pushed by Republicans in Congress and their nominee for President -- says that the best way to create prosperity is to let it trickle down from the top. They believe that if we spend trillions more on tax cuts for the wealthy, it'll somehow create jobs -- even if we have to pay for it by gutting education and training and by raising middle-class taxes.

I think they're wrong. We already tried it that way for most of the last decade, and it didn't work. We're still paying for trillions of dollars in tax cuts that benefitted the wealthiest Americans more than anyone else; tax cuts that didn't lead to the rise in wages and middle class jobs that we were promised; and that helped take us from record surpluses to record deficits. The last thing we need right now is more top-down economics. What we need are policies that will grow and strengthen the middle class; that will help create jobs, make education and training more affordable, and encourage businesses to start up and stay right here in the United States.

MORE

 

[Stephanie]

Fox didn't say nutin about the speding cuts being part of the equation?

Is your first name Forrest?
In the above paragraph alone it mentions it twice.

I'm sure most Fox "News" viewers don't read...so again i ask....

You're not as cute as you think you are

 

[Truthseeker420]

Is your first name Forrest?
In the above paragraph alone it mentions it twice.

I'm sure most Fox "News" viewers don't read...so again i ask....

You're not as cute as you think you are

I'm going for Sexy but I would be surprised if most Trailer Park Republicans got past the headline. Funny the Fox Noise headline and the first paragraph doesn't mention the spending cuts but mentions the tax cuts.

 

[Rshermr]

Fox didn't say nutin about the speding cuts being part of the equation?

Is your first name Forrest?
In the above paragraph alone it mentions it twice.

So what the CBO really said is, cut the DEFICIT and the economy falls off the "fiscal cliff." Don't try to reduce the deficit and the economy grows by 4.4%.

Lyin' Ryan, Willard Romney, and the GOP want to cut the deficit NOW, IMMEDIATELY if not sooner, because they don't want the economy to recover before the election.

Eureka. You have it. Exactly.
All economic history says do not stop spending during a downturn. Cons can not understand the logic, as it is made up of something not said on Fox.

So, they take a cbo statement about increasing taxes and decreasing spending, which they predict will not happen, and make it about increasing taxes. Increasing taxes WOULD have no tax IF you CUT spending. Very obvious economics. But not fox dogma.

 

[HUGGY]

Surprise....the same tax cuts that the Democrats railed against years ago...and rail about still today - a study by the CBO says it would throw the country back into a recession.
Whaddya know...

A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.

The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.

Read more: CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire | Fox News

IamwhatIseem...what you "seem" to be is a lying sack of liquid shit. Your article for one thing is from Fox. Fox sued for the right to lie and won. I E..Fox lies.

What your article does not do is differentiate between the whole of the Bush tax cuts and just allowing them to expire on those making more than $250,000.

Not exactly the truth is it you lying asshole.

So if ALL Americans lose the Bush tax cuts it would affect the economy by 1.3%?

You and Fox call that an economic "cliff"? What pray tell do you call the economic shitstorm Bush handed to Obama on his way out the door when we were losing half a million jobs a month and the Stock Market lost nearly half its value?

All things considereded your hyperbole is rediculous. Why don't you assholes just admit your racism and treason as the REAL reason we have not come out of the economic blahs is tha thr repub congress has done NOTHING to promote growth. The cannot because thier only goal has been to attempt to make Obama look ineffective at the expense of the country.

Have I told you how much I hate you treasonous pricks today?

 

[sealybobo]

Surprise....the same tax cuts that the Democrats railed against years ago...and rail about still today - a study by the CBO says it would throw the country back into a recession.
Whaddya know...

A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.

The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.

Read more: CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire | Fox News

But it never happened. And Trump's tax cuts didn't do shit for our economy.

May job numbers Data shows that over the past month, the U.S. economy added 223,000

That's it? Only 223,000? THat would have been unacceptable when Obama was president. Now it's good?