Ending Bush Tax Cuts & Cutting Spending is BAD?!

Discussion in 'Politics' started by kyzr, May 6, 2012.

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Do you vote for austerity or "no action"?

  1. I vote for austerity to ensure long term prosperity

    8 vote(s)
    72.7%
  2. I vote for no change until the US economy recovers

    1 vote(s)
    9.1%
  3. Other option, I'll explain in my post

    2 vote(s)
    18.2%
  1. kyzr
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    kyzr Gold Member

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    I hear that the US economy is heading over a cliff at the end of 2012. All due to the end of the Bush Tax Cuts and other fiscal stimuli, like extended unemployment benefits. All in all, about a 5% hit on US GDP.

    US Economic Outlook 2013 Heading Off ‘Fiscal Cliff’ – International Business Times
    US Economic Outlook 2013 Heading Off 'Fiscal Cliff?

    Is this true or simply bullshit? I seem to recall in 1993 when Clinton first imposed the new tax rates (35% to 39%, or so) that the GOP went nuts and said the economy would collapse, and all sorts of bad things would happen. What happened was prosperity and a balanced Budget.

    The US Debt was downgraded from AAA to AA+, and if we don't get our fiscal house in order, we are headed for disaster. The private sector needs to kick-start the US economy, but all they have been doing is moving 14,000 factories to China and outsourcing jobs. We don't have the same reserve economic capacity we used to have.
    News Headlines

    So who is right? Do you want to "kick-the-can" down the road and keep borrowing more and more taking a downgrade? If that happens the dollar may not be the "reserve currency" and our borrowing costs explode.

    OR, do you vote for "austerity" and getting the Budget and Debt under control, "temporary pain, permanent gain"?
     
    Last edited: May 6, 2012
  2. The Rabbi
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    The Rabbi Diamond Member

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    The massive tax increases coming next year--remember they are not just the end of the Obama tax cuts but also the new taxes in Obamacare--will drive stock prices down by 30%. You want to see this country poorer by a third?
     
  3. SniperFire
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    SniperFire Senior Member

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    Leftytards just don't want to accept the fact that our Nation grew its fastest during the era when taxation was less than 5% of GDP.
     
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  4. kyzr
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    kyzr Gold Member

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    Someone needs to pay the fucking bills. We simply can't keep borrowing $0.40 of every dollar spent. Besides, if stock prices drop the top 1% of incomes that own 34% of everything will be "temporarily" worth a little less, so what? That is the better option if they can make a "grand bargain" to fix entitlements and balance the budget. The current track of a $20-Trillion Debt is a disaster in the making.

    The USSC will stop Obamacare, so that will get the $500b back into Medicare.
     
    Last edited: May 6, 2012
  5. SniperFire
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    SniperFire Senior Member

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    The top 1% does not own 99% of everything. You hurt your otherwise fairly rational argument.
     
  6. Rozman
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    Rozman Gold Member Supporting Member

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    What it all comes down to is we just can't keep spending money we don't have.
    At least that's clear to republicans/conservatives.
    The liberal left Democrats want to spend more....

    It really really is that easy to explain.
     
  7. kyzr
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    kyzr Gold Member

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    My bad. Its actually 34%

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  8. kyzr
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    kyzr Gold Member

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    Easy to say, but where do you propose to cut? Entitlements? SS & Medicare & Medicaid? The Military? Foreign aid? Research? Education?
    http://www.nytimes.com/2011/10/04/u...ited-states-budget-crisis.html?pagewanted=all
     
  9. The Rabbi
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    The Rabbi Diamond Member

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    Taxing the top whatever percent will not do it. No tax increase has ever balanced the budget, even come close. We are in this predicament because a) the recession has reduced tax revenues to the gov't, b) Obama and the Democrats have bloated the budget.
    We never had this kind of problem under Bush. Cut spending and the economy will grow its way out of the problem.
     
  10. The Rabbi
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    The Rabbi Diamond Member

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    A Plan to Cut Spending | Downsizing the Federal Government
     

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