Ending Bush Tax Cuts & Cutting Spending is BAD?!

[kyzr]

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"?

 

[The Rabbi]

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?

 

[SniperFire]

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.

 

[kyzr]

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?

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.

 

[SniperFire]

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?

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 99% 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.

The top 1% does not own 99% of everything. You hurt your otherwise fairly rational argument.

 

[Rozman]

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.

 

[kyzr]

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?

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 99% 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.

The top 1% does not own 99% of everything. You hurt your otherwise fairly rational argument.

My bad. Its actually 34%

 

[kyzr]

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.

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

 

[The Rabbi]

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?

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.

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.

 

[The Rabbi]

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.

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

A Plan to Cut Spending | Downsizing the Federal Government

 

[Rozman]

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.

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

I think it's easy....
cut,cut,cut....everywhere,everyone takes a hit...
We are on a road to disaster and we better fix it fast.

The Democrats answer is to spend more.
When that doesn't work like the failed stimulus.
The answer from Paul Krugman and the like is yo spend more.

Unfucking believable.

 

[The Rabbi]

You have to spend more to keep from going broke. Just ask Joe Biden.

 

[Meister]

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.

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

So it's not about raising taxes and cut spending like your title suggested, it's raise taxes and keep on spending, I see.....it's a failure

 

[Truthmatters]

tell us how well austerity is working in europe?

 

[Truthmatters]

You people cant win elections with historically failed ideas anymore

 

[The T]

You have to spend more to keep from going broke. Just ask Joe Biden.

No government has spent itself into prosperity and retained full liberty for it's people. The two aren't compatable.

 

[kyzr]

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?

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.

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.

In big picture numbers, the Budget needs to get to ~$2.5T which is where the income is. Your Balanced Budget article uses "spending cuts" but I didn't see where they started, so I'll assume from a $4-T Budget to end up at $3T.
I think we agree to the extent that we can't tax our way out of this mess, and we know from the Bush years that too many tax cuts are also a disaster. We need the DC whores to stop taking bribes and to fix the problem before we end up like Greece.

 

[kyzr]

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.

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

So it's not about raising taxes and cut spending like your title suggested, it's raise taxes and keep on spending, I see.....it's a failure

Maybe you don't get that I'm for ensuring prosperity. Lets start with
National Commission on Fiscal Responsibility and Reform - Wikipedia, the free encyclopedia

http://www.washingtonpost.com/r/201...al-Politics/Graphics/Gang_of_Six_Document.pdf

Whining about going back to the Clinton era tax rates is a failure, they worked well. It was the Bush Tax Cut, charging two wars, and a new prescription drug entitlement that fucked things up, along with moving US manufacturing overseas, and too many economic bubbles (Community Reinvestment Act, etc.).

 

[The T]

tell us how well austerity is working in europe?

They have to do something to turn it around. The EU is going to crumble one way or another. It was a stupid idea for those member States to give up thier soverignty in the first place.

 

[The Rabbi]

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

So it's not about raising taxes and cut spending like your title suggested, it's raise taxes and keep on spending, I see.....it's a failure

Maybe you don't get that I'm for ensuring prosperity. Lets start with
National Commission on Fiscal Responsibility and Reform - Wikipedia, the free encyclopedia

http://www.washingtonpost.com/r/201...al-Politics/Graphics/Gang_of_Six_Document.pdf

Whining about going back to the Clinton era tax rates is a failure, they worked well. It was the Bush Tax Cut, charging two wars, and a new prescription drug entitlement that fucked things up, along with moving US manufacturing overseas, and too many economic bubbles (Community Reinvestment Act, etc.).

No, that's simply not true. We never had the kind of budget deficit we do now until after July 2008. The Bush tax cuts took effect years earlier.
The issue is as I laid it out: Too much spending by Obama&Co coupled with bad economic policies leading to poor growth and lower revenues.
The tax structure under Bush was perfectly adequate.