Report: Debt will swell under top GOP hopefuls’ tax plans

Discussion in 'Economy' started by Kevin_Kennedy, Feb 23, 2012.

  1. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Report: Debt will swell under top GOP hopefuls’ tax plans - The Washington Post

    There you have it. The so-called conservative candidates are the worst when it comes to the debt, and Ron Paul is the only one with a plan that will actually cut spending and address the debt.
     
  2. asaratis
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    asaratis Uppity Senior Citizen Gold Supporting Member Supporting Member

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    Given: That our debt is going to rise no matter who is elected...

    What may not be accounted for in some of the numbers presented is the repeal of Obamacare...promised by Gingrich, for one. (I don't know how the others feel about that one.)

    What we should compare the debt increases under these candidate to is the expected debt increase under Obama. Our debt is already higher per capita than the debt of several countries that are struggling to stay solvent and asking for bailouts as we speak. (The government of Portugal is advising citizens to seek jobs IN OTHER COUNTRIES!)

    Chart: 'America
    The office of Senator Jeff Sessions, ranking member on the Senate Budget Committee, sends along this chart, showing that 'America’s Per Capita Government Debt Worse Than Greece,' as well as Ireland, Italy, France, Portugal, and Spain:

    [​IMG]


    Read the fine print at the bottom of the chart.

    Under Obama's plan, the gross debt will reach $75,000/per capita by 2022.

    Which is worse, Obama or any Republican candidate?
     
  3. stans
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    stans Member

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    Predicting future National Debt is worthless. No one can predict when the economy will turn around and how strong the turn-around will be because income and expenses get modified as things go along. Look at recent past history. Clinton left office in 2001 leaving the largest surplus in history that was generated during his reign. Pols were arguing publicly how to best spend the surplus. Did anyone see 9-11 coming or the two subsequent wars that we started coming up? Taxes were lowered. Massive fraud was commited in the housing market while financial instituions over leveraged themselves unbelievably excessively leading to an extremely unstable financial condition that almost resulted in a complete US (or even world wide) financial collapse. Eight years after Clinton left office the largest surplus in history turned into the largest deficit in history which is much, much larger than the 2001 surplus. Did anyone predict this drastic turn of events in 2001? National debt has to be controlled as you go along with continual mid-course corrections.
     
  4. stans
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    stans Member

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    Sometimes you want relatively short term debt to increase. Keynesian theory, the one theory explicitly proven in the 1930's, can't work without debt increase. Some believe that the recent application of the theory didn't work. That's because not enough money was spent. By 1936 the only country in the world to overcome the depression by attaining an unemployment rate of 5.7%, down from a 35% rate in 1933 did it by massive borrowing and spending on infrastructure (Keynes theory) by going off of the gold standard. For comparison, we had got our unemployment rate down to 16.9% in 1936 from 25% in 1933 while England's was 25.5% in 1936. See the whole story at my website Reduce Unemployment with Little Price Increase
     
  5. g5000
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    g5000 Diamond Member

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    Two problems with that statement. First, you assume anyone would be able to fulfill their promise to repeal ObamaCare. Second, if ObamaCare is repealed, but not replaced by a better reform, US debt would go up MORE than if ObamaCare was NOT repealed. So what is Gingrich going to replace ObamaCare with? Have you even bothered to ask yourself that question?


    Why? So you can fall for the "lesser of two evils" bongwater they keep feeding you?

    The fact remains the GOP is just as much big spenders as the current occupier of the White House. Didn't you figure that out when the GOP had control of BOTH houses of Congress AND the White House? Is your memory that short?!?

    What's it going to take to wake you up?

    Jesus, don't bend over and offer your anus to these bastards with, "Well, let's see if they are worse than that other guy."

    Make these jackasses EARN your vote! Put their feet to the fire and make their actions match their "balanced budget" lies.
     
    Last edited: Feb 23, 2012
  6. Greenbeard
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    Greenbeard Gold Member

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    A visual aid might help:

    [​IMG]
     
  7. starcraftzzz
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    starcraftzzz Senior Member

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    Not only that but under GOP plans people making less than 100,000 will see their taxes increase (upt to 250%) in order to give billionaires more tax cuts
     

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