Sarah Palin: Fact-checking the Fact-checkers on the $3.8 Trillion Obama Tax Hike

[Stephanie]

links in article and LOTS of comments.

Today at 8:02am
Yesterday, PolitiFact.com fact-checked my statement about the coming $3.8 trillion Obama tax hike – the largest tax increase in history. They did such a bad job of it, however, that I feel compelled to fact-check the fact-checkers.

First of all, they claim that there are Democrat proposals which would “keep the tax cuts for individuals who make less than $200,000 and couples who make less than $250,000.”

Unfortunately for PolitiFact, no such proposal exists. They admit as much, by the way, when they state that “There are no formal congressional proposals yet to keep the Bush tax cuts in place, so we don’t have precise estimates from official sources like the nonpartisan Congressional Budget Office.” That doesn’t stop them, though, from claiming I “confuse the issue” by “using numbers that assume all the tax cuts are going away. That is not the Democratic plan nor is it President Obama’s plan.”

Plan? What plan? There is no plan. All we have is smoke and mirrors based on an old Obama campaign pledge that if elected, he would exempt families making less than $250,000 a year from “any form of tax increases.” But this pledge was already watered before he was even elected. First vice-presidential candidate Joe Biden lowered it to $150,000. Then campaign surrogate Gov. Bill Richardson lowered it even further to $120,000.

A few months after the inauguration, even that last promise disappeared in a puff of smoke. When asked to reaffirm the White House’s commitment to the campaign promise of no tax increases for families earning less than $250,000, Obama’s spin doctor David Axelrod declared the President had “no interest in drawing lines in the sand.”

The truth is that as of today, Democrats haven’t taken any action to extend any part of the 2001 and 2003 tax cuts for any income group – and in this case doing nothing equals hitting American taxpayers with a massive $3.8 trillion tax increase.


read it all here with comments.
Sarah Palin: Fact-checking the Fact-checkers on the $3.8 Trillion Obama Tax Hike | Facebook

 

[waltky]

Granny says we all gonna end up inna poorhouse...

CBO: Obama to Push Public Debt above $20 Trillion by 2021
Wednesday, March 23, 2011 – The Congressional Budget Office (CBO) says that President Barack Obama’s 2012 budget will cause large and persistent yearly deficits that will push the public debt to $20.8 trillion by 2021.

“Federal debt held by the public would double under the President’s budget, growing from $10.4 trillion (69 percent of GDP) at the end of 2011 to $20.8 trillion (87 percent of GDP) at the end of 2021,” the CBO said in its March 18 analysis of Obama’s 2012 budget. This means that the debt incurred as a result of Obama’s planned decade of deficit spending would be worth 87 percent of the value of all the goods and services produced by the economy, the Gross Domestic Product (GDP).

This figure, known as the debt-to-GDP ratio, is used to illustrate the size of a country’s debt relative to its economy in order to show how stable a country’s finances are. $20.8 trillion is also more than double the size of the current level of public debt, which is $9.6 trillion. It is also 1.4 times as large as the economy is today.

In a December 2010 issue brief, the CBO said that allowing the national debt to continue on its current path, as Obama’s budget does, would lead to less savings and investment because investors would buy more government debt. “A growing portion of people’s savings would go toward purchasing government debt rather than toward investing in productive capital goods, such as factories and computers,” CBO explained.

“That ‘crowding out’ of investment would reduce the size of the nation’s capital stock by between 7 percent and 18 percent compared with what it would be if action was taken in 2015,” the issue brief said. The CBO also predicted that this crowding out of capital investment would lead to lower wages, fewer jobs, and a weaker economy. “The smaller capital stock would result in lower wages, which would diminish people’s incentive to work,” said the CBO. “In all, the delay would reduce the supply of labor by between half-a-percent and 2 percent.”

MORE

See also:

Hoyer Calls $100 Billion in Cuts to $3.7 Trillion Budget ‘A Meat-Axe Approach’
Tuesday, March 22, 2011 – Rep. Steny Hoyer (D-Md.), the House Democratic whip, on Tuesday criticized Republicans for proposed budget cuts that he called “reckless.”

CNSNews.com asked Hoyer, after his speech before the National Association of Development Organizations, if he would support the $100 billion in cuts that House Republicans are proposing. “I voted against H.R.1,” he told CNSNews.com, referring to the full-year appropriations bill. “I thought it was a simply a meat-axe approach without any consideration of priorities. Nothing was put in priority. No hearings. No analysis.” He continued: “The way to do it is in a considered way, understanding the consequences of the cuts.”

During his speech, Hoyer said that part of the solution to the deficit was to cut spending -- but he qualified his support. “We can not cut spending recklessly,” Hoyer said. “Cuts have to be smart and targeted” Hoyer said. “Simply having a political document that makes a pledge to America and picking a figure out of the air of a $100 billion. Why? Because you analyzed that $100 billion was the figure you could cut. No, but because it sounded good. Hundred is a nice round number picked out of the air, put in a document and is now trying to be implemented in Washington. Without any concern for the consequences of those cuts. Without any concern what is spending and what is investing.”

According to Hoyer, Democrats have been more than willing to show compromise and they understand the deficit is a “substantial risk” to our economy and the welfare of our country. “We are only targeting 14 percent of our budget; the other 86 percent is not being looked at,” he said. Hoyer emphasized that $100 billion out of an entire budget of $3.7 trillion may seem small, but it represents is 22 percent of discretionary spending.

Source

 

[jillian]

since when does the tweeting twit tell the truth about anything?

poor loony steffie...

 

[Stephanie]

since when does the tweeting twit tell the truth about anything?

poor loony steffie...

wtf,
MY thread was from 2010, good gawd Jilly dear, you've become more of a bitch over the years. It's not looking very pretty on you and right now it's not making look real smart either...