Bush TAX Cut Extensions Will Increase Deficit

[Toro]

By about 2% of GDP per year.

Bush Tax Cuts: Economic Growth vs. Fiscal Sustainability | The Big Picture

 

[Mad Scientist]

You mean "Bush Tax Cuts"?

The answer is still for the gubamint to reduce spending. The average Joe gets a smaller paycheck he reduces spending, gubamint can do the same. I'm tired of hearing bullshit excuses from our gubamint about "we have to PAY for tax cuts!"

Bullshit! You just have to spend less.

 

[uscitizen]

Bush Cut Extensions Will Increase Deficit


Of course they will, why do you think the republicans support them?
They will just blame it all on the dems anyway.

 

[loosecannon]

 

[Greenbeard]

You mean "Bush Tax Cuts"?

The answer is still for the gubamint to reduce spending. The average Joe gets a smaller paycheck he reduces spending, gubamint can do the same. I'm tired of hearing bullshit excuses from our gubamint about "we have to PAY for tax cuts!"

Bullshit! You just have to spend less.

Does that mean you would oppose any deficit-financed extensions of (any of) the tax cuts? That is, any bill to extend the tax cuts that doesn't include offsetting spending cuts?

 

[asterism]

This all assumes a static view of the economy which is false. Does anyone know of a projection made by the CBO that came true?

 

[uscitizen]

This all assumes a static view of the economy which is false. Does anyone know of a projection made by the CBO that came true?

Very true, with the economy continuing to sink it will be worse than predictions.

 

[Toro]

Yes, the title should say "Bush Tax Cuts" not "Bush Cuts." My bad.

If the mods would mind changing that, it would be appreciated.

 

[asterism]

This all assumes a static view of the economy which is false. Does anyone know of a projection made by the CBO that came true?

Very true, with the economy continuing to sink it will be worse than predictions.

A disincentive to invest will cause the economy to sink further, IMO.

The economy decreased, government needs to decrease proportionately.

 

[loosecannon]

This all assumes a static view of the economy which is false. Does anyone know of a projection made by the CBO that came true?

Very true, with the economy continuing to sink it will be worse than predictions.

A disincentive to invest will cause the economy to sink further, IMO.

The economy decreased, government needs to decrease proportionately.

and so is business investment decreasing in turn.

But new investment will do no more to revive this economy than will deficit spending and porkulus.

Like it or not there will be no recovery until we bottom out. Neither Obama or the repukes can do anything about that.

 

[william the wie]

A) the tax cuts will not be extended for anybody unless Boehner and McConnal want to lose their jobs in Jan.

B) If extended in Jan. the bill will be vetoed.

C) the big scandal will be the benefit cuts and tax increases taken in Dec. by the lame duck congress.

 

[Flopper]

This all assumes a static view of the economy which is false. Does anyone know of a projection made by the CBO that came true?

Very true, with the economy continuing to sink it will be worse than predictions.

A disincentive to invest will cause the economy to sink further, IMO.

The economy decreased, government needs to decrease proportionately.

It's pretty simple math. All other things being equal, if you increase your revenue you decrease the deficit. One can argue that increase taxation on the wealthy will stifle new investments and slow down the recovery. Well, that's a theory, but I don't buy it, at least not in the current economy environment. Money will always be invested somewhere. Large corporations in the US are sitting on tons of cash invested in low yielding treasury bills and bonds. They are not expanding because they don't see consumer demand increasing. Increasing tax rates on the wealthiest people in the country will have little effect on consumer demand or on new investments but will help reduce the deficit.

 

[Oddball]

Bush TAX Cut Extensions Will Increase Deficit

No, they won't.

The out-of-control spending will increase the deficit.

 

[Paulie]

You mean "Bush Tax Cuts"?

The answer is still for the gubamint to reduce spending. The average Joe gets a smaller paycheck he reduces spending, gubamint can do the same. I'm tired of hearing bullshit excuses from our gubamint about "we have to PAY for tax cuts!"

Bullshit! You just have to spend less.

Does that mean you would oppose any deficit-financed extensions of (any of) the tax cuts? That is, any bill to extend the tax cuts that doesn't include offsetting spending cuts?

I would.

 

[asterism]

Very true, with the economy continuing to sink it will be worse than predictions.

A disincentive to invest will cause the economy to sink further, IMO.

The economy decreased, government needs to decrease proportionately.

It's pretty simple math. All other things being equal, if you increase your revenue you decrease the deficit. One can argue that increase taxation on the wealthy will stifle new investments and slow down the recovery. Well, that's a theory, but I don't buy it, at least not in the current economy environment. Money will always be invested somewhere. Large corporations in the US are sitting on tons of cash invested in low yielding treasury bills and bonds. They are not expanding because they don't see consumer demand increasing. Increasing tax rates on the wealthiest people in the country will have little effect on consumer demand or on new investments but will help reduce the deficit.

The problem with that and the CBO's analysis is that there is no situation where all other things are equal. The economy is dynamic. Raising taxes on those who invest discourages investment.

 

[Greenbeard]

First of all, CBO isn't what you want to be thinking about here. The impact of laws on revenues is estimated by JCT and it's not quite correct to suggest their methodology relies on static modeling.

 

[CrusaderFrank]

Progressives will increase the deficit. It happens every time a country is gullible enough to let them run things

 

[Douger]

I remember a half conscious sap that was loitering in the Oafel Office many years ago and what that genius said about that !
" I'm not worried about the deficit. It's big enough to take care of itself"

I suppose that was the advice of his astrologer.

 

[uscitizen]

Very true, with the economy continuing to sink it will be worse than predictions.

A disincentive to invest will cause the economy to sink further, IMO.

The economy decreased, government needs to decrease proportionately.

and so is business investment decreasing in turn.

But new investment will do no more to revive this economy than will deficit spending and porkulus.

Like it or not there will be no recovery until we bottom out. Neither Obama or the repukes can do anything about that.

and the slide will not stop until a while after we stop offshoring jobs to China and such things.

 

[uscitizen]

I remember a half conscious sap that was loitering in the Oafel Office many years ago and what that genius said about that !
" I'm not worried about the deficit. It's big enough to take care of itself"

I suppose that was the advice of his astrologer.

Then there was another who was Offal Office standby who said " Reagan proved the defecit did not matter".