Krugman nails it!

[Revere]

Government is already 22% of GDP, and going higher every year. Why isn't that working?

Outsourcing, Wall St. and bank mortgage chicanery, an invasion/occupation kept off the books, large corporations NOT paying full taxes on income.....take your pick.

All of those things have never been more prevalent than they have in the last two years.

 

[taichiliberal]

Government is already 22% of GDP, and going higher every year. Why isn't that working?

Outsourcing, Wall St. and bank mortgage chicanery, an invasion/occupation kept off the books, large corporations NOT paying full taxes on income.....take your pick.

All of those things have never been more prevalent than they have in the last two years.

Not prevalent, my blindly loyal partisan, but more apparent....being that we saw the cumulative effect of the forementioned. But as you are in denial of the source of our current problems, your erroneous assesment is of no surprise. Carry on.

 

[Revere]

Outsourcing, Wall St. and bank mortgage chicanery, an invasion/occupation kept off the books, large corporations NOT paying full taxes on income.....take your pick.

All of those things have never been more prevalent than they have in the last two years.

Not prevalent, my blindly loyal partisan, but more apparent....being that we saw the cumulative effect of the forementioned. But as you are in denial of the source of our current problems, your erroneous assesment is of no surprise. Carry on.

Nope...more prevalent...Wall Street is galloping back to profitability (thanks to interest free borrowing by banks from the fed, who, in turn purchase stock), the chicanery has now shifted to foreclosure scams, there is still off budget defense spending, and Google and GM are avoiding tens of billions in taxes thanks to their cozy relationship to the White House.

So what has changed?

 

[asterism]

Government is already 22% of GDP, and going higher every year. Why isn't that working?

Outsourcing, Wall St. and bank mortgage chicanery, an invasion/occupation kept off the books, large corporations NOT paying full taxes on income.....take your pick.

What tax rate do you propose? How much will it raise?

 

[CrusaderFrank]

Krugman is the leading economist of the "the Federal Government IS the US economy" School of Thought, as such he is frequently wrong out in the trillions column.

How big should the Stimulus have been Paul, $2 Trillion? $4 trillion?

 

[jeffrockit]

All this talk of tax cuts is just more bullshit. The US Government doesn't have a revenue problem, it has a spending problem.

The government has a LACK of revenue because of LACK of proper taxing. Major corporations that are NOT paying their full share of income tax....tax breaks for folk WHO WOULD STILL BE RICH WITHOUT THOSE TAX BREAKS. And lets not forget that for 8 years you had an illegal invasion/occupation that was kept OFF THE BOOKS....a major spending problem that the GOP just don't want to deal with.

The US has the 2nd highest corporate tax rate behind Japan.
wirelessmom: The U S has the second highest corporate tax rate
How much, in your opinion is too much for the corps to pay? Should we be # 1 in this area?
And if we become # 1, the spending in DC will slow down right?

 

[Picaro]

Paul Krugman is not someone that I agree with all the time, but even he sees the error of the National Commission on Fiscal Responsibility and Reform that Obama approved of. It's one of the reasons why he's lost a lot of confidence and support from the people that elected him:

The Hijacked Commission
By PAUL KRUGMAN
Published: November 11, 2010

http://www.nytimes.com/2010/11/12/op...n.html?_r=2&hp

Actually, though, what the co-chairmen are proposing is a mixture of tax cuts and tax increases — tax cuts for the wealthy, tax increases for the middle class. They suggest eliminating tax breaks that, whatever you think of them, matter a lot to middle-class Americans — the deductibility of health benefits and mortgage interest — and using much of the revenue gained thereby, not to reduce the deficit, but to allow sharp reductions in both the top marginal tax rate and in the corporate tax rate.

Only two members of that 'commission' have been heard from. there are another 15 yet to be heard from, so it's a little pre-mature to be sniveling about it.

Not that I am expecting anything better than the gibberish that has been made public so far, but nonetheless ... My guess is that if they're not avid supporters of corporate welfare, they wouldn't have been appointed to the commission in the first place, after all, but there may be some surprises yet.

 

[taichiliberal]

All of those things have never been more prevalent than they have in the last two years.

Not prevalent, my blindly loyal partisan, but more apparent....being that we saw the cumulative effect of the forementioned. But as you are in denial of the source of our current problems, your erroneous assesment is of no surprise. Carry on.

Nope...more prevalent...Wall Street is galloping back to profitability (thanks to interest free borrowing by banks from the fed, who, in turn purchase stock), the chicanery has now shifted to foreclosure scams, there is still off budget defense spending, and Google and GM are avoiding tens of billions in taxes thanks to their cozy relationship to the White House.

So what has changed?

Well, for starters you're dead wrong about "off budget defense spending", as the neocon GOP and some Dems have balked about Obama's budget increase for defense. Just google these words "Obama Budget War" and you'll get the pros and cons.

Secondly, the "foreclosure scams" was addressed Foreclosure Scams Are Target of Crackdown - washingtonpost.com

And of course, you'll have to provide some proof regarding your assertions about Wall St. and GM.

 

[taichiliberal]

Paul Krugman is not someone that I agree with all the time, but even he sees the error of the National Commission on Fiscal Responsibility and Reform that Obama approved of. It's one of the reasons why he's lost a lot of confidence and support from the people that elected him:

The Hijacked Commission
By PAUL KRUGMAN
Published: November 11, 2010

http://www.nytimes.com/2010/11/12/op...n.html?_r=2&hp

Actually, though, what the co-chairmen are proposing is a mixture of tax cuts and tax increases — tax cuts for the wealthy, tax increases for the middle class. They suggest eliminating tax breaks that, whatever you think of them, matter a lot to middle-class Americans — the deductibility of health benefits and mortgage interest — and using much of the revenue gained thereby, not to reduce the deficit, but to allow sharp reductions in both the top marginal tax rate and in the corporate tax rate.

Only two members of that 'commission' have been heard from. there are another 15 yet to be heard from, so it's a little pre-mature to be sniveling about it.

Not that I am expecting anything better than the gibberish that has been made public so far, but nonetheless ... My guess is that if they're not avid supporters of corporate welfare, they wouldn't have been appointed to the commission in the first place, after all, but there may be some surprises yet.

Yes, there has to be an actual majority consensus on all the proposals/recommendations put forth by the other members.....but if this is what the spokemen are putting out, it doesn't bode well. Krugman isn't "sniveling" about anything....I believe you are have the wrong definition about that word.

 

[taichiliberal]

All this talk of tax cuts is just more bullshit. The US Government doesn't have a revenue problem, it has a spending problem.

The government has a LACK of revenue because of LACK of proper taxing. Major corporations that are NOT paying their full share of income tax....tax breaks for folk WHO WOULD STILL BE RICH WITHOUT THOSE TAX BREAKS. And lets not forget that for 8 years you had an illegal invasion/occupation that was kept OFF THE BOOKS....a major spending problem that the GOP just don't want to deal with.

The US has the 2nd highest corporate tax rate behind Japan.
wirelessmom: The U S has the second highest corporate tax rate
How much, in your opinion is too much for the corps to pay? Should we be # 1 in this area?
And if we become # 1, the spending in DC will slow down right?

Actually, if the corporations paid their FULL SHARE of taxes as you indicate, then the problem would be lessened. Sadly, that is not the case....FYI:

GE, Exxon Paid No U.S. Income Taxes in '09
GE Capital Lost Money, Exxon's Tax Dollars Went Overseas

http://abcnews.go.com/Business/Tax/ge-exxon-paid-us-income-taxes-09/story?id=10300167



Foreclosure Scams Are Target of Crackdown - washingtonpost.com


Most companies paid no taxes during the boom

Most companies paid no taxes during the boom - MSN Money

 

[taichiliberal]

Government is already 22% of GDP, and going higher every year. Why isn't that working?

Outsourcing, Wall St. and bank mortgage chicanery, an invasion/occupation kept off the books, large corporations NOT paying full taxes on income.....take your pick.

What tax rate do you propose? How much will it raise?

Pay attention: If corporations pay the full share of taxes they are supposed to at the current rates, if we budget in the war costs and then act accordingly, then we can start to deal with an honest, more accurate picture and go from there....barring more Wall St./bank mortgage chicanery or fall out.

 

[taichiliberal]

Krugman is the leading economist of the "the Federal Government IS the US economy" School of Thought, as such he is frequently wrong out in the trillions column.

How big should the Stimulus have been Paul, $2 Trillion? $4 trillion?

Like I said, I don't agree with everything Krugman states all the time, but on this particular issue he got it right (IMHO, of course).

Go back and read his article, because he indicates what he sees as stimulus amount.

 

[asterism]

Outsourcing, Wall St. and bank mortgage chicanery, an invasion/occupation kept off the books, large corporations NOT paying full taxes on income.....take your pick.

What tax rate do you propose? How much will it raise?

Pay attention: If corporations pay the full share of taxes they are supposed to at the current rates, if we budget in the war costs and then act accordingly, then we can start to deal with an honest, more accurate picture and go from there....barring more Wall St./bank mortgage chicanery or fall out.

Ok, so you half answered - current rate but fewer deductions. How much will that raise?

 

[B. Kidd]

Unfortunately, the Obama administration failed to support the Tax Haven Abuse Act (Levin-Doggett Bill) in 2009. The U.S. Treasury estimates that this bill had the potential for the IRS to bring in over $100 billion a year in corporate tax revenues booked in offshore tax havens. I believe the above figure is more than the cost of Obamacare.
Corporations and hedge funds mounted a massive campaign to kill the above bill.

 

[taichiliberal]

What tax rate do you propose? How much will it raise?

Pay attention: If corporations pay the full share of taxes they are supposed to at the current rates, if we budget in the war costs and then act accordingly, then we can start to deal with an honest, more accurate picture and go from there....barring more Wall St./bank mortgage chicanery or fall out.

Ok, so you half answered - current rate but fewer deductions. How much will that raise?

Okay, I gave an answer...not "half" one. And I didn't state that I knew exactly what numbers were needed, since I'm not an economist....and neither are you. I'm just going by common sense with the information available to the average tax payer:

http://www.usmessageboard.com/2990222-post30.html

 

[taichiliberal]

Unfortunately, the Obama administration failed to support the Tax Haven Abuse Act (Levin-Doggett Bill) in 2009. The U.S. Treasury estimates that this bill had the potential for the IRS to bring in over $100 billion a year in corporate tax revenues booked in offshore tax havens. I believe the above figure is more than the cost of Obamacare.
Corporations and hedge funds mounted a massive campaign to kill the above bill.

This is why I can never register as a Democrat and remain an Independent.....because they've failed SO many times to do the right thing.

 

[CrusaderFrank]

The Stimulus is the economic equivalent of Global Warming, the only place it ever works is in a computer model

 

[taichiliberal]

The Stimulus is the economic equivalent of Global Warming, the only place it ever works is in a computer model

Spoken like an 8th grader, Frank. Why don't you discuss the issue with some mature rationality instead of spewing childish teabagging blather? But I suspect that you're more interested in having the last word with half-baked accusations and parroted neocon rhetoric. So be it.

 

[asterism]

Pay attention: If corporations pay the full share of taxes they are supposed to at the current rates, if we budget in the war costs and then act accordingly, then we can start to deal with an honest, more accurate picture and go from there....barring more Wall St./bank mortgage chicanery or fall out.

Ok, so you half answered - current rate but fewer deductions. How much will that raise?

Okay, I gave an answer...not "half" one. And I didn't state that I knew exactly what numbers were needed, since I'm not an economist....and neither are you. I'm just going by common sense with the information available to the average tax payer:

http://www.usmessageboard.com/2990222-post30.html

So you think Krugman "nails it" but have no idea how much it will raise? That's not much of a place to start for a solution.

 

[asterism]

The Stimulus is the economic equivalent of Global Warming, the only place it ever works is in a computer model

Spoken like an 8th grader, Frank. Why don't you discuss the issue with some mature rationality instead of spewing childish teabagging blather? But I suspect that you're more interested in having the last word with half-baked accusations and parroted neocon rhetoric. So be it.

The stimulus failed