It's how much the country has to produce.
Currently, tax revenues as a percent of GDP are at the lowest level they've been since
1950.
That means, put simply, that contrary to what you THINK is the case, the government is collecting the smallest percent of our nation's production that it has in 60 years.
No, you didn't know that. No, you didn't think that, and no, you don't believe that.
Always fascinating to look into the workings of the human psyche...
here we have an individual totally committed to the left wing spin, and yet, even when his reputed leaders have thrown in the towel and admitted that their economic philosophy is flawed, and based on fraud, they cannot bring themselves to admit...
1. So President Obama agrees with the GOP plan to keep the Bush tax cuts because the left knows that the cuts grow the economyÂ…
a. But [Moody's chief economist Mark] Zandi begs to differ. "We can debate this until the cows come home but at the end of the day," he said, "
we're providing some additional support to the economy and, as it's designed right now, it's temporary support, so by my definition this is stimulus."
White House economic advisor Larry Summers warned last week that without a tax cut deal, the country faces a double-dip recession. Zandi, who's advised Democrats and Republicans alike, agrees the chances for a double-dip recession will drop from "one in four" to "one in 10" if the Obama-brokered plan is passed.
Zandi predicts a bill will increase GDP growth by one percentage point next year, adding it will also create 2.8 million new jobs next year.Are Republicans Backing Another Stimulus? - FoxNews.com
2. Obama had Clinton address the press, supporting the plan and
“The voluble former president took it away, and Obama left part-way through his remarks, saying he had holiday parties to attend.
"Both sides are going to have to eat some things they don't like,"
Clinton told reporters. "We don't want to slip back into a recession. We've got to keep this thing going and accelerate its pace. I think this is the best available option."
The pact would
extend cuts in income tax rates for all earners that would otherwise expire next month, renew long-term jobless benefits and trim Social Security taxes for one year. A number of liberal Democrats say it gives away too much to Republicans, and a provision that's particularly irksome to Democrats cuts estate taxes for the wealthiest Americans.
Clinton gave the package his full-throated endorsement, even while noting that he opposes the extension of upper-income tax cuts — though he himself will benefit from it.
"I personally believe this is a good deal and the best he could have gotten under the circumstances," Clinton said, urging fellow Democrats to support it.
"If I was in office now, I would have done what the president has done," he said.
At Obama's side, Clinton backs tax deal - Politics - White House - msnbc.com
3. “The tax agreement, if it survives a surly and reluctant lame duck Congress, could add to the federal deficit in the short term unless deficit hawks can get offsets in spending. Among other things, the deal would cut the Social Security payroll tax by 2 percentage points in 2011, which could put more than $2,000 in the pockets of upper-income taxpayers.
Austan Goolsbee, Chairman of Obama's Council of Economic Advisers, on Thursday produced a YouTube video saying that the deal would not increase the government's long-term deficit.Deficit? What deficit? | The Burlington Free Press | Burlington, Vermont
I'm gonna suggest you look up Hiroo Onoda, and get in touch with him...after all you two have so much in common.