Rightly or wrongly, we are going to get tax increases, and if history repeats, not just on the wealthy.
The cash for clunkers program and other stimulus measures have already failed, or we wouldn’t have the need for more. Sadly, we are going to spend the next few years figuring out that the politicians don’t have a clue when it comes to the economy.
Tim Geitner will be remembered as the biggest fool that the American people have ever been bamboozled by. There will probably be a verb “to Geitner:” which will mean to advance a foolhardy, self righteous and self serving plan.
Aug. 10 (Bloomberg) — You can have low taxes, or you can have an economic recovery, but you can’t have both. That’s the message the administration is hammering this summer.
Democrats argue in particular that extending the George W. Bush rate cuts on people in the top tax brackets will damage the budget to such an extent that our economy will suffer.
Treasury Secretary Timothy Geithner, for example, said that sustaining the Bush tax cuts for the wealthiest Americans would “hurt economic recovery by undermining confidence that we are prepared to make a commitment today to bring down our future deficits.â€
Some centrists, and even a few conservatives, are talking a similar line. Former Federal Reserve Chairman Alan Greenspan went further recently, saying all the Bush tax cuts, even those for lower earners, should expire as scheduled at year’s end, since it is wrong to live “on borrowed money.â€
The argument that we have to choose between keeping the Bush rates on the one hand and achieve an economic recovery on the other is hypocritical. You know that’s true because our leaders aren’t alleging the same trade-off when it comes to federal expenditures.
The tax cuts Geithner would like to see expire, those for top earners, cost taxpayers by his own estimate $700 billion over 10 years. Plenty of other items in the federal budget cost $700 billion over 10 years, or a much shorter period. Yet you don’t hear the administration positing apocalyptically that those outlays will darken the future. Only lower tax rates can hurt us, Democrats want us to believe.
Entitlements Escalate
When politicians first announced the entitlement of prescription drugs for seniors, they said it would cost $700 billion over 10 years, for example. President Barack Obama’s stimulus package prices out at about $819 billion. The Democrats’ health-care legislation is supposed to cost $940 billion.
Yet you don’t hear the meds or the Obama health-care bill are holding the U.S. economy hostage. The reason for the emphasis on taxes is simple: Democrats aren’t willing to consider changes in non-tax areas that might also improve the federal budget. Hiding behind John Maynard Keynes, they argue that the stimulus will generate growth and are therefore worthier than tax cuts.
When it comes to entitlements or intrusions like the health legislation, the Democrats don’t have an economic argument at all.
If anybody is watching the stock market today, my “bounce” call this morning has worked out!
Rightly or wrongly, we are going to get tax increases, and if history repeats, not just on the wealthy.
The cash for clunkers program and other stimulus measures have already failed, or we wouldn’t have the need for more. Sadly, we are going to spend the next few years figuring out that the politicians don’t have a clue when it comes to the economy.
Tim Geitner will be remembered as the biggest fool that the American people have ever been bamboozled by. There will probably be a verb “to Geitner:” which will mean to advance a foolhardy, self righteous and self serving plan.
CGar, why wouldn’t it be free – ie you said she doesnt render services
And picking up ETextperV is never free either
Lousy Lawmakers, Not Low Taxes, Created Our Woes:
Aug. 10 (Bloomberg) — You can have low taxes, or you can have an economic recovery, but you can’t have both. That’s the message the administration is hammering this summer.
Democrats argue in particular that extending the George W. Bush rate cuts on people in the top tax brackets will damage the budget to such an extent that our economy will suffer.
Treasury Secretary Timothy Geithner, for example, said that sustaining the Bush tax cuts for the wealthiest Americans would “hurt economic recovery by undermining confidence that we are prepared to make a commitment today to bring down our future deficits.â€
Some centrists, and even a few conservatives, are talking a similar line. Former Federal Reserve Chairman Alan Greenspan went further recently, saying all the Bush tax cuts, even those for lower earners, should expire as scheduled at year’s end, since it is wrong to live “on borrowed money.â€
The argument that we have to choose between keeping the Bush rates on the one hand and achieve an economic recovery on the other is hypocritical. You know that’s true because our leaders aren’t alleging the same trade-off when it comes to federal expenditures.
The tax cuts Geithner would like to see expire, those for top earners, cost taxpayers by his own estimate $700 billion over 10 years. Plenty of other items in the federal budget cost $700 billion over 10 years, or a much shorter period. Yet you don’t hear the administration positing apocalyptically that those outlays will darken the future. Only lower tax rates can hurt us, Democrats want us to believe.
Entitlements Escalate
When politicians first announced the entitlement of prescription drugs for seniors, they said it would cost $700 billion over 10 years, for example. President Barack Obama’s stimulus package prices out at about $819 billion. The Democrats’ health-care legislation is supposed to cost $940 billion.
Yet you don’t hear the meds or the Obama health-care bill are holding the U.S. economy hostage. The reason for the emphasis on taxes is simple: Democrats aren’t willing to consider changes in non-tax areas that might also improve the federal budget. Hiding behind John Maynard Keynes, they argue that the stimulus will generate growth and are therefore worthier than tax cuts.
When it comes to entitlements or intrusions like the health legislation, the Democrats don’t have an economic argument at all.
Discuss.
TextperV doesn’t ever pick up ANYTHING for free.
TextperV, you cant pick up the over-the-air free channels?
Would you rather have cheesy big jugs in the office?
“Who’s Liverace?”
He plays the organ, not the piano.