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| Name: |
water_watcher
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| Subject: |
CNN Article on Obama Budget
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Date:
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3/6/2010 2:46:54 PM
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This is down right scary ....
http://money.cnn.com/2010/03/05/news/economy/cbo_obama_budget/index.htm
URL: Obama Budget
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| Name: |
MartiniMan
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| Subject: |
Fiscal malpractice, incompetence and insanity
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Date:
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3/7/2010 1:34:48 PM
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This is a perfect case of fiscal insanity by Obama/Reid/Pelosi and exactly what we predicted would happen. Obama is going to go down in history as the worst President of all time. His legacy will be decades of financial malaise in this country....assuming we don't go socialist. What a mess.......
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| Name: |
GoneFishin
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| Subject: |
You Make No Sense
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Date:
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3/7/2010 11:17:49 PM
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I have to wonder if either of you actually went beyond the title and read the article. You jump all over Obama yet support a big contributor to the defict which is the President's newly changed plan to extend the 2001 and 2003 tax cuts. Would you support the elimination of the tax cuts if the revenue was restricted to paying down the deficit? We need to pay for all the monies spent on the two wars that were paid for outside the budget. I wonder how supportive of the war the republicans would be if a surtax were implemented to pay for it? To those Americans who did not go to war, there has been no pain so the war is something far away from our shore. I always felt a 1% surtax to pay for it was needed.
"The CBO cited two big contributors to the jump in debt.
One is the president's proposal to extend the 2001 and 2003 tax cuts for the majority of Americans. The other is the proposal to protect middle- and upper-middle-income families from having to pay the Alternative Minimum Tax (AMT)."
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| Name: |
water_watcher
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| Subject: |
GF you are TOO MUCH
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Date:
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3/8/2010 6:49:47 AM
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Thanks for the good laugh this morning ... you say the CBO cites one of the big reasons for the 10 trillion in debt that Obama will create as the extension of the Bush tax cuts.
Since Obama is running more of a deficit in one year than Bush ran in 8 .... how can you with a straight face even try to make that arguement.
It is not the tax cuts since they did not cause this kind of deficits under Bush ... it is the ramp up in Government spending.
Some of us believe in lower taxes, keeping more of the money we earn and are smart enought to make the decision how to spend the money we earn through free enterprise .... rather than letting government doing it for us when only $1 out of every $3 tax dollars make it back in to the economy.
I know many of us have said this before ... but where has socialism and big government control EVER worked.
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| Name: |
MartiniMan
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| Subject: |
No, You Make No Sense
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Date:
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3/8/2010 8:11:50 AM
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GF, you act as if the debt is only a one sided equation, the revenue side. You see, like your budget at home you have income (in the government's case tax revenue) and expenses (government spending). Most logical, thinking people reduce expenditures when income goes down. Foolish or irrational people borrow money and go deep into debt. The government either borrows money increasing the debt or prints money, risking hyperinflation.
So I don't care what CBO says is the chief cause of the deficit, it is caused by too much government spending. Blaming the magnitude of the deficits on the Bush tax cuts actually makes little sense to me anyway. Under Bush's presidency, the average deficit was $166 billion per year. Under Obama's it is $1.6 trillion per year. What changed was spending....porkulus, extending unemployment benefits, etc. You can argue whether these were necessary or useful but the fact is they caused the explosion in the deficit, not Bush's tax cuts. It is sad the level of economic literacy in the country.
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