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Worst day since 2008 financial crisis

AdamT said:
Translation: I was wrong. The payroll tax holiday WAS in the stimulus bill, as per my own copy and paste.
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Translation, you don't know what you are talking about, that was called a payroll tax cut but a payroll tax holiday was part of another bill. Read it and weep

Geithner Touts Start of Payroll-Tax Holiday - FoxNews.com

That's because a separate tax credit, the so-called Making Work Pay credit, expired at the end of 2010. That credit, which was President Barack Obama's signature tax and stimulus policy, gave a larger share of benefits to low and middle-income households.
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AdamT said:
Oh for f*ck sake, just admit your were wrong. :lol:
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That's because a separate tax credit, the so-called Making Work Pay credit, expired at the end of 2010. That credit, which was President Barack Obama's signature tax and stimulus policy, gave a larger share of benefits to low and middle-income households.
 
AdamT said:
What economic crisis? Really?

The payroll tax holiday was in the stimulus bill. Try to educate yourself at least a LITTLE bit. :roll:
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payroll tax holiday? When did that occur? I have all the pay stubs for the past five years, and I swear I can't find a single week where the federal government stopped withholding....Can you direct me to when that happened?

j-mac
 
AdamT said:
I think it's the federal government's responsibility to address severe economic crises, and if helping states meet payrolls achieves that end, then I absolutely think it's appropriate.
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who cares what you think

majority leader: Cantor: No bailout for states - On Congress - POLITICO.com

budget chair: House Budget Chief Ryan Says Republicans Won't Bail Out States - Businessweek

reality trumps fantasy

The vast majority of the tax cut was a straight-up payroll tax cut that went to everyone in the country who earns a pay check.
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fifteen bucks a month?

LOL!

Why would I blame Obama if the states provided bad information?
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because he signed the checks

hello

Ratface is Charles Krauthammer.
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mr krauthammer happens to be quite a guy, made himself a doctor AND a lawyer while living in a wheelchair

you have a lot of maturing to do
 
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j-mac said:
I thought so. Thanks for the clip...See I consider when someone says they are going to inact a payroll tax holiday, that withholding would stop for a period of time....That never happened.

j-mac
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Geithner was talking about another round of payroll tax cuts. The payroll tax holiday was included in the stimulus measures you yourself posted. Give it up!! :lol:
 
AdamT said:
Geithner was talking about another round of payroll tax cuts. The payroll tax holiday was included in the stimulus measures you yourself posted. Give it up!! :lol:
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There was no holiday earlier there was a rebate. A holiday means that deductions would have stopped. Have you ever admitted that you were wrong on any issue? what creates this liberal loyalty of yours?
 
AdamT said:
Geithner was talking about another round of payroll tax cuts. The payroll tax holiday was included in the stimulus measures you yourself posted. Give it up!! :lol:
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By the way do you know what a rebate is? You buy something at the store, pay for it, send in the rebate form and get some of what you paid back. that is what Obama did, collected taxes from the people and then sent them $400 per individual and $800 per couple back. That isn't a tax cut, that is a rebate of what you already paid. Get it yet?
 
AdamT said:
Geithner was talking about another round of payroll tax cuts. The payroll tax holiday was included in the stimulus measures you yourself posted. Give it up!! :lol:
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Giethner is a lying tool. Anyway, Conservative and myself have told you the definition of a 'tax holiday', what little Timmy is talking about is not that. It is deceptive language. These taxes that you are talking about being lowered on the people will have to be repayed at tax time...so where is the cut?

j-mac
 
Conservative said:
There was no holiday earlier there was a rebate. A holiday means that deductions would have stopped. Have you ever admitted that you were wrong on any issue? what creates this liberal loyalty of yours?
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Semantics. It was a payroll tax cut included in the original stimulus bill, as I said. See, I will admit that I was wrong -- it was not a payroll holiday, it was a rebate. Now you admit you were wrong when you said there was no payroll tax cut in the stimulus....

Sorry, strike that. I was not wrong. It was technically called a credit, but in fact it was prorated over the year, so in fact it did reduce payroll taxes every pay period.

See, I can admit I was wrong about being wrong. ;)
 
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AdamT said:
Semantics. It was a payroll tax cut included in the original stimulus bill, as I said. See, I will admit that I was wrong -- it was not a payroll holiday, it was a rebate. Now you admit you were wrong when you said there was no payroll tax cut in the stimulus....
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I posted the article which stated what it was and it wasn't a cut at all even if called a cut. it was a rebate of already paid money so what was cut? Maybe when you get your SS you will see that cut.
 
MrVicchio said:
Of course the economy is taking a hit. Why? Because instead of a responsible approach, it's more of the same, borrow money we cannot afford and grow government.
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I really doubt government spending is causing people to lose confidence in the private market... it's because people aren't spending money, no jobs, no demand in the economy. Consumers are loaded down with debt, and everybody is cutting back. The market is going to feel the squeeze as well.
 
Conservative said:
I posted the article which stated what it was and it wasn't a cut at all even if called a cut. it was a rebate of already paid money so what was cut? Maybe when you get your SS you will see that cut.
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Seriously, give it up. It was a payroll tax cut of $400 per individual and $800 per family. Technically it was a rebate, but witholdings were adjusted to account for the rebates, so the cut was paid out over the course of the year.

The Making Work Pay Tax Credit
 
Your Star said:
We should have instituted a massive government jobs program that got people working improving our infrastructure 2 years ago, and the stimulus should have been more spending and less tax cuts. The deficit is a problem, but solving this recession quickly is going to cost us money. People need to realize that.
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Cutting taxes isn't going to help **** right now... The unemployment rate is so high. I think you have a good point... and some debt restructuring for people might help. If it keeps getting worse there will have to be a massive debt forgiveness or something.
 
AdamT said:
Seriously, give it up. It was a payroll tax cut of $400 per individual and $800 per family. Technically it was a rebate, but witholdings were adjusted to account for the rebates, so the cut was paid out over the course of the year.

The Making Work Pay Tax Credit
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Which means it wasn't a payroll tax cut as I cut and pasted. That obviously was wrong but the fact remains it was a rebate check of taxes you already paid and was paid out over time giving the govt. the use of your money. The results speak for themselves but results that you ignore. Withholding rates were reduced and amounted to a very small increase in your take home pay thus the limited results. Once the rebate was gone so was your so called tax cuts.

Obama: Stimulus tax cuts will be felt by April 1 - USATODAY.com
 
Helix said:
I agree with a lot of this.

Not sure how wall street thought we could recover without putting people back to work. People without discretionary income cannot effectively participate in the economy. The "recovery" without jobs is a castle made of sand.
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Boehner said if cuts lead to job loses, so be it.

I think the GOP is barking up the wrong tree. They are really concerned about the government and making cuts, but after passing that debt ceiling bill full of cuts this is happening anyway. Cutting government spending and taxation isn't going to fix the recession the people are feeling. The spending need cut, but the deficit and recession are two different problems. Fixing the recession requires that the people have jobs and have needed money and money to spend. The growing gap between rich and poor isn't going to sustain us in the long run. If America's economy hits the bricks, the entire global economy will shrink again too. America has been the most irresponsible in this whole mess. America started a global recession as far as I am concerned.
 
liblady said:
jobs won't be created as long as consumers don't buy. it's CONSUMERS who create jobs, not the wealthy. when will people wake the **** up?
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The middle class is the backbone. The emergence of the middle class is what made capitalism so great.
 
Wow, two deep recessions in half a presidential term?

This president is impressive.
 
Conservative said:
Right, the Tea Party wants to crash the govt. by forcing them to cut spending which they didn't do. Noticed that you ignored that more Democrats than Tea Party members voted for the debt deal and democrats today support that bill more than Republicans. this isn't about destroying the Govt. which liberals are doing but instead cutting spending and being more fiscally responsible.

I think the American people are getting it as 40% now approve of Obama Job Performance. Most seem to understand that Obama economic policies are a failure and that liberalism in general has failed. Today we got the job numbers and the focus is on the jobs created but NOT on the people that dropped out of the labor force. In July over 1.1 million people dropped out of the labor force because they couldn't find a job. Seems that the majority now understand the lies of this Administration and the only hope is to embrace fiscal responsibility promoted by the Tea Party.
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All the TP is is a bunch of ideologues with little intelligence backing up their actions. They are more about hyperbole and focus on government spending only.. They are also usually social conservatives. Basically they are anti GWB republicans promising to spend less this time, but the problem is, this recession isn't about the GOP or their principles or refinding them. This mess is going to take people working together and being honest in debate. The TP isn't capable of that. The TP is a one trick pony and that trick is to look like they care about deficit, because dem is in office.
 
Conservative said:
Which means it wasn't a payroll tax cut as I cut and pasted. That obviously was wrong but the fact remains it was a rebate check of taxes you already paid and was paid out over time giving the govt. the use of your money. The results speak for themselves but results that you ignore. Withholding rates were reduced and amounted to a very small increase in your take home pay thus the limited results. Once the rebate was gone so was your so called tax cuts.

Obama: Stimulus tax cuts will be felt by April 1 - USATODAY.com
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Yes, it was a temporary cut. I never said any different. That's why it was in the stimulus bill.
 
SheWolf said:
All the TP is is a bunch of ideologues with little intelligence backing up their actions. They are more about hyperbole and focus on government spending only.. They are also usually social conservatives. Basically they are anti GWB republicans promising to spend less this time, but the problem is, this recession isn't about the GOP or their principles or refinding them. This mess is going to take people working together and being honest in debate. The TP isn't capable of that. The TP is a one trick pony and that trick is to look like they care about deficit, because dem is in office.
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Compared to the liberal elite and their "supposed" intelligence I will take the TP. Are you telling me that we need 3.7 trillion dollars in spending yearly? Obama has record spending that has generated terrible results yet the answer from liberals is spend more. That make sense to you?

By the way, this country was built by Tea Party members.
 
Erod said:
Wow, two deep recessions in half a presidential term?

This president is impressive.
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Hmm, he inherited one from Bush, and that's the only one I know of.
 
AdamT said:
Yes, it was a temporary cut. I never said any different. That's why it was in the stimulus bill.
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As you look at those tax cuts it it pretty easy to see why they stimulated nothing. Most were funded by expense items in the Federal Budget which in addition to rebates of revenue also created expense debt. The results speak for themselves and yet the liberal attitude today is spend more money. Where are you going to get it? Typical liberal arrogance, spend more! Never cut anything and certainly never focus on creating personal responsibility.
 
AdamT said:
Hmm, he inherited one from Bush, and that's the only one I know of.
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Did you ever figure out when the GDP downturn begin?

2001 10286.20
2002 10642.30
2003 11142.10
2004 11867.80
2005 12638.40
2006 13398.90
2007 14077.60
2008 14441.40
2009 14256.30
 
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