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Thread: Volcker: Taxes likely to rise eventually to tame deficit

  1. #71
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by USA-1 View Post
    Now that is BS. Since the New Deal and Great Society the US has become the most powerful and prosperous nation on earth with one of the highest standards of living on the planet. The spiral downward started when we became the world police and first stuck our nose into the civil war in Vietnam.
    You have almost as poor a grasp of history as you do of the concept of cause and effect.



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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by TurtleDude View Post
    My BS detector is redlining with this nonsense.

    what wrecked the economy goes back to the decision to ignore the limits placed on the federal government by the constitution which in turn started a fast breeder machine for dependent freeloaders.

    ie the New Deal and Great Society
    The economic crash of 2008 had NOTHING to do with the New Deal or Great Society,

  3. #73
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Did anyone not know that Obama was going to spend like hell and eaise taxes when he was elected?
    "God Bless Our Troops in Harms Way."

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Navy Pride View Post
    Did anyone not know that Obama was going to spend like hell and eaise taxes when he was elected?
    Not really, because Clinton didn't spend like hell and he actually cut deficits.

  5. #75
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Camlon View Post
    Not really, because Clinton didn't spend like hell and he actually cut deficits.
    He didn't cut the national debt, he just had a budget surplus.
    Big difference.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Harry Guerrilla View Post
    He didn't cut the national debt, he just had a budget surplus.
    Big difference.
    An important first step to debt reduction, though. We didn't follow through.

  7. #77
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by GhostlyJoe View Post
    An important first step to debt reduction, though. We didn't follow through.
    I agree.

    I'm not faulting him, I think we should of applied the surplus to debt reduction.
    That's why I don't like the President and Congress to be of the same party.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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  8. #78
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Harry Guerrilla View Post
    I agree.

    I'm not faulting him, I think we should of applied the surplus to debt reduction.
    That's why I don't like the President and Congress to be of the same party.
    Debt reduction is going to be politically unpopular no matter who takes up the mantle. Especially in the rhetorical environment we have now.

    We have to do it, but I don't know if we have the stomach for it.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Harry Guerrilla View Post
    He didn't cut the national debt, he just had a budget surplus.
    Big difference.
    If you have a budget surplus, only two things can happen: you cut the debt or you rebate/lower taxes. Clinton's surpluses were late in his term and he did reduce debt.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Harry Guerrilla View Post
    He didn't cut the national debt, he just had a budget surplus.
    Big difference.
    He did in fact cut deficits. Normally the deficit we care about is net debt as a percentage of GDP. In fact, you can have deficits and still cut debt because of increases in GDP and inflation.

    If we look at the picture at the bottom, you will see that he cut deficits by 15% of GDP. Bush increased it by around 5%. Obama however is planning to increase it by 50% by 2015 and the deficits are not going back to Bush levels. (3.5% -1%) After HBO estimates, Obama will keep it above 5% and then it will increase after 2012.

    Last edited by Camlon; 04-09-10 at 02:22 AM.

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