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Thread: Were the Bush Tax Cuts Good for Growth?

  1. #161
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    Re: Were the Bush Tax Cuts Good for Growth?

    Hmmm interesting:

    First, the Congressional Budget Office (CBO 2002b) now projects a 10-year baseline surplus of $1 trillion. These projections also show that outside the Social Security Trust Funds, the budget has a deficit of $1.5 trillion over the next 10 years; omitting the Medicare Hospital Insurance Trust Fund as well, the deficit amounts to $1.9 trillion. These figures represent astonishingly large declines from the forecasts made just 20 months ago. The projected outcome for the fixed time period of 2002 to 2010 deteriorated on a unified budget basis from a surplus of $4.7 trillion in January 2001 to essentially zero ($13 billion) in August 2002. The projected outcome for 2002 alone changed by $470 billion, from a surplus of $313 billion in January 2001 to a deficit of $157 billion in August 2002.

    The Vanishing Budget Surplus: Interpreting CBO's New Projections and Fiscal Prospects - Brookings Institution

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by winston53660 View Post
    Hmmm interesting:

    First, the Congressional Budget Office (CBO 2002b) now projects a 10-year baseline surplus of $1 trillion. These projections also show that outside the Social Security Trust Funds, the budget has a deficit of $1.5 trillion over the next 10 years; omitting the Medicare Hospital Insurance Trust Fund as well, the deficit amounts to $1.9 trillion. These figures represent astonishingly large declines from the forecasts made just 20 months ago. The projected outcome for the fixed time period of 2002 to 2010 deteriorated on a unified budget basis from a surplus of $4.7 trillion in January 2001 to essentially zero ($13 billion) in August 2002. The projected outcome for 2002 alone changed by $470 billion, from a surplus of $313 billion in January 2001 to a deficit of $157 billion in August 2002.

    The Vanishing Budget Surplus: Interpreting CBO's New Projections and Fiscal Prospects - Brookings Institution
    LOL, amazing how some always hang on to CBO "estimates" when those estimates support their point of view. never mind that the accuracy of the CBO beyond 1 year is suspect and in fact inaccurate at best. Carry on.

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    Re: Were the Bush Tax Cuts Good for Growth?

    The projected outcome for 2002 alone changed by $470 billion, from a surplus of $313 billion in January 2001 to a deficit of $157 billion in August 2002.
    I wonder how many here remember what happened on 9/11/01? Seems to me that once again the word PROJECTED is ignored or misunderstood. As has been reported over and over there only was a projected surplus but never an actual surplus at the end of the Clinton Administration and first years of the Bush Administration. Seems that many here continue to buy the rhetoric because that is what they want to believe and yet never verified with actual facts. Here is where you go to get the actual facts,

    Current Report: Combined Statement of Receipts, Outlays, and Balances of the United States Government (Combined Statement): Publications & Guidance: Financial Management Service

    I always go to my bank account when I want the facts but others refuse to do the same thing with the Federal Govt. bank account which is located at the U.S. Treasury Dept.

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by Conservative View Post
    LOL, amazing how some always hang on to CBO "estimates" when those estimates support their point of view. never mind that the accuracy of the CBO beyond 1 year is suspect and in fact inaccurate at best. Carry on.
    Finally, something I can agree with is coming from Conservative...
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by UtahBill View Post
    Finally, something I can agree with is coming from Conservative...
    Actually I believe there is more that we agree on than you are willling to admit.

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by Conservative View Post
    Actually I believe there is more that we agree on than you are willling to admit.
    well, be quiet about it, I want to preserve some dignity here.
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by UtahBill View Post
    well, be quiet about it, I want to preserve some dignity here.
    It will be yours and my secret as I wouldn't want to do anything to damage your reputation by creating guilt by association. Have a wonderful Thanksgiving.

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by Objective Voice View Post
    Alright, I'll give you that our government wastes tons of our tax dollars every year, but a large part of that IS NOT from the social programs that the critics complain about. A vast majority of it comes from military/defense spending mostly under the heading of "national security". Take the Department of Homeland Defense, for example. Very few people are aware that in order to form this department, several government agencies had to be realigned, and in doing so they took their multi-billion budgets with them. Their budget for 2007 alone was over $44 billion! But what exactly has the DHS done with those billions since being enacted by law?

    Don't get me wrong; I want the DHS to do well. I want them and all of their minor intelligence divisions to catch the bad guys. But if we're going to talk about wasteful government spending, let's really talk about it instead of laying blame on programs designed to help the poor and the distitude where most of the authority for such programs is levelled at the States, not the fed.
    No, they are just plainly unconstitutional and shouldn't even exist, efficient or not.
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    Re: Were the Bush Tax Cuts Good for Growth?

    I have nothing to contribute to this riveting discussion other than I made an interesting observation that I never saw it before. When someone comes up with a damn good point as to why taxing the way we did before Regan worked, conservatives will try to redirect and ask why we need to have so many entitlement programs and won't directly answer why it does work when the evidence is given by people that have cold hard facts supported by non-partisan sources.
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by JohnWOlin View Post
    I have nothing to contribute to this riveting discussion other than I made an interesting observation that I never saw it before. When someone comes up with a damn good point as to why taxing the way we did before Regan worked, conservatives will try to redirect and ask why we need to have so many entitlement programs and won't directly answer why it does work when the evidence is given by people that have cold hard facts supported by non-partisan sources.
    it worked for those not getting gouged who really have no other option.

    you libs never take into account that some people tire of being screwed over for the greater good (ie vote buying schemes by the dems)



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