Last edited by Thunder; 11-22-11 at 06:21 PM.
Allow me to summarize, you said:
The article obviously points out that, spending and not tax cuts had a negative effect on the deficit.
Further from your link:
And this gem:The federal budget was in surplus for four years from 1998 through 2001 as the long economic expansion helped push revenues higher. But the 2001 recession, the cost of fighting a global war on terror and the loss of revenue from President Bush’s tax cuts sent the budget back into the red starting in 2002.
The administration’s budget sent to Congress in February projects that the deficit will be eliminated by 2012 even if the president achieves his goal of getting his tax cuts made permanent. They are now due to expire in 2010.
EVERYBODY (with a brain) knows what needs to happen
hell, we have had the template for it for over a year: Simpson-Bowles
revise the tax code and raise taxes while ALSO eliminating lots of discriminatory spending
plenty of both ... in the right places
it is as wrong to absolutely insist that no government spending cuts can be made as to refuse to allow tax revenues to increase because congressional representatives stupidly signed a neocon's no-new-taxes petition
those who have most prospered can now better afford to incur more taxes
every agency should be made to prioritize each of its discretionary programs and the costs of each
whatever is not in the top 90% gets eliminated
Simpson-Bowles also gives the politicians political cover. they point to it and insist there was no other way
what is there to argue; it even addresses tea party and OWS concerns
here are some highlights of the Bowles-Simpson plan:
A reduction in discretionary spending that cuts $200 billion per year
an across the board freeze on discretionary spending for two years
Reduce military spending by $100 billion per year
Reduce farm subsidies by $3 billion
Eliminate most deductions, example home mortgage interest & employer health care
Lower tax rates and less brackets
Eliminate special rate for capital gains and dividends
Restore inheritance tax at 45%
Reduced corporate tax rate
Increase gasoline tax
Control Health care costs
Retain recent reform, including expansion in coverage
Strengthen cost cutting mechanisms
Protect doctors from sharp cuts in Medicare payments
Malpractice reform (commonly called tort reform)
Social security revisions
Increase the cap from $16,000 to $190,00 by 2020
Reduce benefits for wealthiest 50% of retirees
Increase age for full benefits from 65 to 67 by the year 2075
Hardship exemption for unable to work beyond 62
Ted Cruz is the dumbest person alive.
Here are the hard facts:
The Clinton Administration raised taxes on the wealthy. Between 1993 & 2000, Federal revenue increased from $1.15 trillion to $2.02 trillion. That's an increase of 75%.
The Bush Administration lowered taxes on the wealthy. Between 2001 & 2008, Federal revenue increased from $1.99 trillion to $2.57 trillion. That's an increase of 28%.
So, which works better to raise revenue? Just look at the facts.