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United States loses its AAA Credit rating from S & P

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Conservative said:
Govt. spending is a small component of GDP dwarfed by consumer spending and consumption. I will never support raising taxes until that 3.7 trillion dollar govt. is significantly reduced starting with rolling back spending to pre 2008 levels.
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Well jee golly Wally, everybody knows that! What you have failed to notice is the relationship between government spending and current consumption. So when you cut $1.7 trillion in spending, GDP decreases by $1.7 trillion which allows to use Okun's law to forecast consequential loses in employment.

$1.7 trillion = 11.5% of GDP

Okun's law: 2% loss in GDP results in a 1% loss in unemployment.

Therefore, cutting the deficit via cuts will result in an additional 5.75% in unemployment. Which of course is not a credible economic plan.
 
Conservative said:
Deficits are yearly and projections aren't fact. The 2009 deficits were created from Oct. 2008 to Sept 30, 2009. Bush left office in January 2009 so how did Bush generate those deficits and how much did Obama contribute?
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bush* generated those deficits with his big spending, big govt programs which increased the debt to $10T, a record high
 
Conservative said:
Deficits are yearly and projections aren't fact. The 2009 deficits were created from Oct. 2008 to Sept 30, 2009. Bush left office in January 2009 so how did Bush generate those deficits and how much did Obama contribute?
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Budgets are determined for the next year -- not the current year. Bush left a $1+ trillion deficit and there was absolutely nothing Obama could do about that.
 
Conservative said:
Great spin on your part, you are the one along with all other liberals claiming we need more revenue yet never addressing the FACT that 47% of income earners aren't paying any FIT. I don't think we have a revenue problem, we have a spending problem. How much additional revenue would you get if you collected anything say $100 a year from the 70 million income earners who aren't paying anything?
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So your answer to the budget problems is to raise taxes on people who can't afford it? :roll:
 
sangha said:
Clinton raised taxes, grew the economy and created 22 million jobs. bush* inherited a growing economy and destroyed millions of jobs and the economy with his tax cuts and big spending, big govt policies

bsuh* economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to cause a credit downgrade
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Amazing how you post Obama results with Bush's name on them and call them terrible but ignore the actual Obama results. So if those results with Bush's name on them are so bad what do you think of the actual Obama results that have occurred 2 1/2 years after he took office

Obama economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to have our credit downgraded on his watch!
 
evanescence said:
So your answer to the budget problems is to raise taxes on people who can't afford it? :roll:
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My answer to the budget problem is to reduce the 3.7 trillion dollar yearly expenses of the Federal govt. and then grow the economy thus govt. revenue. Obama has no plan to do that
 
AdamT said:
Budgets are determined for the next year -- not the current year. Bush left a $1+ trillion deficit and there was absolutely nothing Obama could do about that.
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Budgets are determined but the Bush budget didn't project a 1.2 trillion dollar deficit. TARP is included in that deficit and Obama supported TARP and spent some of the money. In addition TARP repayments were made in 2009 but never credited to the Bush deficits. Wonder why? Budgets created don't have to be spent unless of course you are in the Federal govt.
 
Conservative said:
My answer to the budget problem is to reduce the 3.7 trillion dollar yearly expenses of the Federal govt. and then grow the economy thus govt. revenue. Obama has no plan to do that
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How would you plan to grow the economy? Apparently, the trickle down theory is bunk, so what next?

I believe that creating industry that cannot be outsourced is a good start.
 
evanescence said:
How would you plan to grow the economy? Apparently, the trickle down theory is bunk, so what next?

I believe that creating industry that cannot be outsourced is a good start.
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by reducing tax rates on businesses and providing incentive for businesses to put 25 million people back to work. We had increasing revenues when Reagan increased employment by 17 million, when Clinton increased employment thanks to the GOP Congress, and Bush fully implemented his tax cuts. Tax cuts put money into the hands of the consumer and they make growing the economy a lot easier. A growing economy creates more govt. revenue.

http://rubio.senate.gov/public/inde...we-don-t-need-new-taxes-we-need-new-taxpayers

“We don't need new taxes. We need new taxpayers, people that are gainfully employed, making money and paying into the tax system. Then we need a government that has the discipline to take that additional revenue and use it to pay down the debt and never grow it again. That's what we should be focused on, and that's what we're not focused on.

“You look at all these taxes being proposed, and here's what I say. I say we should analyze every single one of them through the lens of job creation, issue number one in America. I want to know which one of these taxes they're proposing will create jobs. I want to know how many jobs are going to be created by the plane tax. How many jobs are going to be created by the oil company tax I heard so much about. How many jobs are created by going after the millionaires and billionaires the president talks about? I want to know: How many jobs do they create?
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evanescence said:
How would you plan to grow the economy? Apparently, the trickle down theory is bunk, so what next?

I believe that creating industry that cannot be outsourced is a good start.
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Trickle down economics is based on deficit spending, otherwise it fails.
 
sangha said:
Clinton raised taxes, grew the economy and created 22 million jobs. bush* inherited a growing economy and destroyed millions of jobs and the economy with his tax cuts and big spending, big govt policies

bsuh* economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to cause a credit downgrade
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Isn't it interesting that putting Bush's name on those results make them terrible but when Obama's actual results are those numbers it is ignored?
 
Polotick said:
Trickle down economics is based on deficit spending, otherwise it fails.
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You really don't understand trickle down economics at all. The backbone of trickle down is more spendable income in the hands for the taxpayers.
 
The Prof said:
the deficit for the MONTH of february was greater than all federal borrowing in fiscal 2007

U.S. sets $223B deficit record - Washington Times

Deficit for Fiscal 2007 Slides - Real Time Economics - WSJ

obama includes much stimulus spending in his baseline budget, ie, it's permanent

Deficit for Fiscal 2007 Slides - Real Time Economics - WSJ

surprised?
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But.....but.....but you missed it, Bush got back to the WH in 2011 and generated the following results according to Sangha

bsuh* economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to cause a credit downgrade
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AdamT said:
These figures seem to be based on the false assumption that the population will continue to rise at baby boomer levels indefinitely.
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soc sec and medicare actuaries are unaware and don't factor in the number of baby boomers---LOL!

"usa today has calculated federal finances based on standard accounting rules since 2004 using data from the medicare and social security annual reports"

link above
 
Conservative said:
Amazing how you post Obama results with Bush's name on them and call them terrible but ignore the actual Obama results. So if those results with Bush's name on them are so bad what do you think of the actual Obama results that have occurred 2 1/2 years after he took office

Obama economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to have our credit downgraded on his watch!
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Amazing how you post bush* results with Obamas' name on them and call them terrible but ignore the actual bush* results. So if those results with Bush's name on them are so bad what do you think of the actual Obama job growth that have occurred 2 1/2 years after he took office

bush* economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to have caused our credit downgraded by his job destruction program
 
Conservative said:
Budgets are determined but the Bush budget didn't project a 1.2 trillion dollar deficit. TARP is included in that deficit and Obama supported TARP and spent some of the money. In addition TARP repayments were made in 2009 but never credited to the Bush deficits. Wonder why? Budgets created don't have to be spent unless of course you are in the Federal govt.
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the Bush budget didn't caused a 1.2 trillion dollar deficit. TARP is included in that deficit and bush* proposed, supported and signed TARP and spent most of the money. In addition TARP repayments were made in 2009 under Obama. Wonder why? Budgets created have to be spent unless of course you are a big spending, big govt rightwinger
 
Conservative said:
by reducing tax rates on businesses and providing incentive for businesses to put 25 million people back to work. We had increasing revenues when Reagan increased employment by 17 million, when Clinton increased employment thanks to the GOP Congress, and Bush fully implemented his tax cuts. Tax cuts put money into the hands of the consumer and they make growing the economy a lot easier. A growing economy creates more govt. revenue.

Press Releases - Newsroom - U.S. Senator for Florida, Marco Rubio
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bush* cut taxes and destroyed millions of jobs and the economy. Tax cuts are a rightwing plan to destroy jobs. Obama increased employment when he took office, but the job creation stopped when the republicans took the house and re-started their job destroying program. Clinton raised taxes and the economy grew creating 22 million new jobs. Rightwingers hate a growing economy.
 
sangha said:
Amazing how you post bush* results with Obamas' name on them and call them terrible but ignore the actual bush* results. So if those results with Bush's name on them are so bad what do you think of the actual Obama job growth that have occurred 2 1/2 years after he took office

bush* economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to have caused our credit downgraded by his job destruction program
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Wonder what progressives here think of sangha's posts? Do they make any sense to anyone? Putting Bush's name on Obama results? That is a cry for help
 
Conservative said:
Isn't it interesting that putting Bush's name on those results make them terrible but when Obama's actual results are those numbers it is ignored?
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Isn't it interesting that putting Obama's name on those results make them terrible but when bsuh*'s actual results are those numbers it is ignored
 
sangha said:
bush* cut taxes and destroyed millions of jobs and the economy. Tax cuts are a rightwing plan to destroy jobs. Obama increased employment when he took office, but the job creation stopped when the republicans took the house and re-started their job destroying program. Clinton raised taxes and the economy grew creating 22 million new jobs. Rightwingers hate a growing economy.
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When you get a job you will appreciate the govt. allowing you to keep more of your own money. Clinton raised taxes and gave us a GOP Congress. Thanks, Bill
 
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