What is so striking about Obamanomics is how it so doggedly pursues the opposite of every one of these planks of Reaganomics. Instead of reducing tax rates, President Obama is committed to raising the top tax rates of virtually every major federal tax. As already enacted into current law, in 2013 the top two income tax rates will rise by nearly 20%, counting as well Obama’s proposed deduction phase-outs.
The Reagan tax cuts are largely still in effect today. In fact, the effective federal income tax paid during the start of the great recession in 2007/8 was slightly lower than it was in 1988, the last year Reagan was president. And it hasn't changed much since. In fact, capital gains rates have gone down from 28% (as I recall) to 15%. So his tax cuts (and Bush's) did not prevent the great recession.
CriticalBill wrote: It's true that the Bush tax cuts did not prevent the recession. It's also true that higher taxes would not have prevented it either.
Can't argue with that!
But I do think it's wrong for the Republican to put any and all tax increases off the table for getting us out of this huge deficit. Kind of like it pissed me off when the Democrats put off any discussion of private accounts for Social Security.
Not saying what I'd choose, but we at least need to put all options on the table.
CriticalBill wrote: It's true that the Bush tax cuts did not prevent the recession. It's also true that higher taxes would not have prevented it either.
Can't argue with that!
But I do think it's wrong for the Republican to put any and all tax increases off the table for getting us out of this huge deficit. Kind of like it pissed me off when the Democrats put off any discussion of private accounts for Social Security.
Not saying what I'd choose, but we at least need to put all options on the table.
Rockdoc Franz wrote: There you go. A leader facing reality and having the gumption to do something about it. At least the people knew they were getting hammered. Obama ought to try that sometime. He is afraid because of his political ambitions. He wants 4 more years in order to have a better chance of turing the US into a welfare country, or at least into a socialistic country.
Nice spin, but Obama is a realist and he knows that no way will the Republicans, and some of the democrats, allow a raise in taxes. The president does not make the laws....he can ask, he can suggest....but he cannot make a law. The US population has been bombarded over the last decade with the "cut taxes" mantra of the Republicans and now the tea party, they think that any raise in taxes will send the country into a decline. Even 20 years ago people were willing to sacrifice for the general welfare of the nation....now they have been told by the Republicans they don't have to, taxes should be cut, then cut some more, then cut again.....so any thoughts of raising taxes will never get through congress or resonate with the American People. Obama couldn't even get agreement on eliminating the tax cuts on the wealthiest 1% of this country.
If I wanted to simply spin a perspective, I could do a lot better than that. What you read is my personal perspective. You do not have to like it or agree with it, but once again, I'm going to let you know I could care less about democrat and republican positions. The minute you come back to me with that I tune out as I hear only partly line BS. I also could care less about the blame game. IF people were willing to make sacrifices 20 years ago, then they will have to do so again. Regardless of who did the brainwashing, it's time to face reality. Or are you suggesting that there are not enough American who can think and understand what needs to happen once the reality is explained and a good plan for attacking our economic doldrums is assembled? If our elected officials are too busy playing political games, then we the people, need to step up and take the lead. Grassroots movements have occurred in the past and had an impact. Why not now?
The problem is that people do play the party line.
And our president is not his own man nor a leader, he tries to be like Kennedy, he tries to be like Reagan, he tries to copy every other presidents positive outcomes and still has no real plan of his own.
He is surrounded by a bunch of party liners that want to push the agenda (theirs), and he is caught up in 2012 so we will not have an answer to any problem until then, if then.
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” (thanks dumbass) That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion. (and yours another $10T in a decade, thats 10 trillion with a T dumbass)
Numbers that large are sometimes hard to understand. (yeah, we need some edumacation at Harvard) Some people may wonder why they matter. Here is why (can't wait): This year, the Federal Government will spend $220 billion on interest. (ooohhhh, but its soon to be $1Trillion, thats with a T) That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program (and Michelles foodstamps). That is more money to pay interest on our debt this year than we will spend on edumacation, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.
And the cost of our debt is one of the fastest growing expenses in the Federal budget. (really? you don't say!) This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments (spending) in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments (spending) in education and health care reform; robbing our seniors of the retirement and health security (entitlements) they have counted on. (snifff, tears, where is the kleenex)
Every dollar we pay in interest is a dollar that is not going to investment (spending) in America’s (Obama's) priorities. (or to tax cuts that let people keep their own money).
Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
The problem is that people do play the party line.
And our president is not his own man nor a leader, he tries to be like Kennedy, he tries to be like Reagan, he tries to copy every other presidents positive outcomes and still has no real plan of his own.
He is surrounded by a bunch of party liners that want to push the agenda (theirs), and he is caught up in 2012 so we will not have an answer to any problem until then, if then.
Now there is something I can understand and agree with. This is what makes it seem like knee jerk reactions. In some ways it seems he does not have enough confidence in himself. Right or wrong, one needs to take the risk with decisive action and choosing of a direction.
Rockdoc...I don't have any issues with what you have posted, I just think that we have to be honest about the political reality in this country. It does seem to be a war between the parties. You can say that you could care less (that should be couldn't care less, but I won't bring that up) but the rest of the country cares very much about party and that is our current reality and the over riding reason so little gets done.
