Posted on 11/30/2010 7:46:09 PM PST by Al B.
No, excessive spending caused the deficits. The tax cuts led to increased revenues, and in the case of the Bush cuts I believe they led to the highest total revenue in a single year in our nation's history. Yet under Reagan and Bush both, despite the record income, we ran up huge deficits because expenses exceeded income by a considerable amount. So you can increase your income by any percentageyou care to name and credit whatever you want for it. But if your expenses increase even more then you're still in the hole.
Will extending the tax cuts increase revenue? Probably not, not in the short term. After all we're not talking about new cuts but extending existing ones and we're running a huge deficit with rates as low as they are. Extending them won't make things worse and may help long term. But they aren't a solution for our current fiscal mess.
Certainly not the whole solution, we need massive slashing of federal government and probably some legislation to let some states renege on their union/pension obligations, too.
But I think the difference between extending or making permanent the Bush tax cuts and letting them expire would be huge. To jack up taxes in the next four weeks would be an a killer for our invalid of an economy.
But to make the whole thing merely extending tax cuts is simplistic in the extreme. We should be advocating a package of tax cuts and spending cuts.
The reality is that the tax cuts are pressing in this lame-duck congress—by which major spending cuts aren’t going to be approved or signed by Obama.
Neither will the tax cuts. We all know that this is going to be a political football for both sides. The Democrats will make a big production out damanding the GOP explain how the tax cuts will be 'paid for'. The media will trumpet how the GOP would rather screw the middle class and unemployed than give up tax cuts for the wealthy. The GOP has carved their line in the sand and cannot compromise with Obama on this. It's a question of who will cave first.
Are your parents looking to adopt? LOL!
Dad bought me a Sarah Palin Calendar last year. I’ve never seen him so in love...and that’s saying a lot because my Mom is a ‘looker’ and as Conservative as they come!
I thoroughly enjoyed my time alone in bed last night with Dr. Sowell, LOL!
She's been pro-growth since before she hit the national stage.
If only her Washington repub brothers would drop the austerity/cuts paradigm and join her in the Reagan optimism corner.
No repub should vote for the evil sales or gas taxes from the so-called deficit reduction panel.
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