Posted on 04/06/2012 1:13:18 PM PDT by robowombat
U.S. Treasury Secretary Tim Geithner is telling business and political leaders to be careful about major cuts in spending, suggesting that too much, too fast might lead to a new recession.
Economists have been warning that the United States faces a “fiscal cliff” in the next year as the Bush tax cuts expire and automatic spending cuts equaling $1.2 trillion kick in. Half would come from domestic spending, half from defense.
Some fear that extending the tax breaks again while cutting spending will hurt U.S. GDP growth, prompting a quick decline just as the economy gets back on its feet. Editor's Note: Obama’s Economic ‘Fix’ is In . . .
In a speech, Geithner suggested that tax increases on the wealthiest might not be the worst consequence, all things considered, reports the Los Angeles Times.
"The changes are very modest, and on the richest Americans the effective tax rate is still very low,” Geithner said in the speech. “Life is about alternatives. If you do not like the plan, you must ask: 'Where are you willing to find another $1.5 trillion?'"
The economy has entered a tricky phase, one in which the markets seem to be discounting further Fed action to ease monetary supply. If a recovery is underway, that would signal higher interest rates in short order to keep inflation in check.
Stocks have fallen in recent days on the presumption that the Fed might be done with at least new easing, although it has stuck to its core message that interest rates will stay low through late 2014.
(Excerpt) Read more at moneynews.com ...
who?
But they’ll still cut Defense ,so they can give it to Looney Chu for the green giveaway , he’s got more money to giveaway ,don’t you know
Seriously. The Democrats target demographic is stupid people??
NEW recession?
We NEVER got out of the OLD one....
Jeesh....these people are so ridiculous, it truly is unbelievable.
‘Where are you willing to find another $1.5 trillion?’
Let’s start with your salary and perks and congress’ salaries and perks and Bath-House Barry and Moo’s vacations and salaries and perks...
“too much, too fast might lead to a new recession”
I can believe that, or at least they’ll call it a recession because they can’t distinguish between productive jobs and government paper-pushing.
All joking aside, YES, and that’s why the left [communists] have made an intense effort over the past decades to take over the public school system.
Well, Tax-Cheat Timmy, pay your taxes first and we'll talk.
In the meantime, perhaps you could ask that question to your buddy Harry Reid. Let's see what the Senate thinks about a budget for the first time in nearly four years.
Ya see...we gotta borrow more, create more debt, to solve our problems that were brought on by too much debt!
>> “Life is about alternatives. If you do not like the plan, you must ask: ‘Where are you willing to find another $1.5 trillion?’”
It would be simple, actually. The question isn’t whether spending CAN be cut, it’s whether we’d have the WILL to cut it.
I would also find a new source of revenue. Here’s how: furlough the entire EPA and Department of Labor. The immediate dollar savings from eliminating their budgets would only be a few billion, but without those productivity killers, commerce would SOAR — and tax revenue would naturally rise along with increased profits.
Neither Geithner or Bernanke have ever held a productive job. They have worked (?) in academia and in government. Sucking on the public tit is all they know.
He proved it using Turbo Tax.
Go pay your taxes, douchebag.
Another pearl of wisdom, cast by Turbo Tax Timmy, before the swine that pay his damned salary.
I wonder how this jerk imagines that he is going to walk down the street a few months after he and Obama are out of office. I hope he enjoys living out his days in central Africa or some other obscure corner of the undeveloped world.
95% failure is success, maybe in Uganda.
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