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Help me understand something

innomen
Posts: 10,052
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11/22/2011 4:39:30 PM
Posted: 5 years ago
Obama is up in NH, pleading to keep the tax cuts, the Bush tax cuts in place. Prior to him being elected they were considered evil and bad for the economy, then when the economy tanked, he said that we needed the tax cuts, and without them the economy would worsen. Mid way in his term he changed his mind on them and called them bad for the poor, and only beneficial to the rich. Now, they are on the cusp of expiring, and he's back to defending them. I don't get it.
Ore_Ele
Posts: 25,980
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11/22/2011 4:46:41 PM
Posted: 5 years ago
At 11/22/2011 4:39:30 PM, innomen wrote:
Obama is up in NH, pleading to keep the tax cuts, the Bush tax cuts in place. Prior to him being elected they were considered evil and bad for the economy, then when the economy tanked, he said that we needed the tax cuts, and without them the economy would worsen. Mid way in his term he changed his mind on them and called them bad for the poor, and only beneficial to the rich. Now, they are on the cusp of expiring, and he's back to defending them. I don't get it.

If I'm not mistaken, he's not arguing for an extension of the Bush Tax Cuts, but for an extension of the Payroll Tax Cuts.

http://www.reuters.com...

Personally, I really happy right now that they set up that if spending cuts and such were not made by a fixed date, that cuts would automatically take place. I think they should set something like that to take place yearly over the next 5 years until the budget is balanced. Every year they need to find $X billion in spending cuts and revenue increase, or Military, Medicare, and other big programs that they don't want to see hit, take big hits.
"Wanting Red Rhino Pill to have gender"
Willoweed
Posts: 150
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11/22/2011 4:51:15 PM
Posted: 5 years ago
At 11/22/2011 4:39:30 PM, innomen wrote:
Obama is up in NH, pleading to keep the tax cuts, the Bush tax cuts in place. Prior to him being elected they were considered evil and bad for the economy, then when the economy tanked, he said that we needed the tax cuts, and without them the economy would worsen. Mid way in his term he changed his mind on them and called them bad for the poor, and only beneficial to the rich. Now, they are on the cusp of expiring, and he's back to defending them. I don't get it.
Different economic situations call for different economic policies. During the Bush years after the early 00's recession was over and "full employment" was reached the tax cuts which caused massive deficit spending resulted in crowding out and extra excessive inflation.
However currently we are in a liquidy trap with very low inflation, very high unemployment, and no capital utilization. This means that deficit spending or deficit financed tax cuts will improve the economy. However the only reason Obama is calling for tax cuts is because he is compromising with republicans but republicans don't want to improve the economy so now they are against tax cuts (unless they go to millionaires.
sadolite
Posts: 8,842
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11/22/2011 9:55:41 PM
Posted: 5 years ago
The typical family's taxes will go up $1,000 next year if the payroll tax cuts expire. (according to Ruters)

Lets see. $1000/52 weeks in a year = $19.23 per week extra in my pay check. Assuming I am typical, what ever that means, it could be even less. No wounder I didn't notice any change in my pay check. I spend more on gas for my motorcycle than that every week. This is suppose to boost the economy? Ya I'm gonna run out and buy a new tv now that I know I have an extra 10 or 20 bucks in my paycheck.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
sadolite
Posts: 8,842
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11/22/2011 10:06:01 PM
Posted: 5 years ago
Did anyone else who gets a pay check on DDO notice an increase in their pay check and if so when and how did you notice it. I work different hours every week so my pay check is never the same. It would have to be a substantial increase for me to notice it.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%