I'm Glad Peter Orszag Resigned. Here's Why.
Former budget director Peter Orszag thinks the Bush tax cuts should be extended for two more years. I think he should pound sand.
Here's an excerpt (PDF) from President Obama's campaign literature in 2007-2008:
Restore Fiscal Discipline to Washington
[...]
Reverse Bush Tax Cuts for the Wealthy: Obama will protect tax cuts for poor and middle class families, but he will reverse most of the Bush tax cuts for the wealthiest taxpayers.
Nowhere in that literature does it say anything about extending tax cuts because Republicans aren't playing nice and are sticking their back ends in the President's face. Nowhere. Up till now, Obama has kept the majority of his campaign promises, even if they do not look exactly like we thought they should.
So along comes Peter Orszag, former White House budget director, with this little bomb:
In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it.
Not so much. This is the difference between how an accountant looks at things and how people look at them. I would gladly give up whatever piece of tax cuts would be coming to me to see the wealthy folks taxed at a reasonable rate.
Orszag can come up with all the reasonable arguments that accountants and economists make routinely, but nothing will change the fact that there was a promise made in 2007-2008. We all know Republicans won't make a whit of difference in the end anyway, since they have made it clear they won't play on any field at any time no matter how much is extended their way.
Higher taxes now would crimp consumer spending, further depressing the already inadequate demand for what firms are capable of producing at full tilt. And since financial markets don’t seem at the moment to view the budget deficit as a problem — take a look at the remarkably low 10-year Treasury bond yield — there is little reason not to extend the tax cuts temporarily.
Yes, there's a real big reason not to; namely, it would be a broken promise that would appear to me to be nothing more than giving into the schoolyard bullies. Perhaps we could hand over our lunch money, too, and while we're at it, would we also like to let them raise the Social Security retirement age to 75 and let oil companies sit at the right hand of the President?
This is not a cut-and-dried issue. This is emotional. From my perspective, what the Bush tax cuts got me was no economic growth for the last decade and multiple threats to my future security. I see absolutely no reason to budge on this. None.
Fortunately, Mr. Orszag is no longer the White House budget director. I hope that means he and the President don't see eye to eye on this particular question and he's looking for a pickup by one of those rich dudes who don't pay much in taxes.
90% tax rate for the upper .03%, the ones Bernie Sanders talks about as his Oligarchs. And that tax rate should remain there until such time as the Iraq and Afghanistan wars have been paid for by these parties. If the rich want to start wars to benefit their companies then we should claw back those profits and use them to pay off the national debt.
.
helps shed a great deal of light on the current economic predicament we are in:
http://www.commondreams.org/video/2010/09/07-1
His new book sounds like a doozy....
"The US has an army of 90,000 soldiers in Afghanistan and is spending $100bn a year, but has still been unable to defeat 20,000-25,000 Taliban who receive no pay at all." - Patrick Cockburn
It doesn't matter what any politician 'promises'. Those we elect to our Government don't work for The People, they work for the banks and big corporations, it's the financial community that really runs this country. If that doesn't change a day will come when the Government, the banks and the corporations will have every dime everyone makes. Our Government is nothing but a big 'Company Store'.
Government + the Federal Reserve = organized crime
Voters: "Batter up!"
Republicans: "We're not taking the field."
Democrats: "Damn, guess that means we forfeit."
have two sides that seek a compromise. Absent the willingness to compromise there is no need to seek it. In other words, the country would have been far bettered served if we just went full steam ahead with democratic principles and said to hell with the republicans.
I saw a clip of the Presidents speach and he said that if he said "fish swim in the ocean the republicans would have said no." Too bad he has felt a need to negotiate with such people.
polls (for the small pittance they're worth) say that a majority of Americans want bipartisanship. Go figure.
It's kind of like allowing creationism to be taught in school so the school board will allow you to teach physics. It doesn't really make any sense.
I think that just means they want to get something...anything...done in Congress, instead of the yesnoyesnoyesnoyesnoyesnoyesnoyesnoyesnoyesno that belches out of DC on a daily basis. Wouldn't give those polls much credence with out carefully looking at the question asked.
Regarding tax cuts, the elephant in the room is that for tax cuts to be effective at stimulating the economy, you need to have an income. I believe the current problem in our country is that there are a whole lot of people with no or extremely low incomes.
For them/us/me, tax cuts are meaningless.
..or more correctly if the respondents made any fricking sense at all, they should HATE the Repugnicants like they were Satan himself. All the attempts at compromise have come from the Dimocrats, and all have been rebuffed by the Repiglies. Bipartisan is a mug's game anyway, and is just being used as a weapon by the 'liberal' media whenever the Democrats don't co-operate.
"In theory theory and practice are alike. In practice they are very different."
We all like bi parties...
http://www.youtube.com/watch?v=xHNFkqPFBko&fe...
Diabolus est Deus Inversus
Mutley's laugh was especially fun.
You'd be surprised how many I don't find.
Diabolus est Deus Inversus
...plays into the hands of the Republican party and the corporatists in that it allows the continuation of their "starve the beast" agenda. The ultimate goal is to reduce the power of government to nothing, then crow about how 'big' government can never accomplish anything.
Basically the Repugnicant's attitude to government can be compared to that of a torturer to his victim. Chain them to a wall then feel big about your ability to beat the shit out of them. Real brave.
"In theory theory and practice are alike. In practice they are very different."
The dims need to keep it simple and only 2-3 talking points are needed.
It's a repug bill.
All theirs!
Keep your mouths shut cept for pretty much that.
Make these slugs tell the truth of the matter.
They won't though-they've been told to not fight back and of course they won't.
Nothing. They can simply NOT do anything. Bye, tax cuts....see ya.
http://www.youtube.com/watch?v=8lO5O8DOFvw
I like it better when Lisa Gerrard sings.
http://www.youtube.com/watch?v=QJhVM930YXY
http://www.youtube.com/watch?v=fYv6Iv03w5A
Diabolus est Deus Inversus
I listened to this one, one of my favorites three days ago, and I still can't shake it out of my head:
http://www.youtube.com/watch?v=jwsR71YZPac
Diabolus est Deus Inversus
In Dracula, an Ördög was a type of Hungarian devil.
Diabolus est Deus Inversus
"Obama Will Not Extend Bush-Era Tax Cuts to Wealthy":
http://www.nytimes.com/2010/09/08/us/politics...
"President Obama on Wednesday will rule out any compromise that would extend the Bush-era tax cuts for the wealthy beyond this year, officials said, adding a populist twist to an election-season economic package that is otherwise designed to entice support from big businesses and their Republican allies."
Well, this is heartening!
Excellent decision! Cookies for all involved.
This report reminds me of "Obame Supports the Public Option". A diversion to cool off the liberals for a while, and then cave on the whole issue. Then tell us we should be glad we got anything at all.
Let them all expire, even for the "middle class". Then negotiate. Threaten to veto any new tax cuts that aren't debt (not deficit) neutral. Meet them "half way" on *increasing* the marginal rate for the wealthiest 2% and require all income above $200,000 be subject to the payroll (Social Security and Medicare) tax. Oh, and fund a meaningful increase in tax enforcement resources to give the law some teeth.
Time to get serious about reducing the national debt while raising enough revenue to also take care of real needs -- like water supply development and fire suppression in the Southwestern U.S., which no one there seems to mind letting the Federal government pay for.
So the republicans won’t allow a bill to extend the minor, practically invisible tax cuts for the “middle class” without including the rich. Fine. But the alternative is not necessarily including also the rich.
Just don’t do anything. Don’t pass any extension for anybody. For most of us this won’t amount to anything significant and will only be noticed by accountants. The republicans can’t pass anything by themselves – they are still a MINORITY in case anyone has forgotten.
There was a reason why these tax cuts had an expiration date on them. If they had been passed as permanent cuts, the deficit projections would have been so enormous that not even the Bush administration could face it and get them passed. It made no sense to give them and it makes no sense to keep them, not for anybody.
President Obama has gotten himself into this mess by buying into the tax cut/tax credit religion. All the democratic leaders have to say is, “OK, forget it. No extensions for anybody. Lets get on to something else.”
If the republicans want to cut taxes for the rich, let them do it. Why are the democrats carrying the weight for this? Could it be that a certain number of democrats want to give away tax money to the rich also?
Then let the republicans come up with a bill, push it and bring democrats over to their side to pass it. Then we will know for sure who is for us and who is against us.
...end the tax cuts today, you won't have the guts (or integrity) in 2012 -- a presidential election (aka pandering) year.
If the article on the daily beast right now is to be believed, Obama has no intention of extending the tax cuts for the wealthy. He's drawing a line in the sand and will announce this tomorrow in Cleveland. Bravo!
http://www.thedailybeast.com/cheat-sheet/item...
It's brief and to the point!
They can pass the tax cuts for the middle class the same way the Republicans passed their through reconciliation. After the campaign has heated up over the next few weeks and the polls show that Americans favor repealing the tax cuts for 2% of the population, the Dems can dare the blue dogs to join Republicans. This could be a twofer. Smash the Republicans in the face and side swipe blue dogs.
Note the liberalatti's reaction?
*New tax breaks for businesses
*Even Republicans are praising specifics
*Suddenly an adult conversation
***Will he sweeten the pot?
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Well I don't care much for home-grown.
Diabolus est Deus Inversus
and said how can we afford tax cuts for small businesses while at the same time wanting to keep the cuts for the rich despite the cost. Why can't the Dems nail him on this ? I mean come on. They blather about small businesses and job creation and then whine about the deficit. And then out of the other side of their face say but them rich people need that tax break to get this country back on its feet. How can normal people not see the hypocracy in this ? That said, my relatives are mostly Repub and I do see where they are born and bred and too ingrained in this idiocy to think straight.
Just put up the shortest possible bill that extends the tax cuts only for those making <= $250K and make the GOP vote for it up or down. Either they are for raising taxes on the bulk of the country or they're not. Let the GOP face the voters in November with the line that they had to allow the raising of taxes because the well-off weren't included; that might even put these clowns in the cross-hairs of their Tea Partying base.
Obama needs to send the bill to Congress and the Democratic leadership needs to make sure it comes up for a vote in both houses (even if there is just a cloture vote in the Senate).
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