Dear Editor, With a great deal of thought over the last couple of days concerning the elected officials in Washington, D.C....
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I agree with you concern but we must encourage our businesses to expand, invest, and create good paying jobs. That is best accomplished by limiting regulations, lowering corporate tax rates, and being very cautious in taxing those who operate LLC's and would be impacted by tax increases. We need to create jobs in the private sector and listen to the business community who will create these jobs. Government can only seet the stage And will never be able to lift us out of the economic trend.
Remember, the financial cliff will still be there even after this issue is resolved in the short term.
If not resolved in the faIrly near future, you will like what we have today as it will get much worse and.many more people will be on the streets.
No one wants that....
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The deal emerging from the Senate is a lousy one. Let me count the ways: 1. Republicans haven’t conceded anything on the debt ceiling, so over the next two months – as the Treasury runs out of tricks to avoid a default – Republicans are likely to do exactly what they did before, which is to hold their votes on raising the ceiling hostage to major cuts in programs for the poor and in Medicare and Social Security. 2. The deal makes tax cuts for the rich permanent (extending the Bush tax cuts for incomes up to $400,000 if filing singly and $450,000 if jointly) while extending refundable tax credits for the poor (child tax credit, enlarged EITC, and tuition tax credit) for only five years. There’s absolutely no justification for this asymmetry. CONTINUED....
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3. It doesn’t get nearly enough revenue from the wealthiest 2 percent — only $600 billion over the next decade, which is half of what the President called for, and a small fraction of the White House’s goal of more than $4 trillion in deficit reduction. That means more of the burden of tax hikes and spending cuts in future years will fall on the middle class and the poor. 4. It continues to exempt the first $5 million of inherited wealth from the estate tax (the exemption used to be $1 million). This is a huge gift to the heirs of the wealthy, perpetuating family dynasties of the idle rich.
Yes, the deal finally gets Republicans to accept a tax increase on the wealthy, but this is an inside-the-Beltway symbolic victory. If anyone believes this will make the GOP more amenable to future tax increases, they don’t know how rabidly extremist the GOP has become. The deal also extends unemployment insurance for more than 2 million long-term unemployed. That’s important. But I can’t help believe the President could have done better than this. After all, public opinion is overwhelmingly on his side. Republicans would have been blamed had no deal been achieved. More importantly, the fiscal cliff is on the President’s side as well. If we go over it, he and the Democrats in the next Congress that starts later this week can quickly offer legislation that grants a middle-class tax cut and restores most military spending. Even rabid Republicans would be hard-pressed not to sign on.
The previous comments are from Robert Reich.
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hey anti bush,president bush put in the tax cuts for all americans workers and non-workers,this clown now wants it for only the non-workers. and where in the h-ell do you get your inf.because 80% of it is pure guesswork on your part which is usual for you liberal minded socialist!!!!!!
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Turn off Fox "News" and Limbaugh. They're getting rich lying to you.
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93% of all new income generated between 2009 & 2010 went to the top 1% while the bottom 99% split the remaining 7%.
BCF, You are looking short term. Look out 10 years and imagine our financial mess. forget tax increases. that is a drop in the bucket and only an emotional issue. The government has a spending problem. Again, the financial market and the bond market will adjust our economy if, IF our political representatives do NOT address the spending issue. All your ranting of equal income will. Not change the bigger issue. In reality, the. Idle class will be. Ost hurt if this happens. forget politics and look at economics. Look at the other countries who have faced this issue and the ramifications which they have suffered.
this entire discussion about cliff is stu I'd, emotional, political,and meaningless in the broader Picture. thank beyond politics and view the economic facts. Lay aside the Pundits from both sides and make this an economic exercise with a reasoned and thoughtful approach.
Democrats need to fight as hard for the working poor as Republicans do for the super rich.
If Boehner and the GOP cared about the deficit as they were helping Bush create it, there wouldn't be one to worry about now.
The 113th congress begins tomorrow, along with the battle over spending cuts -- with Republicans threatening to block an increase in the debt ceiling as a means of getting the magnitude of cuts they want. Their goal is to slash programs for the poor, along with Medicare and Social Security. Democrats shouldn't be against spending cuts per se. They should offer instead to cut the military budget by 25%, and eliminate corporate welfare for big agriculture, big pharma, oil and gas, Wall Street, and big insurance.
- Robert Reich
Republicans have not balanced a budget since the 1950's. If you think they are fiscally responsible, you are a sucker.
Who Is The Smallest Government Spender Since Eisenhower? Would You Believe It's Barack Obama?
- Forbes magazine
What always interests me about the Sunday talk shows is the big topic they don't cover, the unmentionable large issue of the week. This time it was the nation's continuing job crisis, as reported last Friday by the BLS. Instead, the discussion was all about the fiscal cliff and upcoming debt ceiling -- in other words, the deficit. Yet the deficit isn't the crisis. It's actually dropping as a percentage of the economy. And America can now borrow at the lowest rates in memory. Our crisis is jobs -- and also our crumbling infrastructure and our schools in which 30 or more kids are crowded into classrooms. America should be borrowing more now to put more people to work rebuilding our infrastructure and hiring more teachers and teachers' aides. That we are obsessing about the deficit instead shows how much of the public agenda has been captured by the deficit hawks and shrink-the-government goons.
BCF, Again, Blame who you want but bothParties are to blame. Let us both attack the issue of our debt or we will face a real crisis. Unemployment levels won't matter believe me. We will all be down the drain. forget politics, really... It will not matter if the financial markets take control and solve the issue that politicians refuse to address. Think about it, everyone will be greatly impacted....
The 3 most important ways to cut government spending: tame overall healthcare costs, cut military bloat and end corporate welfare.
BCF, How How How??
remember, the real issues are SS, Medicare. The rest are peanuts in comparison. The only way to address these issues are to expand collecting more funding from the middle class. Honestly, if we want what we currently have, then ALL of us will have to pay more. That is reality.
Pressure to reduce the budget deficit is opening up new possibilities for progressive reform. Case in point: Remember the so-called "public option" for anyone to buy into a public health insurance plan? It died on the way to Obamacare. Well, it's being revived. Fifty-three Democrats are reintroducing it in Congress -- as a means of reducing healthcare costs, and therefore containing future budget deficits (which are fueled by rising healthcare costs). And budget pressures may attract lots more congressional support.
The Congressional Budget Office estimated in 2010 that a version of the public option that negotiated rates with health care providers would save $25 billion over 10 years; a version of the plan tied to Medicare rates could save $110 billion over a decade. (CONT.)
(CONT.) That's because Medicare's administrative costs are so much lower than those of private insurers. When Obamacare was being debated, private insurers nixed the public option because they were afraid they couldn't compete with it. But now that Washington is starting to understand that the biggest factor driving future deficits is soaring healthcare costs, that argument doesn't wash.
So instead of resisting deficit reduction, progressives should embrace it, providing better alternatives: Along with the public option, cuts in military spending, elimination of corporate welfare, and a 2% wealth tax on wealth in excess of $2 million.
BCF. I have ocean front property to sell you in Lafferty!!!!!!!!!!
Thoughtful, you fear facts. If data doesn't agree with your corporate talking points, you automatically reject them.
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