if it's so small that it won't make a dent in a $1 trillion deficit, then it certainly won't make a dent in a $15 trillion economy.
The effect on the federal deficit =/= the effect on the economy. Taxes influence business decisions......
That's why businesses ground to a halt, their gears sucked dry of monetary lube by federal taxes, during the 1950's and 1990's. QED.
A 3% tax hike on income over $400k is going to impact a miniscule number of business decisions. As those types of tax hikes have always done in the past. I also find it amusing that taking care of 15-20% of the structural deficit is considered negligible, especially after years of complaining about how necessary tackling the deficit is. The $700B / 10 year impact from taxes is far more than what anyone has asked from either Social Security or Medicare - so I guess those changes wouldn't make a dent either?
Agreement has been reached... specific details are sparse, but there's a two month punt on the sequester budget cuts. http://www.washingtonpost.com/polit...d9a452-5384-11e2-bf3e-76c0a789346f_print.html As long as the Republicans control the House, these kind of deals will be common.
Was it someone here that compared it to Y2K? I thought that was a good one. Even so, a lot of really important stuff was on the line here and I feel good that it did what it absolutely had to do. I like the deal. The part that mattered more to me than anything was the extension of unemployment benefits for a year. Beyond actually caring about our fellow man and not wanting him to go off the tracks completely, every dollar of that money gets spent and grows our economy. Every dollar of the average $2,000 payroll tax cut extension for working people goes right back into the economy. The rich don't say yay a tax cut now I can go buy something I actually need. They already have everything they could ever need. That the deal broke a 20+ year slow-bus no tax hike pledge ever under any circumstances ever is just a bonus. Now tax hikes are on the table again. From now on. Next I think Obama should invoke the 14th amendment on the debt ceiling and get it over with for good. And I think, having got that out of the way he should offer what he thinks is a fair take-it-or-leave-it-after-all-I've-offered-this-three-times-now "grand bargain," his last two of which have included wildly significant deficit reduction. And then I think he should use his bully pulpit to pass his agenda, pretty much 100% of which is popular with the American people. Oh geez, three and a half minutes to midnight. Gotta wake up my girlfriend with a new year's kiss. Happy New Year guys.
just be happy you are not in times square. i have spent 3 nye in nyc two were very fun one was NOT (time square).
We are hurtling towards Greece. Neither the Republicans nor Democrats care about the federal debt. Some claim they do, but they are not going to stand up to the party establishments. The only reason we have not defaulted is because our economy is huge. However, at the rate we are spending, it won't take long to reach a breaking point. Changes have to be made to save our economy, and they have to be made now. As far as I can see, Congress cannot and will not pass the necessary spending cuts to stop the bleeding. Happy New Year.
No we are not. If anything, we are hurtling towards Japan, who has far more debt than either the US or Greece. Greece is Greece because they can't print their own currency. The US can, so it will never be Greece: it will never need to be bailed out by anyone and it will never be insolvent, except by choice.
Greece liked to pamper its citizens from the day they were born to the day they died. That is why Greece capped its pants. But our problems are a different animal. Hopefully we get a deal dome that is sustainable and can actually lower our debt.
My quick thoughts on the proposed deal 1. Obama caved on the $250K+ tax increases. Expected that 2. Still pissed off that there are any tax increases 3. Where are the spending cuts? Typical liberal "tax and spend" 4. Typical Obama crap compromise -- similar to his turd of a healthcare plan. Doesn't solve anything
You must be great fun in planning a family budget. "Dear, I'm going to take another pay cut this year to help us pay the bills. Sound okay?"
