The last thing you want to do is to raise taxes in the middle of a recession because that would just suck up — take more demand out of the economy and put businesses in a further hole.
Economists see a one in three chance the U.S. will slip into recession over the next twelve months and doubt any steps the Federal Reserve might take at its meeting next week can change that.
President Barack Obama called for $1.5 trillion in tax increases over the next decade, largely targeting the wealthy, to help trim the deficit, saying U.S. prosperity depends on paying down the federal debt.
UPDATE: The video of those comments from August 2009:
Has someone/could someone tabulate all the various things Democrats say they would do with the revenue generated from tax increases on the top 2%? Just a few that come to mind:
- Temporary Construction Jobs masked by the word "Infrastructure"
- Roads, Bridges, Dams
- School Construction/Modernization
- Airports
- And, oh yeah, the debt/deficit too!
It seems as if all this revenue is going to go for all of it, when it can really only cover a fraction of ONE thing they say we need to spend the revenue on.
Yes, but the recession is over (Obama fixed it -- have you forgotten Recovery Summer already?)
And Obama is NOT raising taxes "now", he is raising them "over the next ten years."
We should start referring to this practice as Obamaism (the cynical cousin of Keysianism): stimulate the economy with spending now, make some committee figure out how to pay for it in ten years. Then you simply ignore the committee, and everything works out peachy: you get stimulus today, and tomorrow never comes!
Has someone/could someone tabulate all the various things Democrats say they would do with the revenue generated from tax increases on the top 2%? Just a few that come to mind:
- Temporary Construction Jobs masked by the word "Infrastructure"
- Roads, Bridges, Dams
- School Construction/Modernization
- Airports
- And, oh yeah, the debt/deficit too!
It seems as if all this revenue is going to go for all of it, when it can really only cover a fraction of ONE thing they say we need to spend the revenue on.
Reply to this commentLinkReport AbuseYes, but the recession is over (Obama fixed it -- have you forgotten Recovery Summer already?)
And Obama is NOT raising taxes "now", he is raising them "over the next ten years."
We should start referring to this practice as Obamaism (the cynical cousin of Keysianism): stimulate the economy with spending now, make some committee figure out how to pay for it in ten years. Then you simply ignore the committee, and everything works out peachy: you get stimulus today, and tomorrow never comes!
Reply to this commentLinkReport AbuseObama takes credit for the sunrise and blames the sunset on the House GOP ...
Reply to this commentLinkReport Abuse