June 07, 2011 07:00 PM
How The Bush Tax Cuts Blew Up The Deficit And Debt
From Think Progress -- How The Bush Tax Cuts Blew Up The Deficit And Debt:
Today marks the 10th anniversary of the first of President George W. Bush’s two tax cuts, which have played a disproportionate role in blowing up the deficit and debt. As the Center for American Progress’ Michael Ettlinger and Michael Linden found, the federal debt would be at a sustainable level today — even with the wars and the financial crisis — were it not for the Bush tax cuts. ThinkProgress has assembled this short animation showing how the Bush tax cuts drove the deficit and debt up and are still ruining the budget picture today.
beeryblog
Fighting a War on Ignorance
..so much can change in that time. I'm dreading what the next 10 will bring.
Yup , looking back it's unreal , all hell broke loose . Took the necocons only eight years to all but destroy this country and they are determined to finish the job . Given the geniuses that make up the electorate in this country I'm not looking for things to improve anytime soon , if at all .
"The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all."
Just would like to see the vert axis with $$, and the deficit represented downward, that's all.
Much more effective that way, anyway.
That as of last December, those are Obama's tax cuts. No other way to look at it. The Bush tax cuts expired and Obama and a Democratic House AND Senate extended them. Guess who owns them now?
Barack Obama: Change we can only imagine
If you spawn something it has your DNA - it's yours FOREVER, no matter who is taking care of it now.
Obama had a choice: extend them all or extend none. He opted to keep those for lower income level, including the baggage.
If you need funds to pay for essentials, you have a revenue problem
If you need funds to pay for frivolity, you have a spending problem
and he voted for the tarp bailout and he voted for every single war appropriations bill that Bush ever asked for.
I agree Obama is a merely a godfather of the tax cuts...
...but he is a genetic "babydaddy" to the wars and the TARP bailout
audit-prosecute-incarcerate
Yup, they're all his now. And why did he do that? For political cover, in the event that the Repubs use the expiration of the Bush Era tax cuts against him as “Raising Taxes on the Poor!” during a recession. They would have too.
And talk about poor judgment.
They don’t use that line when attacking him now. They’re using the Budget crises which is now worse because of this decision. They’re using the budget to go after SS and Medicare, and if they’re successful that will be much worse on the poor. Barry keeps on negotiating, he just won’t learn.
Obama extended them proactively, so they are all his now.
It is hilarious how the Dems and GOPers act the same: everything was Clinton's fault for republicans, even as Bush was ending his 2nd term. And now everything is Bush's fault, even as Obama is 3 years into his presidency and proactively extended Bush's policies.
CTHULHU 2012 "Why vote for a lesser evil?"
I'm not a partisan and I call 'em as I see 'em. Now they're Obama's tax cuts, now Obama's warz and Obama's economy. Sometimes the truth hurts but that doesn't mean it's a lie. I have no use for partisans in politics. I'm so far left I'm into (real) socialist territory. I'm not going to automatically vote for somebody because they call themselves a "Democrat". That word means something very different than what it did just twenty years ago. People can live in denial all they want but I'll live in Realityland.
Barack Obama: Change we can only imagine
He and the Dems capitulated. They own them...and they will NEVER be allowed to expire.
They will be renewed each year, because the argument was turned into "raising taxes".
Renewing them was the worse political calculation the Dems have ever made in my lifetime, and they will pay for it politically forever.
Trading off that extension for a shitty healthcare bill, just so the Obama Admin could say they passed a healthcare bill was a major error. No one will ever change my mind on that.
The bill didn't go far enough and the Dems lost the House ANYWAY.
It goes down as a long term political FAIL.
Vote GOP and move forward to the 18th Century.
Yup , that's what it amounts to but for what it's worth Obama did come out and say point blank that they will not be extended again.
"The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all."
was basicly blackmailed...........tax cuts for the royalty(top 10%),or through the course of 2011,let 8 million workers,fall off of unemployment benifits.... hell,we did nothing for the'99'ers'.....probably,oh,30 million americians,with kids and all...yea,what a fucking prick...tell that to the families who have a chance,however slight,to find work...if only the rethugs had the senate,we could impeach the commie bastard....soon ,we'll see ayn rand's mug cut into mt. rushmore.......it will take a couple of years,but we'll get rid of the feeders,gar-en-teed....the united states of libertarians......president david koch,nice ring,don't ya think.
....the fools do not realize,a population that can ,..... not paticipate .............in the 'economy'...,can not keep it viable!..........."we are listening,.......and we're not blind.,......this is your life....this is your time."
They did not expire that long ago....and the deficit has been at an all time high before the expiration. They were extended only as a result of compromise with the opposing party who demanded it. Surely, you know that! Surely you have heard his commentary about NOT wanting to extend them...surely you know that!
Emet Natsari
by Reagan then Bush now Obama get a spine Dude!
Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness.
Martin Luther King, Jr.
But Obama was not faced with an economy running well, running budget surpluses, and decide that "no, let's not pay down the national debt, that is the people's money".
as if it's not the people's debt. but then again, back then "deficits didn't matter" when the minority party tried to talk about the serious shit that is starting to look very realistic coming down the pike.
it is clear the decision to rape the government's revenue stream instead of applying the budget surpluss to pay down the debt was a blunder. was it truly a mistake, or were there other motives?
Now we are stuck with a wing of our politics that has convinced itself that compromise is undemocratic, that is starting to see their end game within reach - severe castration of "THEM", and privitization of government functions from dog catcher to nuclear launch code programming...it's almost f'ait accomplis.
---spelling probably wrong ---
not all martyrs see divinity
Can't the Dems ever, ever get across that deficits are caused by Repukes. The numbers speak for themselves
http://www.democraticunderground.com/discuss/... but for some reason they can't seem to deliver the message. I am sure the MSM does not help in the matter always repeating the GOP line that Dems are tax and spend while Repubs are the party of fiscal responsibility.
I guess it is the same in Canada. Saw something on the Canadian news network that asked when was the last time a Conservative Government balanced the budget? 1867 under John A. MacDonald which just happened to be at the start of the country. Yet in Canada they voted Harper in because he is a fiscal conservative.
How is does it happen?
For the most part.
They are the "Plan B" in case that "Plan A" gets too long in the tooth for marketing purposes.
BTW, given this admin's current budget it is going to be harder for Dems to play that talking point anymore. And yes, I know the budget was pretty much a republican budget which sort of proves my point.
CTHULHU 2012 "Why vote for a lesser evil?"
You mean that reducing revenue (taxes) while increasing spending (wars/bailouts) leads to deficit and debt.
Say what now? That is crazy talk right there...
CTHULHU 2012 "Why vote for a lesser evil?"
Can anyone tell me why the Democrats don't get this sort of information out there ? Don't even try to counter the Reich wing bull shit ? Guess they don't want to pay the higher taxes themselves .
"The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all."
That would make a great ad. I support more ads that are straight forward obvious graphs.
Obama's tax cuts for the wealthiest and Obama's occupations and money laundering operations in Iraq and Afghanistan .
"The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all."
... a clip from Lawrence O'Donnell at my site [foxnews-follies.com - top entry on left side (Norquist)] that deals with the inability to pass anything other than budget cuts to balance the budget.
If you need funds to pay for essentials, you have a revenue problem
If you need funds to pay for frivolity, you have a spending problem
That's right the TURD republican base will vote to keep the Economic TERRORIST and Anti American Bought and paid For corporate OWNED Anti American ASS WIPE republicans in power. In their logic it is better to be a groveling SLAVE and POOR then it is to face reality and Vote these ASS WIPES out of office, besides they are WHITE and I can have a beer with them, yuk,yuk.
The Economic TERRORIST and TURD republicans are out for one thing and one thing only the DEATH of America. Hell their counterpart Gaddafi in Libya is using the TURD, ASS WIPE republican doctrine of Drugs, and RAPE, right out of the TURD republican party line book, so if you need proof they are TERRORIST there it is.
The TERRORIST republican is doing NOTHING to help America and everything to DESTROY America, what further proof is needed that these are WHITE TERRORIST that are corporate OWNED and have NO intention of helping America or its Citizens. What is the difference between a TERRORIST with a bomb and a TERRORIST that uses his or her Office to UNDERMINE the American people.
The Economic Growth and Tax Relief Reconciliation Act was designed to give tax breaks to business owners and the upper class in an effort to stimulate the market.
the tax cut recipients are spending their money on Euro vacays and opening new factories and sending more work overseas to countries other than the US. Hell, even fat fuck Gingrich takes his money to the Mediterranean for vacay.
If your link is in some way declaring Bush's success, The Economic Growth and Tax Relief Reconciliation Act was designed to give tax breaks to business owners and the upper class in an effort to stimulate the market, did work. In China, India, Macao, Hong Kong, Vietnam, Kashmir, Pakistan, Mexico and Haiti. But you'd hardly notice.
me-oww!
Obama never should have allowed himself to be pushed into cutting taxes for the wealthy. Now what?
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