Judd Gregg: Deficit Worst Problem Behind Terrorism and WMD's--But No New Taxes to Fix It
Right on cue again, we have Born Again Deficit Virgin Judd Gregg with dire warnings about our debt but no acknowledgement of his own party contributing to the mess as our own Jon Perr rightfully pointed out. This is from C-SPAN's Newsmakers Nov. 15, 2009. Despite Gregg's warnings for the United States if we don't get our debt under control, the last thing he thinks we should be doing is to repeal any of those Bush tax cuts for the rich to fix it.
I would like to know just how repealing those tax cuts would "reduce the productivity of the nation". The only thing I've seen reduce our productivity has been our crappy trade laws which have resulted a race to the bottom with industry running to the country with the lowest wages for labor and the least constraints on those who pollute or have the least protections for their workers in place, which has driven jobs out of the United States with our unwillingness to put some protectionist measures in place to secure our workforce. Maybe someone else can explain this man's twisted logic to me, but I sure as hell don't get it.
I hope the Obama administration is enjoying their kick in the teeth from someone that they once considered for a Cabinet position. I think Gregg and his ilk will be happy to see this country continue to spiral into economic ruin as long as they think it will win them elections and they can shift any of the blame for what's happened away from themselves.
Frates: Senator I wanted to ask you. Do you see the cost issue as a political landmine, and if so, how?
Gregg: Well, I think the cost issue is at the essence of what is the biggest problem our nation has confronting us after the threat of terrorism and weapons of mass destruction, and that is the impending fiscal meltdown of our nation. We’re going to take our, we’re taking ourselves down on a road to third class status as a nation. You cannot grow the government from 20% to 26% of our G.D.P. and pass all the debt that’s going to generate—because no matter how much you raise taxes you can’t catch your tail when you get that bit—onto our children, because they can’t pay for those debts.
You know, you get…let me try to put this in context. When the public debt goes from 38% of G.D.P. to 80% of G.D.P., that essentially means that the debt, well the financing of that debt, that is going to exceed the cost of anything else in the government, including military expenditures, national defense. And in fact if we tried to get into the European Union—which we’re not trying to do—but if that’s the proof of industrialized states that set certain standards for what a government does—we could not get into the European Union beginning about 2013 because our public debt would be too high. We’d be over their 60% threshold.
And we’re seeing already international statements from China, from other places that they’re worried about our debt. And they’re the ones who buy the debt. And if they start to worry about our debt what does that mean? Well we’re going to have to raise the price, in other words, we’re going to have to raise the interest that we’re going to pay on that debt in order to get those folks to buy our debt. We’re also seeing the international ratings agencies like Moody’s say “well gee, we don’t know if you stay on this path which is unsustainable, we may have to downgrade your debt”.
All of this leads to an instability in our nation because there are only two things you can do when debt gets so high that you can’t afford to pay it. You basically have to inflate the economy, which means you devalue the dollar and you put in place one of the cruelest takes which is inflation, or you raise tax levels so high that you reduce the productivity of the nation and it becomes a downward spiral where basically as productivity drops you drop your, your revenues drop again. So we’re on an unsustainable path. It’s that simple. And you shouldn’t aggravate that unsustainable path by adding another 3 trillion dollar program on top of it.
Swain: Senator we just learned from AP, our wire story that the White House has now told domestic agencies that their budgets will be frozen or even cut by 5% as it signals a big push to take on the deficit next year. Do you have a reaction to that?
Gregg: If it’s true it’s great. I mean, that’s one step that should absolutely occur. We should freeze discretionary spending, but as Willy Sutton said, and that would be good, but as Willy Sutton said, why, when he asked why do we rob a bank? Because that’s where the money is; the money is in entitlements. The money and the problem is in the fact that we’re facing a 60 trillion dollar unfunded liability already without this new major health care entitlement being put on the books being proposed by the House and the Senate Democratic leadership. Without that even on the books we already are short 60 trillion dollars as we go forward. So those are the challenges we have to face up to and address, but yes, if the administration comes forward with a discretionary freeze of a 5% cut in discretionary spending I will strongly support that effort.
people like gregg never get back to washington again. I mean really these guys have been there way to long, making to much of a mess of everything they come into contact with.
republicanism/conservatism is a mental illness that is killing America!
The GOP...human windup dolls. Pull the string and they spew the same old talking points.
"Anyone that makes less than $150K in this country, has no business voting Republican."
They like to toss poo around but they never mention where the poo originated.
Say what you mean. Mean what you say. But don't say it mean.
... but they love to complain that we're not cleaning their poo fast enough, and that we just missed that spot.
time.
"The deal has to be negotiated in the real world, not on some idealized Aristotelian plane. We understand that. A 100-percent deal may be impossible."
Famous "Reality Based" Commentator
Cleaning poo is hard work and if it has been sitting there for eight years, it's even more difficult.
Say what you mean. Mean what you say. But don't say it mean.
To quote the president, they need to "grab a mop".
Say what you mean. Mean what you say. But don't say it mean.
1 cut the war department budget by 50%
2 raise the tax rate on the richest 1% pigs to 95% ,a Republican ideal from Ike's era.
... who warned of the power of the military-industrial complex. Actually, repealing those tax cuts for the rich might indeed stimulate productivity. Instead of sitting on their rich rear ends, maybe the top 1 percent would have to do something to earn some money. But we need to overturn what Bush-Cheney wrought, too, to try and make ends meet, which is something the GOP never worried about. When Bush-Cheney wanted to cut taxes AND wage war, they never said, "How can we possibly fund two wars with lower income?"
I wouldn't be too sanguine about Eisenhower, he overthrew more democratically elected regimes than were his share.
He was an arch imperialist. Besides, in his warning, he didn't tell us they were already in control.
statusquObama, change you can only pretend in
about the Iron Triangle; Three sides to the Iron Triangle, he named two: Military & Industry: but left out Legislative.
..borrow the money from China and not include it in the budget.
Just another factoid usually absent from MSM reporting on the economy.
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
..tax rates on the rich and the reinstitution of The Glass-Steagall Act of 1933.
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
should be restored. Hell I would settle for pre-1983 rates.
http://en.wikipedia.org/wiki/Income_tax_in_th...
Maybe we should set the Defense budget to 8 times the expeditures of the nearest country to us in spending. Still a major improvement. You know most of the defense budget is spent on bribes, kickbacks and lobbyists.
Time to stop coddling the rich in this country. Not to mention Ike taxed all income (wages, capital gains and dividend earnings) at the same rate. The tax model we follow now taxes wages at a higher rate (about 30%) than capital gains (about 15%) giving the rich a criminally unfair advantage IMO. I do agree that as far as republican presidents go, Ike was the last decent one.
is not 30%. It is 45% if you include the 15% (7% you pay, 7% company pays) for social security and medicare. The 15% on captical gains is only if you cash out your gains. If you let it run you pay 0%. If you sell your losers you get money back.
But you would agree there are multiple ways to define what percentage of one's income is taxed. Excellent point on capital gains.
Taxing the rich, is the one main point of their all white 1950's dream America they never talk about.
Ike was sooooo right: "these people who oppose the New Deal are a small minority, and mostly stupid!"
Wonder what Ike would think of the modern republican party?
Rush Limbaugh is what a smart person thinks a stupid bigot sounds like.
End the wars, end the empire, dismantle the MIC, the CIA, the NSA, the National Security State, cut the obscenely bloated trillion dollar defense budget to $100 billion.
Get the $14 trillion back from the Banksters.
Pass socialized medicine and enact a WPA 2.0 to replace the bogus National Security State jobs program we currently have.
Pronto…
statusquObama, change you can only pretend in
Do you want fries with that?
Say what you mean. Mean what you say. But don't say it mean.
Enact a carbon tax, a VAT and make capital gains ordinary income until we can end capitalism altogether!
statusquObama, change you can only pretend in
End imperialism! THAT's what is killing us (and them).
The people of privilege will always risk their complete destruction rather than surrender any material part of their advantage." J.K. Galbraith
My last comment on imperialism here
statusquObama, change you can only pretend in
I agree with both of you!
..do you drive a day-glo 1948 International Harvester bus?
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
Please pull your car over in the special marked parking places as it may take some extra time to fill your order. We'll bring it out to you when it's ready.
Say what you mean. Mean what you say. But don't say it mean.
You mean the one that says subversive?
statusquObama, change you can only pretend in
No, the ones that say "Take out customers only". The subversives park in the regular lot by the swings and teeter totters.
Say what you mean. Mean what you say. But don't say it mean.
Silly rabbit…
statusquObama, change you can only pretend in
I just knew if I worked hard enough one day I could believe I made you smile. I sure do hope this is that day.
Say what you mean. Mean what you say. But don't say it mean.
The belief is on your side…
The smile is on mine…
statusquObama, change you can only pretend in
Now I have one of those smiles too. Look! We match.
Say what you mean. Mean what you say. But don't say it mean.
Yes comrade.
You signed on just to say that!
Silly rabbit.
statusquObama, change you can only pretend in
Let's get rid of anybody defending us from attack and replace it with free money to everybody. We'll give 100% of our money to the government, who will then hand it back out to us with 50% extra so we can buy a prius. Then let's pass socialized medicine so that we can have the Republicans & Democrats in congress decide who lives and who dies.
Delta Delta Delta, can I help ya help ya help ya?
...kill all people we find undesirable and replace them with more white Christians. We'll give all of our money to corporations so they can give it back to us minus 90% so we can buy a cheeseburger. Then lets hand Medicare over to private insurers so they can decide if a person is likely to live long enough to pay back their premiums!
Kappa Kappa Kappa, can I slap ya, slap ya, slap ya?
.
I must be attracting flies.
This is the second one that signed up just to reply to me.
statusquObama, change you can only pretend in
Very hard work run in a militaristic fashion. Even in those times it was a harder life than some could take. A significant percentage of the WPA boys did not stay for the duration of their contract. Mostly the very poor with no skills or options and those preparing for the possible war effort stuck to it. Got my info from the Museum interpretive center along Skyline Drive which runs 105 miles north and south along the crest of the Blue Ridge Mountains in Shenandoah National Park. The meadow location was where the program kicked off and the President spoke.
"I'll take two wars and two tax cuts for me and my friends here, to go."
That's gonna cost ya.
"See that guy over there? His kid is gonna pay for it."
The people of privilege will always risk their complete destruction rather than surrender any material part of their advantage." J.K. Galbraith
how are our kids gonna pay for it when they plan to keep them at minimum wage all their lives.
Who said any of this had to make sense?
The same kid who just ordered a Happy Meal?
Say what you mean. Mean what you say. But don't say it mean.
It's laughable that these same America-is-better-at-everything guys run around saying that we don't have the technical/governmental capacity or the money to provide universal healthcare when the rest of the developed world seems to manage quite well.
"Using these new green energy star light bulbs will save you money. Up to $30 savings!" While at the same time tacking on a new "fee" on your bill that rakes in double to five times your savings.
... all told, I ended up getting 3 months of free electricity...
Oh for goodness sakes, must you always be so cheery?
Say what you mean. Mean what you say. But don't say it mean.
in total-complete debt bondage as it stands.
Apparently, if we don't give a lot of money to the rich they won't have any incentive to prosper. But if we give even a little money to the poor then they won't work or better themselves.
I just think it is all a bit rip off...
...it amazes me how they can believe that their policies have nothing to do with every economic downturn we've ever had? The only place they have an argument at all is the downturn in '79 (which was part of the slowing that had been happening since '73, exacerbated by the oil shocks...), but even that is pretty baseless. Massive reduction in the top marginal tax rate always amounts to an economic downturn in 4-5 years time afterward; the percentage of wealth held by the top earners hits a point where consumers/debtors can no longer support the economy, resulting in slowdown, causing the investor class to hoard, eventually causing recession. But, according to the reaganites, all poor economic performance can be traced to entitlements for the poor.
The economy is the republican's hot potato and they are trying to throw it at this administration so hard that it will stick.
Say what you mean. Mean what you say. But don't say it mean.
...they do this every time, and every time, it works!
Are they tossing taters or flinging poo? If both, which do they prefer? Which would you rather be hit by?
"The deal has to be negotiated in the real world, not on some idealized Aristotelian plane. We understand that. A 100-percent deal may be impossible."
Famous "Reality Based" Commentator
I wouldn't mind being smacked by a baked potato.
It comes down to food fight or poo fight.
Say what you mean. Mean what you say. But don't say it mean.
luckily this numbnut turned down Pres O's invitation to be commerce secretary...
trying to make peace with the "commies". Eerily similar to the view of the British diplomats trying to find “peace” with Germany in 1938
Never piss off your bankers.
"Anyone that makes less than $150K in this country, has no business voting Republican."
That this POS was being considered as commerce secretary.
sure does
We should do something about that.
Corruption favors the wealthy.
... the sticks however not so much.
to the "sticks."
"The deal has to be negotiated in the real world, not on some idealized Aristotelian plane. We understand that. A 100-percent deal may be impossible."
Famous "Reality Based" Commentator
for forcing school taxes to the states who then pushed them to the local governments resulting in ignorance in the poor sticks for lack of an adequate education.
Better to manipulate them with fear that way. Great psychological operation.
The real problem is delusional fools like you that think you can get something for nothing. If you used your GOP voodoo economics model as a business plan VC's would laugh you out of the room or direct you to a bankruptcy attorney.
Get a clue, pal. The real problem is people like YOU.
"We will find fulfillment not in the goods that we have, but in the good we can do for each other."
Robert F. Kennedy
...I'm not even sure what the corporate equivalent of trickle-down would look like. I can't think of a single instance in which it would be beneficial in any way to a business...
..sounds a lot like my paycheck.
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
..why is unemployment at 10%?
Answer me that judge gredd.
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
..immediately suspension of all health care benefits for Congress. Let them get it like everyone else has to.
..immediately recalling all of our troops from two war fronts
..immediately suspending contracts with companies that kill our troops.
..immediate resignation from your position as a representative from New Hampshire.
Not interested? Then I guess you're not interested in reducing the deficit either? Move along, nothing to see here.
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
because of capitalism....
not because of the lack of it.
and where exactly are we?
...: where liberal mexican nazi socialists are the reason for all our problems.....
Cue the Kabuki....
those guys piss me off too
damn latte sippin', taco crunchin', goose-steppin', health care for-all providin' trouble makers!
..its GREED. What is enough? There are those that won't stop trying to make as much money as they're allowed to(or not allowed to ala bernie madoff). If a person starts a business, buys supplies from other businesses, hires people who pay their taxes and who take their money to buy goods and services in their communities, that is not a bad thing. When that same person, cheats, lies and/or steals in order to fill his pockets and is ALLOWED to do it by law or loopholes, that's the problem. Its sort of "survival of the conniver" or "how can I game the system to my advantage to the detriment of all else?" Its an aboration that has become all too common. I don't blame Capitalism; I blame some of the Capitalists; its not the system, its the players.
Just my thoughts on that.
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
Hell no. We wouldn't want those sons of bitches at the top 1% of the income to be paying ANYTHING LIKE WHAT THEY PAID PRIOR TO st. ronnie the Alzheimer.
Jesus, these repukes make me want to vomit!! It's like "whatever you do, don't turn back the progress we've made on covering the asses of the filthy rich in this country!" Give me a break. Go to hell...all of you repukes and right wing nut balls.
...for a cabinet position.
I need to know so I can stop repeatedly smacking myself in the forehead with the palm of my hand. I fear a repetitive motion injury.
...you know, uh, we, uh, you know, have to be fair, and give, you know, our friends, who are equivalent to us in every way, across the aisle equal, you know, representation in governing... So.... You know... And I'm sure if we start everything from a position of, uh, compromise, then our esteemed colleagues on the, uh, minority party (does that sound too pejorative?) won't feel the need to oppose all legislation that we come up with. Win-win!
"I hope the Obama administration is enjoying their kick in the teeth from someone that they once considered for a Cabinet position."
I am beginning to think the Obama Administration likes being kicked in the teeth. With all due respect...Mr. President...grow some balls and start putting the RepublicKKKs in their place.
Government + the Federal Reserve = organized crime
This idiot can't retire soon enough.
I have to say, I don't think anything will change. Things will not change unless the MSM tells people and repeats it over and over
the truth. ie, the Repugs are responsible for nearly all the debt (10 trillion) that now burdens our taxpayers far into the future. Instead of saying (over
and over) the stemulus is not working. People, we were pulled back from a total collapse of the worlds finacial/banking industry! It worked for now!
And it's not over. This will end badly. They have bought a little time with even more borrowing.) People are too disconnected to think rationally.
Our MSM is worthless. It's worse than that, they're actually helping the corp facsists achieve their ends. They resist raising taxes on the filthy rich
back up to where it was when Ike was president (we had a good economy) taxes somewhere north of 75%. They are still resisting restoring the regulations
on the banking industry. No, they distract us with crap like the boy in the balloon story, over and over. They have convinced Americans that the
great depression was caused by trade barriors. No, it was caused by the exploding of the bubble and the evaporation of an enormus amout of
wealth (or what people thought was wealth, paper). And this situation will not correct itself until they bring back the good paying jobs by imposing
an import duty tax. The founding fathers knew this. At that time we were totally dependent on England for all manufactured goods. They imposed
an import duty tax to encourage investment, manufactoring and production in this country. To grow our economy and raise taxes for the government.
Most of our country's history we had an import duty tax. But no, the gosple is it would cause a depression. Bullshit.
As long as the corp money flows into the pockets of these assholes in Washington, only those people will be taken care of.
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