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BTW Dale,your local and sales tax may be up but " Actually, as a share of the nation's economy, Uncle Sam's take this year will be the lowest since 1950, when the Korean War was just getting under way.
And for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush, thanks to a weak economy and a growing number of tax breaks for the wealthy and poor alike.
For those of you keeping score at home, federal tax receipts this year are expected to be about 14.8 percent of GDP. By contrast that figure was 17.5 percent in tax cut warrior George W. Bush’s last full year in office.
Come on, Dale did you really think we could jump start an economy (-9% GDP at the time and losing 750,000 jobs a month) and had $8 trillion of capital taken out of it with less than of $ 1 trillion (about 1/3 of it was tax cuts)? There’s that politics of economics again, that’s all the Dems could get. A deflated dollar in a recession is not that bad because if we had a strong dollar, who would buy our goods? They couldn't afford it.
GM rose from the ashes of the Phoenix to become #1 (Obama bailout) and you are criticizing them..But you are right, manufacturing is up, retail sales are up, and housing is also on an uptick, so now is not the time for massive cuts.....Massive cuts =more job losses...yes, we need to fix our trade imbalances,still a lot of work to do.
BTW the price of crude is down and natural gas (a chief source of industrial fuel) is really cheap giving us an upper hand....Retirees have IRAs, only workers have 401Ks ...;-( ..but I will have mandatory withdraws in 4 1/2 years but the economy is not really about me, I’ll make it, I’m more worried about the working middle class.
I didn't say the middle class should be spending; I said proving them with a suitable wage that is conducive to consuming...It was in my infrastructure job sentence...Besides consumer spending lowers the inventories and creates jobs.
I guess it's one of those glass is half empty things.
The late 18th Century French were the last to do a "hatchet job" to crony capitalism. Or was it a hatchet which started with the letter "G"? Either way, they got the point, ouch.
Funding the debt to jump start the economy has not been very successful this time around. We have essentially jump started the economy with 33% GDP in debt. We have deflated the dollar. I guess there is rumor of manufacturing returning to the US. Until I heard that GM is expanding Mainland China factories to build 1.1 million vehicles there, for their domestic use. (I wonder why we are not exporting to China from the US? We know that answer.)
You mentioned the US middle class should be spending. I still belong to the middle class and my taxes are up significantly this year, on very little revenue growth. After taxes (local, state and fed) and after energy cost there is not much left over to spend on anything. I'm driving my 8 year old Chev Truck. Of course, I am investing more, locally, but not too much in consumer products.
The Democrat President will just have to depend on someone else to start spending. Perhaps the retirees can start spending down their 401k? ;)
DaleKind of confusing but I still can't see where" austerity only' will promote growth or create jobs;afterall, our economic competitors aren't going to take a time out until we finish taking a hatchet to the budget and our creditors would probably not invest in treasury notes if we did that...Can you name a country that survived "austerity only?"
I agree 100% about compromise but the current GOP won't hear of it and Speaker Boehner can't say the word or he will be vilified. Any plan we come up with has to include revenues. I know you didn't like Bob Dole but he got things done, much like Tip O'Neill.
Economic theories are one thing but the politics of economics are another.... We know what we have to do but getting it through both houses and to the president's desk for his signature is darn near impossible, especially in an election year.
You won't agree but this is my opinion....Continue with Keynesian until the economy (more spending) fully recovers and then start with some needed fiscal restraints because we need consumers (employed middle class with good wages) and companies to start investing in America again. Many of our bridges and roads need to be repaired and broadband access needs to be expanded, so we can be prepared for the future. Interest rates are low right now and our bridges were given a grade of “F.”... Let the Bush tax cuts expire because that's easy enough and it will bring down the deficit and start a downward trend on the debt.... Both parties have supported infrastructure repair in the past, so that's a bipartisan proposal that has a chance to pass.... I don't think we'll see 4% unemployment in the near future, no matter who is president and debt to GDP will be higher for the unforeseeable the future. ... If you don't know that the entitlements, health care and defense spending are the drivers of our debt; then you haven't been paying attention...Playing the blame game, name-calling, and using sound bites like "leaving the debt to our grandchildren" is best left to the hyper- partisan talk shows. We'll never see a balanced Federal budget, the debt fully paid for, or the elimination of the Federal Reserve, so we should act accordingly, and play the cards that are dealt us.....IMO
The only way to to take crony capitalism out of our government is to find a way to combat "Citizens United" with public financing and other stricter campaign finance laws.
"An austerity only". I can buy into that phrase. I like that summary. OK, Mike I can live with that. I am an austerity Republican, until we can get our economic house back into order. With those funds which are remaining it can not all go to the military. (Sorry Jack). What is left after that, it can not all go to a safety net. (Sorry Mike). We will have to sit down and make the choice, either the government ALL shuts down or we compromise and EVERYONE gets some of what they need.
Kinda like the story I told you this morning of the lady who knocked on the door. There is no way I could live with charging those huge dollars. Maybe everyone should be allowed to be satisfied... instead of nothing at all getting done. Austerity Conservative?
They are, after all, everyone's taxes.
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DaleI agree Mitt is a northeastern moderate and President George W. Bush called himself a compassionate conservative (without all the meanness, as he once said) but the GOP was different back then...Remember Mr. Bush said he had capitol and he was going to use it but he couldn't get his party to go along with allowing employees the option to invest 2% -4% of their Social Security dollars into "safe" stocks...Today,under Paul Ryan they would jump all over that.
It is my opinion that today's GOP is more of a" austerity only"conservative party.... It's hard to distinguish because they all considered themselves conservatives.
Mitt Romney is not a conservative... no more that George Bush was. Unless you could say that George Bushes 2 trillion deficit could have been 5 trillion. That could make King George the Younger conservative.
lol...Ronald Reagan wouldn't get past today's GOP primaries.
Sorry Dale, but it looks like the old guard will swallow their pride and join Mitt Romney.
Jon Stewart just showed some clips of Charles Krauthammer, Ann Coulter and Dick Morris predicting gloom and doom, if Mitt Romney won the nomination just a few months ago...Today; they stand solidity in Mitt’s corner saying he is the true conservative to lead the country.. Huh?
I can understand if the three ultra conservatives said that Mitt would be better than Obama (that’s politics) but to completely flip/flop and call him a true conservative in just a couple of months.
It seems the R Establishment would rather alienate the entire R base, than to admit their tired old ideas have failed the nation and the Party. Then again, I do not support the failed policies of the past, just to be able to say I am a R. I am a Republican, just not a moderate get along R. When the current R Leaders meet Ronald Reagan at the Pearly Gate, will he say, "Go from this place, I do not know you."? And then they will be chased on down the road by the 77 Virginians?
I don't understand GOP math... Mitt Romney has 685 delegates out of 1144 that is required for him to be the republican nominee with 1139 still out there. Mitch McConnell and John Boehner have already endorsed him, as well as other prominent republicans, so Mitt already has a VP selection team.
GOP math even confuses Jon Stewart, the other night he showed where Senator Thune said raising taxes on the rich (Buffett Rule) would ONLY raise $ 48 billion over ten years; a mere drop in the bucket but on another clip, Rep. Senator Sessions said that spending $300 million for Planned Parenthood was just too much, so Mr. Stewart said "So, let's see if I can get this straight. $47 billion in millionaires’ money is less than $300 million in mammograms and birth control."
This has been a very confusing and very funny election year, if you are following Mitt Romney's GOP.
To the delight of the GOP base , MIT Romney ran to the right of Tom Tancredo on illegal immigration, calling for self deportation, praising the Arizona" papers please law" and said he would veto the Dream Act ,if it came before him. That was just the primaries fellows, because he was overheard saying that he cannot win with 14 to 20% of the Hispanic vote.. He also told his $50,000 a plate audience " it might be a good idea to come up with a “Republican DREAM Act,” such as the one being worked on by Marco Rubio, in order to make inroads with Latinos in the general election.".....lol. ..The republicans voted against the Dream Act but Rubio's will be different because it's not a clear path to citizenship because that would mean that they could vote.... That's brilliant, Marco Rubio, first your bill would never make it past the House of Representatives and any fool can detect pandering at its worse....Mitt needs at least 40% of the Latino vote in 7 battleground states or he loses...
I'm going to strap myself to my recliner and watch all the spin from the other GOP golden boy, Paul Ryan...."House Budget Committee Chairman Paul Ryan (R-Wis.) sought to diminish the importance of letters criticizing his budget from the U.S. Conference of Catholic Bishops (USCCB), saying the group doesn’t represent all bishops.
It gets better because a recent poll showed that republicans would like to see Condoleezza Rice as the VP.... She’s pro choice and it will be an excellent chance to ask her questions about the Iraq war.
Here it comes, the senate budget Chairman Kent Conrad (D-ND) said he will introduce the framework of Bowles-Simpson as his blueprint for the senate's official budget.
Many senate republicans and some democrats have criticized the president for not standing behind Bowles-Simpson(the committee he created) so, now let's see if they get off the talking points and support it... Congressman Paul Ryan has always praised it but he voted against it and the current GOP house of representatives will probably vote it down... There's a difference between rhetoric and a actual vote.Bowles-Simpson has bipartisan approval because it makes cuts on the entitlements but it also calls for revenues.
“I've been keeping up with politics for a long time, but I have never seen as much video evidence showing the changing of positions, like I have for Mitt Romney.”
Where in the heck have you been? Obama has promised the moon and has not delivered on one dang thing but pissing and complaining about the RICH and let’s all be FAIR… Who in the heck are you kidding mister?