Greenspan: Let Bush's Tax Cuts Expire

[ericlp]

http://www.bloggingstocks.com/2010/07/16/greenspan-let-bush-s-tax-cuts-expire/

The 2001 tax cut was perhaps the most fiscally and economically injurious Bush administration policy: It devastated the U.S.'s fiscal situation -- turning a surplus into a deficit. Even worse, it came at a time of increased spending for two wars without an accompanying tax to pay for the wars -- creating a mountain of debt, even before the recession and financial crisis hit. It will take the nation more than 10 years to recover from the Bush administration's policy error, and a major corrective step involves letting the irresponsible 2001 tax cuts expire.

Yeah I totally agree. I kinda wonder if the rich will let it happen......Hmmmm, I wonder how many here would want this train wreck to continue...

If it's one thing we don't need right now 'extending' another stupid decision that Bush made.

 

[Slew Foot]

Nevermind the fact that I kept interest rates stupidly low when the economy was booming. Yeah that didnt inflate any bubbles or anything.

 

[spidey07]

Bush tax cuts single handidly saved our economy. To let expire will kill us.

 

[shortylickens]

Well, if my PhD economics teacher at college is any indication, the best thing for America is heavy taxes on everything. It will allow us to have all the free handouts everybody wants.

I dropped his class after a week.

 

[bamacre]

Bush tax cuts single handidly saved our economy. To let expire will kill us.

:\

 

[sandorski]

Bush tax cuts single handidly saved our economy. To let expire will kill us.

Fail.

 

[spidey07]

Fail.

Watch what happens if congress doesn't extend it. I'm hoarding my money and not spending jack squat because of it. Also pulling my money out of the market this year specifically because of the increases.

 

[piasabird]

We need some taxes on all cups of coffee. How about a $1.00 federal coffee cup tax. Coffee is a drug.

 

[Schadenfroh]

I am not against tax cuts, but I think that they should be accompanied by cuts in spending to balance them out.

Well, if my PhD economics teacher at college is any indication, the best thing for America is heavy taxes on everything. It will allow us to have all the free handouts everybody wants.

I dropped his class after a week.

Mine usually just bashed Reagan, complained about deforestation and global warming destroying the world and thought the solution to all of the world's economic woes would be for all of us to come together to work in co-ops and/or communes. He had a PhD from Cornell University, very good at lecturing, but I despised many of his political views. Regardless, probably one of the better professors that semester in undergrad.

So in other words, my economics class was just like this forum.

 

[ericlp]

Watch what happens if congress doesn't extend it. I'm hoarding my money and not spending jack squat because of it. Also pulling my money out of the market this year specifically because of the increases.

Well, don't let the door slap you in the ass on your way out.

 

[theeedude]

How are Republicans planning to offset extending Bush tax cuts to make them deficit neutral?

 

[shortylickens]

Mine usually just bashed Reagan, complained about deforestation and global warming destroying the world and thought the solution to all of the world's economic woes would be for all of us to come together to work in co-ops and/or communes. He had a PhD from Cornell University, very good at lecturing, but I despised many of his political views. Regardless, probably one of the better professors that semester in undergrad.

So in other words, my economics class was just like this forum.

So in other words, I need to stop spending money on tuition and books and just hang here.

 

[glenn1]

I agree, they should be allowed to expire, especially for those in the bottom bracket which will go up 50%.

 

[theeedude]

I agree, they should be allowed to expire, especially for those in the bottom bracket which will go up 50%.

From what to what?

 

[glenn1]

From what to what?

10% to 15%.

 

[JS80]

I'd say 80% chance tax revenues will plummet after tax cuts expire. Greenspan is baiting the left to do it so when tax revenues do plummet and proves we are at the latter half of the laffer curve we can do another massive tax cut

 

[glenn1]

Also, the marriage penalty returns in 2011. Just in time for all those newly wed same-sex couples to start paying their fair share also.

 

[JS80]

10% to 15%.

lol I'll be glad to pay the extra 2% increase from 33% to 35% so those lowlife leech fucks get a 50% increase

 

[spidey07]

lol I'll be glad to pay the extra 2% increase from 33% to 35% so those lowlife leech fucks get a 50% increase

They were tax cuts for the rich!

Oh, wait. No they weren't.

 

[Jhhnn]

How are Republicans planning to offset extending Bush tax cuts to make them deficit neutral?

They're not. They're just planning on guys like spidey actually believing them, that's all...

The notion that the Bush taxcuts did much more than enable america's wealthiest to own the govt is hogwash. The lapdogs got a few scraps from the richman's feast, and they're begging for more...

It's remarkable how cheaply people will sell out, how little money it takes to buy complicity... throw the bums a dime- they'll think you're a swell guy...

 

[Craig234]

Nevermind the fact that I kept interest rates stupidly low when the economy was booming. Yeah that didnt inflate any bubbles or anything.

Unlike Bush or you righties here, he admitted his views were wrong. Some of our excellent commentators are former right-wing figures (David Brock, John Dean, well not many).

 

[child of wonder]

They were tax cuts for the rich!

Oh, wait. No they weren't.

My wife and I were doing the math the other night and if tax rates went back to 2000 rates we would be looking at $500 less per month once she finishes school and is working full time.

Ouch.

Our income would be ~$130,000 combined. Not rolling in cash by any means. The $500 is even after 15% of both our incomes going into 401k and health insurance for the whole family.

 

[Craig234]

My wife and I were doing the math the other night and if tax rates went back to 2000 rates we would be looking at $500 less per month once she finishes school and is working full time.

Ouch.

Our income would be ~$130,000 combined. Not rolling in cash by any means. The $500 is even after 15% of both our incomes going into 401k and health insurance for the whole family.

Assuming your figures are right, a bit of good news is that the alternative is to keep giving your children a bill for $500 a month in debt - plus decades of interest.

A second bit of good news is that the very rich will pay more, which pays helps reduce the deficit.

Ya, ya, right wing, we need spending cuts in areas too (hello, military). But we have been irresponsible for a long time, starting with Reagan.

 

[Budmantom]

Greenspan...Greenspan...Greenspan..., wasn't he the guy that didn't know anything about a housing bubble?

 

[Budmantom]

lol I'll be glad to pay the extra 2% increase from 33% to 35% so those lowlife leech fucks get a 50% increase

They are called liberals.