US Debt - Visualized in physical $100 bills

[Tom]

You act like we all applauded his deficit spending.

WE DIDN'T.

Then Obama came in and made it a heck of a lot worse in 4 years than Bush did in 8, but more democrats have told me that it was "necessary" and a "good thing" than republicans told me that they were OK with Bush's deficit spending. And a lot more of my friends, coworkers, clients, etc are republican than democrat.

And you attach a "cost of tax cuts" - lesser income isn't a COST, it is less revenue. Huge difference. Cost is expenditures. You can say the tax cuts resulted in a larger budget deficit, but you should not mix your terms and call it a cost as it simply is not. Cost of wars and cost of medicare are valid points as those are expenditures.

Besides, all that is a moot point anyway as that is in the past. Let's look at the problem we currently have. Costs have to be reduced. You can't just simply boost the income (raise taxes) and call it a day. There is only so much money to go around and a lot of people are hurting. Raising their taxes will hurt them that much more. If you go too far with it, raising taxes on businesses could put them out of business if they are on a shoestring (many are), actually resulting in LESS tax revenue. You have to be careful with tax increases.

The issue is the majority of Washington (Democrats in particular) do not want to cut spending. Heck Obama just did an executive order giving everyone a pay raise - when they already make more money than most of the normal working class.

I've never heard tax cuts referred to as costs.

Tax deductions and tax credits, yes. Which makes sense because they are ways to enact policies, in the same way that Congress makes expenditures to make policy.

Like if Congress passes a bill to send everyone who applies, $2000 to buy an efficient hot water heater, or they give anyone who wants one a $2000 tax credit, both are the same thing as far as the budget effect.

But politicians may try to claim one is spending and one is a tax cut.

 

[CADsortaGUY]

I've never heard tax cuts referred to as costs.

Costs of the Bush tax cuts:

http://costoftaxcuts.com/.../

Uhh..... libs do it all the time. A reduction of an increase is a "cut" to them too.

 

[Tom]

Uhh..... libs do it all the time. A reduction of an increase is a "cut" to them too.

well yea, there are costs and benefits to tax cuts, but I was referring more to the useage within the context of discussing the budget.

likewise since a budget is forward looking a reduction in an anticipated or budgetted item is a cut, even if the items cost would be higher than what was budgetted in previous years.

like if we budget $10k per wounded soldier and the next year there are more soldiers we might budget $9k per soldier but still spend more because the number of wounded soldiers goes up.

 

[TallBill]

Uhh..... libs do it all the time. A reduction of an increase is a "cut" to them too.

Obama said like two weeks ago that he made a trillion in cuts.... lol