Hat Tip to Chris Gerrib for the link.
Friday, May 13, 2011
Deficit Reduction Solution
Want to get rid of most of the deficit in a real hurry? It is simple. Get out of Afghanistan. Get out of Iraq. Eliminate the Bush tax cuts. Do those three things and most of the deficit disappears as shown in the two figures below. Getting rid of only the Bush tax cuts stops the deficit from increasing as a percent of GDP.
Hat Tip to Chris Gerrib for the link.
Hat Tip to Chris Gerrib for the link.
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Jerry,
ReplyDeleteBoth this and your previous post are fabulous. Anybody who would vote Republican after reading these severely needs a lobotomy!
You're on the money...I have been saying it for a while although you say it more elegantly and more concise that I did...I go on ranting and showing my disdain and that is something that we are told writers should not do...but then again, I am not a writer...just a cantankerous, opinionated old man.
ReplyDeletesaludos,
raulito
Thanks,Jack. All I need is a few million readers and the republicans would be toast!
ReplyDeleteExcellent analysis. Those 3 things would definitely bring the deficit way down.
ReplyDeleteAlso, if the Bush tax cuts had been allowed to expire for everybody (not just billionaires), that would have saved $4 trillion.
And $4 trillion is also the amount that would be saved if Paul Ryan's fascist budget ever sees the light of day. Republicans would rather balance the budget on the backs of the 99% of us who aren't millionaires, and leave the Pentagon and the Prison Industrial Complex untouched.
Amen...now for these things to happen... would seem simple enough.. !!
ReplyDeleteI'm for all 3 of these things, too, Jerry. The only difference is that I might keep the tax cuts for the working and middle classes going for a while. The recovery is still kind of shaky and retaining the spending power of these 2 groups might be helpful.......I'd also close some foreign military bases, get rid of ethanol subsidies, and reduce the cap for mortgage deductions (down perhaps to $500,000). Every little bit helps, right?
ReplyDeleteOh, and, yes, have the Federal Government negotiate drug prices for Medicare and Medicaid (like I believe that they already do for the Veteran's Administration). That one measure alone could save between 15-25 billion a year.
ReplyDeleteYes, Will. I am also inclined to keep the Bush tax cuts for those under about 200,000 per year. In exchange, I would add more brackets at the top end so people in the million dollar range and up pay even higher taxes than the pre-bush 39% top bracket.
ReplyDeleteI, too, was saying this back when Obama was being blackmailed back around last Thanksgiving to extend the Bush tax cuts.
ReplyDeleteI'm still watching and waiting for Obama to stand up to Republicans and insist we have a revenue problem, not a spending problem, and that it's time to end welfare for the corporations and the wealthy.
I have a sickening feeling I'm waiting in vain. I hope with all my might he proves me wrong.
I'd be more than happy to give up my share of the tax cut. It amounted to a trip to Taco Bell a week for my family. I think I can find the money for a Mexican Pizza and Nachos Belle Grande someplace else.
ReplyDeleteGreat info Jerry. Tip of the hat from a fellow blogger to you.
2 1/2 idiotic wars, hundreds of obsolete overseas military bases, ETHANOL SUBSIDIES, porkulus - I absolutely DO think that we have a spending problem (in addition to the revenue problem).
ReplyDeleteOK, on the two wars and some overseas bases, you're right, Hart.
ReplyDeleteIf it comes down to fixing one problem or the other in the short run, IMO we'd do better by fixing the revenue problem.
I have no problem with the top rates going back up. 60-70 billion right there.
ReplyDeleteI agree with the defense cut. However we need to cut social programs, or, at least restructure them.
ReplyDeletegood post.... great, thoughtful thread. youse gotza beer coming, on me!!
ReplyDeleteokjimm,
ReplyDeleteI will drink to that!
How about "restructuring" ObamaCare into a single-payer system? I think that would save a boatload of money.
ReplyDeleteI'm with you Jerry concerning the need for more tax brackets for the upper level income "earners". We need to sock it to 'em.
We don't need to sock it to them. They just need to pay equal to the benefits they have received from society. For example, in 2006 the top 400 earners, earning an average of $263,000,000 (that's two hundred sixty-three MILLION DOLLARS) paid only 17% federal income tax.
ReplyDeleteSo much for the 36% top bracket...which, alone, should be higher.
The 14 Trillion dollar debt started building in 1983.
ReplyDeleteThis debt has been caused by one selfish generation who did not want to pay what it costs to be the best country on Earth.
What would be fair, is if we taxed the baby boomers enough to pay off the 14 trillion dollar debt before they die.
It's their numbers which will cause Medicaid and Social Security to go broke, just because they had to have their tax breaks.
It's irresponsible and immoral for one generation to leave the next ? generations in such deep debt, that it eliminates choices they could make if not so deep in debt.
Yet they scream about leaving a healthy America to future generations, what hypocrites.
TOM, you're saying only baby boomers are responsible for electing tax-cut-and-spend Republicans from Reagan forward? I suggest you go back and check out some demographics. You'll find a whole lot of senior citizens voted for Reagan. So did a big bunch of young working guys, including those in the military. I don't deny many boomers did as well, I just think singling out a generation for punishment for past lousy voting choices is faulty from the git go, highly inequitable because it would be mass punishment that would include lots of boomers who voted against Reagan and the Bushes, and subject to summary dismissal at its first court test.
ReplyDeleteI also wonder why it's any more fair and sensible to go after a generation than a racial, ethnic or status group like immigrants. Many of those can be cited for some sort of costs to or problems for the country.
No, taxes should apply sensibly and as fairly as possible across income groups, only progressively instead of regressively for a change.
The assholes are you people that write this bullshit. Blaming George Bush is always you excuse, how about the man in the white house right now taking some responsibility instead of filling his mought with chickin wings.
ReplyDeleteDo we need to make some changes to Social Security and Medicare? You bet your sweet ass he does.
Along with 50 other stupid socialist policies.
Hey this anonymous "posted" this same message on my blog!!!! Including the "mought with chickin wings" spelling.
ReplyDeleteAwwww, and here I felt special! I though some moronic teabagging conservative racist had found my blog and couldn't contain his ignorant ramblings instead it's a right wing spam bot...
Well, damn! A bot is even more stupid than a moronic teabagging conservative racist.
ReplyDeleteCommunist!
ReplyDelete