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Title: GOP's Fuzzy Math Misstates CBO Revenue Projections
Source:
The Fiscal Times
URL Source: http://webcache.googleusercontent.c ... ections.aspx+cbo+bush+tax+cuts
Published: Jun 3, 2011
Author: BRUCE BARTLETT
Post Date: 2011-06-07 09:56:19 by lucysmom
Keywords: Republican economics
Views: 7622
Comments: 10
snip Since 2001, the national debt has increased $11.8 trillion. This resulted from a $6.2 trillion decline in revenues and a $5.7 trillion increase in spending. Of the revenue decline, $2.8 trillion resulted from legislated tax cuts and $3.4 trillion from economic and technical factors. On the spending side, almost all of the increase was legislated, with $2.4 trillion of it coming between 2001 and 2008. Despite the significant contribution of tax cuts to the national debt, Republicans argue that higher revenues are off the table in the debt limit negotiations. In a May 16 floor speech, Sen. Jon Kyl (R-AZ), the assistant Senate minority leader, made this fact clear in no uncertain terms. Said Kyl, “When we are talking about how to get the budget better balanced, how to reduce our deficits, we should not be looking at the revenue side or the taxing side; we should be looking at the spending side.” A key argument Kyl made is that it is unnecessary to raise revenues because they are already projected to rise substantially in coming years to their historical level of between 18 percent and 20 percent of the gross domestic product. As he explained: “CBO figures demonstrate that under any of the budgets offered…we will be back to historic average levels of tax collections in just the next few years – something on the order of 20 percent of our gross domestic product. Revenues are not the problem. They are going to be back where they have always been.” snip Thus we see that Republicans want their cake and eat it too. They want to use higher revenue projections resulting almost entirely from expiration of the Bush tax cuts to prevent any discussion of tax increases to reduce the deficit, while implying that this revenue rise comes solely from faster economic growth. As Sen. Kyl put it, “So revenues are down, but it is due to the recession. We have not cut tax rates in the last few years – since 2006 – for example.”
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#1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)
Too bad Republican politicians aren't free to do what's good for the country.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Ryans's "budget" used that as well as double counting medicare "savings" from the repeal of HCR.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Where are the calls for his resignation? Oh wait, lies only count when they're about sex.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Both parties are into printing money, growing government at home, expanding the empire abroad, and screwing the middle class to git er done. Their goal is a one world concentration camp, where the elites are safe and secure to enjoy their wealth and power.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Twist it any way you like, this is the truth. But then again, the truth is not something that concerns you, when it interferes with *your* personal agenda.
List of those unable to think: Bumper sticker on DwarF's car: That you seem to think higher taxes is 'good for the country' given we already have 1 out of 7 Americans on foodstamps, record numbers of unemployed Americans as I type this response, a third year in a row that will feature record home foreclosures, and possibly record personal AND business bankruptcies just proves my point from another thread. You really are GOOFY.
Proxy IP's are amusing.....lmao
Who's calling for a 'resignation' goofy? You mean Weiner? Hell, I think its GREAT he's clinging to his seat. Pelosi Galore is going to beat the hell out of him, and thousands of 'sexting' messages are going to be released because his ego and arrogance keeps him in place for the moment. Just wait til the use of government phones to have 'phone sex' gets big play...and it comes out he's done it a helluva lot more times than 'just once'. There are dozens of young women 'out there' waitin for their fifteen minutes at Weiners expense.
Proxy IP's are amusing.....lmao
Look at you Boofer...all over this Weiner with relish...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" What's the bigger lie: Weiner claiming his twitter account was hacked, or Boehner claiming that the GOP had pushed through "historic" spending cuts that actually increased spending?
"Thats because your basically and idiot." Amazing that no matter which way that you turn, the GOP is obssesed with Weiner... And none so more than Boofer...why just this AM he was demanding to probe Weiner.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!"According to the CBO, ending all of the tax cuts and allowing scheduled tax increases now in law to take effect would raise revenues by $5.6 trillion between 2012 and 2021, including debt service. ...the Center on Budget and Policy Priorities says that this action, by itself, would be sufficient to stabilize the national debt and prevent it from rising as a share of GDP.
#2. To: lucysmom (#0)
They want to use higher revenue projections resulting almost entirely from expiration of the Bush tax cuts to prevent any discussion of tax increases to reduce the deficit, while implying that this revenue rise comes solely from faster economic growth.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#3. To: war (#2)
Ryans's "budget" used that as well as double counting medicare "savings" from the repeal of HCR.
#4. To: lucysmom (#0)
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#5. To: lucysmom (#0)
“When we are talking about how to get the budget better balanced, how to reduce our deficits, we should not be looking at the revenue side or the taxing side; we should be looking at the spending side.”
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#6. To: lucysmom (#1)
Too bad Republican politicians aren't free to do what's good for the country.
#7. To: lucysmom (#3)
Where are the calls for his resignation?
#8. To: Badeye (#7)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#9. To: lucysmom, skip intro, war, godwinson (#3)
Where are the calls for his resignation?
Badeye posted on 2011-04-29 10:30:22 ET
#10. To: go65 (#9)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
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