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View Diary: Krugman is Wrong: The Real Reason to Raise Taxes on the Rich (133 comments)

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  •  Maybe return to Clinton era taxes is the best (0+ / 0-)

    we can get with the current Congress, in which nothing sensible can  pass, but that's hardly all a "budget minded progressive" should want, nor will it necessarily be enough to "close the loop on deficit control" without additional taxes and spending cuts....and to the extent that it has the reverse effect of the Obama stimulus (instead of giving working people an extra $400-800 it will take away a similar or larger amount), it could be the straw on the camel's back that put us back in "recession" (not that most of us would notice the difference).  If the Bush tax cuts had never been enacted, the deficits over the past decade would have been smaller, but we still would be running a deficit to pay for the wars, and then the Great Recession deficit caused by the crash....and with persistent unemployment and depressed wages, the increased taxes on the middle class (which is where most of the additional tax income will come from) is't going to yield as much as it would have prior to 2009.

    "All governments lie, but disaster lies in wait for countries whose officials smoke the same hashish they give out." --I.F. Stone

    by Alice in Florida on Sat Nov 26, 2011 at 09:18:04 AM PST

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