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View Diary: Debt Limit Math (7 comments)

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  •  Two Problems (1+ / 0-)
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    1)  Letting the Bush Tax cuts expire would not balance the budget in the short run.  We have the war spending and increased social spending due to the poor economy to deal with.

    2)  We do not want to let all the Bush tax cuts expire.  That would be a tax hike on the middle class, which would damage the economic recovery.

    Numbers are like people . . . Torture them enough and they'll tell you anything.

    by Actuary4Change on Fri Nov 30, 2012 at 09:12:10 AM PST

    •  Let Repigs take the blame (0+ / 0-)

      Better to let the tax cuts expire because the Repugnant Party wouldn't save them than to surrender to the Repugnant Party's repugnant demands.

      •  No. Look at Europe. (0+ / 0-)

        Europe and Britain have done what you propose: cut spending and increase taxes. And it's been a disaster. GDP has fallen, resulting in lower tax revenue even with increased tax rates. Thus their deficits & debt have grown instead of shrunk, and unemployment Euro-wide is now over 11%.

        My fear is that the Dems will agree to something like Europe Lite.

        "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

        by HeyMikey on Fri Nov 30, 2012 at 12:29:28 PM PST

        [ Parent ]

        •  Whoa! You misunderstand. (0+ / 0-)

          I'm entirely in favor of protecting and even extending the "safety net."

          I'd like to see that funded by fulfilling the President's campaign pledge to preserve "middle class" tax cuts and let taxes rise on households over $250,000

          What I'm against is letting the Repugs control the narrative and set the policy.  They would cut benefits, and cut taxes on the wealthiest.  Just as the Mittstake promised.

          Europe's austerity programs are not working.

          America's stimulus did work.

          But we can only spend money by borrowing it.  The USA can still borrow.  It is much harder for the Euro Zone countries to borrow.

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