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View Diary: Obama needs $1 trillion more in revenue (52 comments)

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  •  But if you don't spend on the right stuff . . . (2+ / 0-)
    Recommended by:
    HoundDog, WattleBreakfast

    Tax breaks on oil companies, tax breaks for $250,000-$450,000 income households, tax breaks for $1 million-$5 million estates, farm subsidies, military equipment that doesn't work, military commitments that don't work -- none of this stuff is economically productive.

    And what we appear headed for is indiscriminate cuts, as opposed to cuts that don't harm growth and new taxes and spending targeted to maximize economic growth.

    •  Great point. We need to be investing in (1+ / 0-)
      Recommended by:
      oregonj

      infrastructure spending that creates jobs in America.  And, for that we need additional revenues.

      Many are suggesting we simply run deficits and debts, and although there are problems with this approach as at some point it would become inflationary, it would be vastly better than where we are headed now.

      Because the GOP has said they will not extend the debt ceiling without a one for one matching dollars for dollars cut in spending.  They are not going to allow this scenario and until we retake the House, if ever, they hold the cards.

      We do not have the power to unilaterally defy the debt ceiling unless Obama reverses himself on that far out platinum coinage idea. Which I wouldn't oppose because of the tragic nightmare of suffering the GOP planned spending cuts, that we seem to have just endorsed, are going to cause.  

      But, Obama's advisors have told him the coinage idea would be unconstitutional, and if we did it to override the constitutionally specified House control of budget they may be right.

      Although, our lawyer can argue that the constitution also says our debt shall be sacrosanct and never defaulted upon, and we can argue that past expenditures that constitute the debt were authorized by the House as are the current expenditures.

      But, this is mute because Obama has said he isn't going down that road.

      I look forward to what road he plans to follow.

      His New Years Eve pronouncement suggested any further reductions of government spending should be matched by equal amounts of tax revenues which infuriated the GOP until they apparently decided what he says doesn't matter.

      He will apparently use his State of the Union speech and others to jawbone the House into go along with his plan.   Let's see how that works out.  Maybe the House GOP will come to see reason and the public will rally behind the President.

      He will be in a strong position politically on this issue this year.  But we may need 20 years in a row of such speeches until we take back the House and raise taxes enough to sustain progressive spending.

      The means is the ends in the process of becoming. - Mahatma Gandhi

      by HoundDog on Tue Jan 01, 2013 at 07:39:55 PM PST

      [ Parent ]

      •  More taxes are still on the table (1+ / 0-)
        Recommended by:
        LordMike

        The President was very clear on that in his statement on the Senate package yesterday:

        There’s more work to do to reduce our deficits, and I’m willing to do it. But tonight’s agreement ensures that, going forward, we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest Americans.  And as we address our ongoing fiscal challenges, I will continue to fight every day on behalf of the middle class and all those fighting to get into the middle class to forge an economy that grows from the middle out, not from the top down.

        "Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist."

        by oregonj on Tue Jan 01, 2013 at 07:46:16 PM PST

        [ Parent ]

        •  Yes, but isn't the tax deal good for 5 years? (0+ / 0-)

          The elevation of appearance over substance, of celebrity over character, of short term gains over lasting achievement displays a poverty of ambition. It distracts you from what's truly important. - Barack Obama

          by helfenburg on Wed Jan 02, 2013 at 05:10:44 AM PST

          [ Parent ]

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