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View Diary: Naked Capitalism: $205 billion in obscured corporate subsidies in Fiscal Cliff bill (updated) (195 comments)

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  •  The net is not zero, isn't it an increase of 4T (3+ / 0-)
    Recommended by:
    bobswern, gerrilea, caul

    over the next ten years.

    •  Compared to projections on Dec 30 (1+ / 0-)
      Recommended by:
      Citizenpower

      it is zero.  Not going through the fiscal cliff, automatic sequester charade would have added $4 trillion over ten years to the debt.

      Doing nothing after midnight January 1 would have reduced the debt over 10 years by $3.97 trillion according to CBO.  The bill reversed that reduction, pulled in a little money from taxes on incomes over $400K and spent that savings on the doc-fix and farm bill provisions.

      50 states, 210 media market, 435 Congressional Districts, 3080 counties, 192,480 precincts

      by TarheelDem on Wed Jan 02, 2013 at 10:54:52 AM PST

      [ Parent ]

      •  So the net is that we are $4T deeper in debt (0+ / 0-)

        that we would have been if we just let them expire, that is the math I am interested in and so is Rachel Maddow.  She had a great segment on this tonite.  Everyone should watch and digest, these Tax Cuts whether they are Bush's or Obama's were/are a very bad idea.

        •  But that also means (0+ / 0-)

          That there would be a relatively quick $250 billion loss of government spending in the economy over the next 12 months in addition to what is already written into the continuation of the FY 2012 budget figures as the FY 2013 level until Congress wrangles again.  That loss of demand in the economy would depress revenue immediately and offset the projected savings and not make the demand for cuts disappear.

          Yes, they are a very bad idea.  We've been governed by bad ideas for approaching two decades now.  But $4 trillion in cuts for real is also a bad idea.  And sunsetting the middle-class tax cuts effectively would cut consumer spending as well.

          The system is broken because big money is calling the shots from K Street.  In both parties.

          50 states, 210 media market, 435 Congressional Districts, 3080 counties, 192,480 precincts

          by TarheelDem on Thu Jan 03, 2013 at 01:41:13 PM PST

          [ Parent ]

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