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View Diary: Rallies against austerity on Tuesday (118 comments)

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  •  Have you seen this? (1+ / 0-)
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    Matt Z


    The Greatest Transfer of Wealth in History and we want our money back.

    •  That SUPPORTS what I am saying (0+ / 0-)

      All of those tax breaks add up to less than $100 billion a year.  Far less.  

      Our annual deficit is over $1.5 trillion a year.  $100 billion doesn't make a dent, much less bring it down to what the Obama administration calls "sustainable levels."  

      We absolutely, absolutely are going to have to increase revenue, by taxing the rich more, by increasing the revenue from the corporation income tax, and (most likely) by raising taxes on everybody else some as well.  Even if we do that, we are ALSO going to have to cut spending to bring the deficit down to those "sustainable" levels.  

      Any reasonable person knows it is going to have to be a combination of all of that.  

      •  What about the greatest transfer of wealth (0+ / 0-)

        that just happened?

        •  What about it? (1+ / 0-)
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          Yes, I know the statistics.  I'm talking about what's going to be necessary for the federal government to bring the deficit down to what the Obama administration calls "acceptable levels."

          There's going to be an increase in taxes on the rich.  But increases on two-income families of $250,000 and more -- well off, certainly, but not the uber rich like hedge fund managers and CEO's -- back to the highest levels that income group has ever paid (the Clinton rates) (see the CBO data in my other post) raises only $70 billion.  A millionaire's surtax AND elimination of those oil company tax breaks together is only another $50 billion.  

          We have an annual deficit of $1.5 trillion.  

          Taxes on the rich will go up.  But spending will have to be cut as well.  

          •  Wouldn't it come down to acceptable levels (0+ / 0-)

            if TARP was paid back?  Why isn't that being discussed?  Why is that just water under the bridge?  

            I have to think that bringing the deficit down with all the robbers getting a free ride is impossible.  If we do bring it down and have a surplus, they will just rob us again.  I can't get all excited about working hard to bring the deficit down.

            •  The TARP loans to banks (1+ / 0-)
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              Have been nearly all paid and are likely to be profitable for the US. It's the non bank loans that are the problems. In those companies the feds have effective control and hopefully can minimize the losses to taxpayers. All of the companies who received TARP loans who have returned to profitability have paid off their loans.

              "let's talk about that"

              by VClib on Tue Mar 15, 2011 at 06:47:38 AM PDT

              [ Parent ]

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