Along with the tax increases, a discussion about the dems' strategy to point out the hypocrisy of gop for demanding dems' adhere to "pay as you go" for their spending, but not for the tax cuts. Their theme for the past few weeks has been "how are they going to pay for the tax cuts?" This perfectly points out the differences between the two parties. The GoP sees that money as belonging to the citizens and the tax cuts are not a gift to the citizenry bestowed by a benevolent Congress, rather it is the Congress saying we will learn to live within YOUR means and we will not take more of your money to support our increasingly out of control spending habit.
There's no "paying for" a tax cut. Or, as is actually the case, there's no paying for choosing not to make a tax increase.
From an analysis to be released today by economists Alan Blinder and Mark Zandi:
We find that the effects on real GDP, jobs, and inflation are huge, probably averting what would have been called Great Depression 2.0. For example, we estimate that, without the policy responses, GDP in 2010 would be about 6½% lower, payroll employment would be about 8½ million jobs lower, and the nation would now be experiencing deflation.
When we divide these effects into two components, one attributable to the various rounds of fiscal stimulus and the other attributable to the panoply of financial-market policies (including the TARP, the bank stress tests, and the Fed’s quantitative easing), we estimate that the latter are substantially more powerful than the former. Nonetheless, our estimated effects of the fiscal stimulus policies alone are very substantial: In 2010, real GDP that is about 2% higher, an unemployment rate that is about 1½ points lower, and almost 2.7 million more jobs…
Sounds like the White House has a new mantra: 8½ million jobs created or saved...
•Traitors at DOD or strategic leak?
ReplyDelete•Nation building in Afghanistan? Forgetaboutit!
•The upcoming tax increases and the 1099 debacle.
•The Obama family's perpetual vacation.
•What will the Democratic strategy be in November?
•Legislation that protects union campaign donations but prohibits corporate donations.
•Rachel Welch's new book "Rachel: Beyond the Cleavage".
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ReplyDeleteAlong with the tax increases, a discussion about the dems' strategy to point out the hypocrisy of gop for demanding dems' adhere to "pay as you go" for their spending, but not for the tax cuts. Their theme for the past few weeks has been "how are they going to pay for the tax cuts?" This perfectly points out the differences between the two parties. The GoP sees that money as belonging to the citizens and the tax cuts are not a gift to the citizenry bestowed by a benevolent Congress, rather it is the Congress saying we will learn to live within YOUR means and we will not take more of your money to support our increasingly out of control spending habit.
ReplyDeleteThere's no "paying for" a tax cut. Or, as is actually the case, there's no paying for choosing not to make a tax increase.
Rangel: Race relations reaching real rift!
ReplyDeleteRepublicans will take 80-100 seats in 100 days.
BP summoned over Lockerbie-Libya let-go: Legislators miffed that no one will show up, postponed.
http://www.theatlanticwire.com/features/view/feature/Mark-Levin-What-Is-a-Ross-Douthat-1686
ReplyDeleteHipsters? Upper class white trash or the new beat generation?
ReplyDeletehttp://christwire.org/2010/07/the-new-york-times-offends-outrages-with-its-hipster-agenda/
Some pretty funny stuff in there.
From an analysis to be released today by economists Alan Blinder and Mark Zandi:
ReplyDeleteWe find that the effects on real GDP, jobs, and inflation are huge, probably averting what would have been called Great Depression 2.0. For example, we estimate that, without the policy responses, GDP in 2010 would be about 6½% lower, payroll employment would be about 8½ million jobs lower, and the nation would now be experiencing deflation.
When we divide these effects into two components, one attributable to the various rounds of fiscal stimulus and the other attributable to the panoply of financial-market policies (including the TARP, the bank stress tests, and the Fed’s quantitative easing), we estimate that the latter are substantially more powerful than the former. Nonetheless, our estimated effects of the fiscal stimulus policies alone are very substantial: In 2010, real GDP that is about 2% higher, an unemployment rate that is about 1½ points lower, and almost 2.7 million more jobs…
Sounds like the White House has a new mantra: 8½ million jobs created or saved...
Your impressions of last evening's fundraiser with Gov. Pawlenty
ReplyDelete