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Economists: Deficit reduction requires both spending cuts and more taxes
ap ^ | 9-24-12 | AP

Posted on 09/24/2012 10:31:04 AM PDT by TurboZamboni

National Association for Business Economics recently surveyed say the country needs more fiscal stimulus through 2013, but by 2014 it should be time to throttle back. The reason for the delay: the sluggish nature of the country's economic recovery. A majority of the economists favor extending payroll tax cuts, current marginal income tax rates and current tax rates for dividends and capital gains for most or all taxpayers through 2013. Deep tax cuts that were passed under President George W. Bush expire at the end of December unless Congress takes action. At the center of debate: extending the cuts for everybody. or just households earning less than $250,000 a year.

(Excerpt) Read more at oregonlive.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: economists; increase; spending; taxes
Bush's fault.yeah, sure whatever. Most of those "Bush tax cuts" went to the middle class. Most of the new Obamacare taxes starting 2013 are ON the middle class.

Yet I guarantee if you added a "sunset provision" on the tax increases they want, these "economists" would oppose that ,too.

1 posted on 09/24/2012 10:31:11 AM PDT by TurboZamboni
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To: TurboZamboni

While we fight, how about a rule that freezes all departments so that during the interim, no one can spend more than they did last year.

We can’t even start with that...


2 posted on 09/24/2012 10:37:07 AM PDT by LachlanMinnesota
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To: TurboZamboni

KEYNESIAN ECONOMISTS PUSH COMMUNIST CENTRAL PLANNING


3 posted on 09/24/2012 10:37:15 AM PDT by LibLieSlayer ("if it looks like you are not gonna make it you gotta get mean, I mean plumb mad-dog mean" J. Wales)
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To: TurboZamboni

No one has the guts to call for DEBT reduction. If your goal is mearly a reduction in the growth rate of debt then we are doomed.


4 posted on 09/24/2012 10:37:26 AM PDT by DManA
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To: TurboZamboni
Economists: Deficit reduction requires both spending cuts and more taxes

Notice the story does not actually give any hard data on this. It merely claims this is what the Economist said. So did the economist actually say this or is this the political spin the Associated Propaganda reporter added on it?

5 posted on 09/24/2012 10:38:57 AM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: TurboZamboni

Deficit reduction requires responsible spending, i.e., massive spending cuts - it is impossible to tax at a high enough rate to match Obama’s massive spending binge. Start with Bill Clinton’s last budget, scale it up for population growth and inflation, and then require individual votes on any line item with more spending than the scaled values from Clinton’s last budget. I’d consider even that budget to be too wasteful, but at least it would be a far better starting point than what we have today.


6 posted on 09/24/2012 10:39:17 AM PDT by Pollster1 (Freedom is never more than one generation away from extinction. - Ronald Reagan)
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To: LachlanMinnesota

good old baseline budgeting...


7 posted on 09/24/2012 10:40:00 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: MNJohnnie

I’d like to see the survey, the actual wording of the question(s) asked, and what(if any) options were...was it a 2 option question?


8 posted on 09/24/2012 10:41:54 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: TurboZamboni
There's nothing magic about the Laffer Curve, and nothing you can do to escape its truth.


9 posted on 09/24/2012 10:44:32 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: E. Pluribus Unum

probable highly technical j-school economic survey question:

should we reduce the deficit by:
A) increase taxes (mosty on rich)
B) cut spending
C) do both


10 posted on 09/24/2012 10:45:58 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: TurboZamboni

The Republicans tried to make that deal with Democrats, Tax increases for spending cuts, but of course the Democrats had no intention of cutting spending, it’s what cost HW his job.


11 posted on 09/24/2012 10:46:13 AM PDT by dfwgator (I'm voting for Ryan and that other guy.)
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To: TurboZamboni

Tax increases will hurt the economy and would be counterproductive to reducing the deficit


12 posted on 09/24/2012 10:46:59 AM PDT by GeronL (http://asspos.blogspot.com)
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To: TurboZamboni

The easiest way to reduce the deficits is to get the 25% unemployment back down to 5%.

That will boost government revenues while it cuts government outlays.


13 posted on 09/24/2012 10:55:13 AM PDT by DannyTN
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To: DManA; E. Pluribus Unum

No one has the guts to call for DEBT reduction. If your goal is mearly a reduction in the growth rate of debt then we are doomed.
= = =
There’s nothing magic about the Laffer Curve, and nothing you can do to escape its truth.
///
exactly!
we need to cut spending AND cut taxes. back to 19% of GDP at least.
when the last true “Tea Party” president had a recession worse than Obama’s, he fixed it in less than 2 years,
with drastic spending cuts, and LOWER taxes:
-
http://www.lewrockwell.com/orig4/powell-jim4.html
=
America’s Greatest Depression Fighter
=
With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat.


14 posted on 09/24/2012 10:56:22 AM PDT by Elendur (It is incumbent on every generation to pay its own debts as it goes. - Thomas Jefferson)
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To: TurboZamboni

Right now you can’t do either.

Too many people without jobs. Too many people dependent on the government tit.

Right now, you unleash the economy. Totally. End nearly all the federal agencies. Right now we need energy, coal production, nuclear, oil, gas, you name it. Remove all federal taxes from corporations and businesses. Get gasoline and diesel down to $1 a gallon. Get factories back to America. Get people working. No more free trade.


15 posted on 09/24/2012 10:57:47 AM PDT by Dogbert41 ("...The people of Jerusalem are strong, because the Lord Almighty is their God" Zech. 12:5)
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To: TurboZamboni
Economists: Deficit reduction requires both spending cuts and more taxes

This is a great idea, lets phase it in. Phase 1, ten years of spending* cuts. Phase 2, ten more years of spending* cuts. Phase 3, review to see if tax increases are prudent.

*Spending cuts is defined as less money than the year before. This clarification was added due to the fact reductions in rate of increased spending are often mis-labeled as "spending" cuts in Washington, which is not true in any normal, intelligent, reasonable interpretation.

16 posted on 09/24/2012 10:59:21 AM PDT by !1776!
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To: TurboZamboni
(A) Plank #3 of Karl Marx's Communist Manifesto advocates a highly graduated income tax, AKA "tax the rich." But I can't call you a Communist because that would be insulting, right?

(B) You can't cut spending enough to make a difference. The overwhelming majority of the budget is in entitlements.

(C) Doesn't matter. We've reached the tipping-point. Government-worshippers have got a deadly surprise coming soon: the government is not your friend.

17 posted on 09/24/2012 11:05:10 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: GeronL

You have to laugh that the same Leftist who say we can reduce smoking by raising cigaret taxes turn around and claim raising income taxes has no economic impact.


18 posted on 09/24/2012 11:08:54 AM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: MNJohnnie
yep. higher income taxes are never seen by leftists as a disincentive (AKA "punishment") for work.
19 posted on 09/24/2012 11:14:51 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: LibLieSlayer

These are the Paid off Economist just like the Paid off Journalist, all are puppets of the left with the one refrain Statism uber Alles!


20 posted on 09/24/2012 11:31:08 AM PDT by iopscusa (El Vaquero. (SC Lowcountry Cowboy))
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To: TurboZamboni

GOOD!

Because “more taxes” DOES NOT MEAN HIGHER TAXES!!!!!

More Tax REVENUE, is generated by LOWERING TAXES, or CONFIDENCE TAXES ARE NOT RISING!!

The year for HIGHEST FEDERAL INCOME TAX REVENUE was in 2007, under the CURRENT TAX RATES!!!

Currently, Federal Revenue IS DOWN, DUE TO FEARS ANY INCREASE IN INCOME PRODUCTION WILL BE STOLEN TO BUY VOTES!!


21 posted on 09/24/2012 12:09:31 PM PDT by G Larry (Which of Obama's policies do you think I'd support if he were white?)
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To: GeronL

AP is trying to confuse 2 issues;
1. deficit reduction and
2. “the sluggish nature of the country’s economic recovery”

What did the economist say would improve the economy?

What would business owners say would improve the economy?

vs What would pay down Obama’s debt?


22 posted on 09/24/2012 1:02:06 PM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: MNJohnnie
...and smoking is pleasurable,how many people say the same of their job?
23 posted on 09/24/2012 1:10:14 PM PDT by TurboZamboni (Looting the future to bribe the present)
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To: iopscusa

Very true!

LLS


24 posted on 09/24/2012 4:35:27 PM PDT by LibLieSlayer ("if it looks like you are not gonna make it you gotta get mean, I mean plumb mad-dog mean" J. Wales)
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