Posted on 03/14/2009 10:41:07 AM PDT by joygrace
Gregg says Geithner, “You said you’re controlling spending but you’re not. ..You’re not addressing the Spending.”
Gregg points out blow by blow the HYPOCRISY riddled through Obama’s Budget entitled ironically, “A New Era of Fiscal Responsibility.”
Greg writes, “The argument that this budget doesn’t have tax increases is, I think, an Alice and Wonderland view of the budget.”
-Raising the tax rate from 35% to 42%, eliminating deductions on mortgages and on charitable deductions. Small businesses will be feel the burden the most.
-“Cutting the debt in half in four years is truly spurious, because you take the deficit and quadruple it, and then you cut it in half, that’s like taking four steps back and two steps forward. You’re not making any progress. You’re still going backwards.”
-Raising “a massive sales tax, a national sales tax on everybody’s electric bill, especially people in the Midwest and the Northeast. And what do you do with that revenue? You don’t use it to contain the size of government. You use it to expand government.
There's a representation that 80 percent of the first $64 billion is going to go for your make work pay tax credit, but the next 20 percent goes to raise the size of the government. And then on top of that you're going to get another $200 billion potentially, and there's no representation of that coming back to taxpayers. In fact, there's specific language which makes it pretty clear that that's going to be used as walking around money for various constituencies that are interested in spending it.
They may be worthwhile constituencies, but it's a heck of a tax burden to put on the American people. And it represents a massive expansion in the size of government. I guess that's my big problem here.
(Excerpt) Read more at news.aol.com ...
The back and forth between Gregg and Geithner runs to about 45 minutes.
Geithner smiles like he is a school boy who has been called to the Principal's office (Senator Gregg). Geithner is lying through his teeth.
I trust Senator Gregg 100% more than I trust Geithner. I guess that goes without saying.
Gregg's written remarks can be found here: http://budget.senate.gov/republican/hearingarchive/OpeningStatements/2009/2009-03-12Geithner.pdf
Here is a workable link for Gregg’s remarks at the Budget meeting:
http://budget.senate.gov/republican/hearingarchive/OpeningStatements/2009/2009-03-12Geithner.pdf
He refers to the graphs a few times in his words with Geithner.
Thanks for this post. Go, Gregg.
But but but.....geitner is soooooooooooooo smart......senator gregg must be mistaken............./sarc OFF
Geithner grew up in the third world like Obama did.
They want all of our children to have the same “broadening” experience that they did.
Well put. Maybe I’m guilty of stereotyping, but he just reminds me of the typical MBA (Management by Accident) type that is running every Fortune 500 company, outsourcing jobs to China and India, screwing the people below them while sucking up to those above, and creating an artificial world of Excel charts rather than understanding what made these institutions great for many years before they were even born.
bttt
actually the three minutes before that is also important...tax criminal giethner basically makes the case that hannity, et al have been making- defaulting loans today and tomorrow has put us in the situation we are in- not the leveraging of these loans by banks....
bookmark
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.