Huffington Post’s Stein Suggests GOP Budget ‘Would Actually Hinder the Recovery Effort’
Appearing as a guest on Thursday’s Last Word with Lawrence O’Donnell on MSNBC, the Huffington Post’s Sam Stein suggested that the budget plan that the House Republican leadership is trying to pass would harm the economy, and, as if the government did not take in lots of tax revenue already, referred to the absence of a tax increase as "no revenues." Stein:
It’s going to be a bill with no revenues in it. It will be a bill that if you're a Keynesian economist or just a general economic observer you would think would actually hinder the recovery effort. So, you know, let's not overplay the Democratic victory that seems possibly at hand at the last moment here because this legislation is very much a Republican-drawn bill.
Below is a transcript of the relevant portion of the Thursday, July 28, Last Word with Lawrence O’Donnell on MSNBC:
LAWRENCE O’DONNELL: Sam, as we all know, the truth of how governing is done in Washington, is that when nothing seems to be happening to us, or nothing is happening in front of our cameras, that's when something interesting is happening, because it all happens in the room behind closed doors. Sam, I want to go to you on the issue. There's a group that has not been heard from lately at all. That is House Democrats. They are the ignored force in this dynamic. What are they feeling as they watch the President reach out and accept the possibility of a Reid bill moving that has absolutely no balancing tax revenue in it to balance the spending cuts? The debate seems to move and shift every day in a way that doesn't ever consult with House Democrats.
SAM STEIN: Yeah, and it's ironic because, in the end, they're, or a portion of that caucus will end up making the deciding vote, in all likelihood. And one of the points that’s worth, not, you know, we don't want to lose this point because this is probably the overwhelming point, which is that while the Democrats may seem poised to win this last-minute standoff with John Boehner who’s having troubles with members of his own party. You know, in the broader theme, in the broader war, it's very much a war drawn on Republican turf. And regardless of what actually gets passed, it's going to be a bill that slashes about $1 trillion plus or minus a few hundred billion from the government spending roles in the next 10 years. It’s going to be a bill with no revenues in it. It will be a bill that if you're a Keynesian economist or just a general economic observer you would think would actually hinder the recovery effort. So, you know, let's not overplay the Democratic victory that seems possibly at hand at the last moment here because this legislation is very much a Republican-drawn bill.
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Comments
In the long tradition of
Submitted by robert108 on Fri, 07/29/2011 - 2:41am.
In the long tradition of leftists saying the exact opposite of what is true, the Dems are deathly afraid that fiscal conservatism will revive obama's sick economy, thus revealing all of their lies about economic matters.
THIS IS FEAR MONGERING 101
Submitted by OldJarhead77 on Fri, 07/29/2011 - 9:23am.
Chapter 1 LIE!!!!
Spending to a liberal is like ...
Submitted by HelloDare on Fri, 07/29/2011 - 3:52am.
alcohol to an alcoholic.
Old and stale: "taxes." New and hot: "revenues."
Submitted by motherbelt on Fri, 07/29/2011 - 6:51am.
Isn't it amazing how, like teens imitating the cool kids, liberals immediately pick up on the new words?
It’s going to be a bill with no revenues in it.
Its no longer homosexual or
Submitted by Dan The Man 2 on Fri, 07/29/2011 - 7:38am.
Its no longer homosexual or queer but "gay"; no longer murder or abortion but women's health. Make words palatable or even desirable to the public.
No longer Republicans
Submitted by ThisnThat on Fri, 07/29/2011 - 10:25am.
instead -- Radicals
Why don't we have any Republican stand up and tell dirty Harry: "Senator, we are elected representatives of the people. We are not radicals; children; or reckless. Stop your rhetoric, and address us with respect and dignity when you are on the floor of the Senate. Or simply don't say anything at all. Save your name-calling and mis-characterization for the cameras outside the Capital building."
__________
“Didn't win the Medal of Honor? Didn't even serve? Then lie about it. We'll support you." — 9th Circuit Court
And we can see. . .
Submitted by rickbren on Fri, 07/29/2011 - 8:00am.
. . . how well Keynesian economics has worked so far. Heard about a study of past recessions done 38 months after it started. Since WWII employment has risen, on average, by 3.7% within 38 months. In the last 38 months, Barry's employment has dropped almost 5%!! But then I guess we don't need to worry about all 23 readers of the Huffed Post. . .
Every dollar the Government spends
Submitted by c5then on Fri, 07/29/2011 - 8:02am.
Is either taken directly out of the GDP via taxes or is borrowed and adds to the interest payments wich have to be taken out of the GDP through taxes. On top of that, the Government's overhead is about 30-40%...so for every billion taken out of the GDP in taxes, there is only about $600 million available to be put back into the economy wherever the Government thinks it might do some good. Then there is the track record of the Government's decisions on what helps and what doesn't. Lets be generous and give them a 50% hit rate. So.... they take out $1 billion and have $600 million to "reinvest", and only $300 million actually does any good.
That is a terrible way to try and "stimulate" the economy. A better way is just to reduce taxes by $600 million from the start. Youve already left 2 times the amount in the economy for people to start using themselves on all sorts of stimulus that the Government would never think about.
I think that liberals became that way because they couldn't understand economics.
Madison and Jefferson and Franklin built a Republic - Roberts killed it!
Due to the economic fact of
Submitted by robert108 on Fri, 07/29/2011 - 1:02pm.
Due to the economic fact of "crowding out", when govt spends our money, it simply displaces more effective private sector investment, even if the govt spending is intended to create any sort of economic activity. Mostly it's political payoffs, which don't help economic activity at all.
oops...double post
Submitted by c5then on Fri, 07/29/2011 - 8:02am.
I hate when that happens
Madison and Jefferson and Franklin built a Republic - Roberts killed it!
put down the crack pipe
Submitted by spepper on Fri, 07/29/2011 - 8:19am.
These "Huffing" commentators really should start putting down the crack pipe while attempting to write-- because it ALWAYS comes out as DRIVEL.....
What is the Real Agenda of Obama?
Submitted by Retired Geek on Fri, 07/29/2011 - 8:20am.
President Obama, what exactly will you choose to pay? What are your priorities?
The Government has $181.1 billion on average a Month revenue.
Monthly Obligations:
------------------------------
$17.2 Billion service of existing debt.
$52.9 Billion Social Security obligations.
$41.1 Billion Medicare obligations.
$52.7 Billion ALL Military Operations, the Wars, VA services, Military Families, Air Traffic Controller obligations.
This leaves $17.2 billion.
Barack Obama - what are your priorities - your real agenda?
Why are you threatening Senior Citizens and the Military?
Where's that money going to go each and every month?
http://thpatriots.blogspot.com/2011/07/ask-president-what-are-you-going-...
I am all for Bonehead and his
Submitted by ricklail on Fri, 07/29/2011 - 10:43am.
I am all for Bonehead and his gang cutting out some of 0bama's discretionary spending like the 330 million he is proposing next year for healthy eating. This is just one example. There are 100's more.
Stein and O'dummy
Submitted by adamsmith on Fri, 07/29/2011 - 8:47am.
O'dummy is an admitted Socialist( non thinking mouth breather) and Stein is a Communist. They all work for George Soros in one way or another. That's all folks.
What recovery effort are the Hufftards referring to?
Submitted by Dave. on Fri, 07/29/2011 - 8:49am.
There is no recovery effort going on anywhere in America, and certainly not in Washington, DC.
Our economy is being brought down deliberately, and if the people doing it aren't stopped very soon, we are going to hit the point of no return - if we haven't already.
The only way there will be any real recovery in this country is when whoever this clown of an impostor in the Oval Office has been thrown out of office, and his hideous, regressive taxes and regulations are thrown out with him.
Then they need to get rid of most of the hideous, regressive taxes and regulations that were in place before he crawled out from whatever slimy rock he was living under.
-Dave
Vote for the American in November
The recovery?
Submitted by bkeyser on Fri, 07/29/2011 - 9:08am.
Which one is that? The one that is zooming along at a sure-to-be-revised-downward pace of 1.3%? Yeah. Good call.
Is it any wonder...
Submitted by c5then on Fri, 07/29/2011 - 9:31am.
That after the "stimulus" was passed and the governemnt spent almost $1 trillion that it didn't have and couldn't collect the economy got worse?
It's time to do the opposite of what these Keynesian libtards are advocating. Don't raise the debt limit and let the Executive Branch have to prioritize all the spending it wants based on the revenue comming in. Regardless of what the Communist-in-Chief actually spends it on this will cause an immediate cut of $1.5 trillion to the current CR that the government is opperating under. Actually since this is Aug, it will be a $375 billion cut. But...using the DC magic math and counting that over 10 years, that is an immediate and permanent reduction of $3.75 trillion in spending.
So by doing nothing they can actually reduce spending, but by passing something they can only reduce the spending increase. Hmmmm. Why do we elect these idiots again?
Madison and Jefferson and Franklin built a Republic - Roberts killed it!
Good grief!!
Submitted by motherbelt on Fri, 07/29/2011 - 10:05am.
After two years of failure to revive the economy, they now want to pass the buck to Republicans if they don't vote for more of the same???
Yes, that sounds about right.
It's time Republicans steal the Democrats' signature talking point and start referring to the failed policies of the last two and a half years.
o'bama's re-election
Submitted by ThisnThat on Fri, 07/29/2011 - 10:13am.
They're acutally afraid that the GOP bill will hinder o'bama's re-election. That's why Reid, this morning, wants to move forward and pass something that won't be mentioned again until March, 2013. That gives o'bama time to get re-elected, and progressives time to party.
__________
“Didn't win the Medal of Honor? Didn't even serve? Then lie about it. We'll support you." — 9th Circuit Court
Words of wisdom from Ronaldo Maximus
Submitted by ricklail on Fri, 07/29/2011 - 10:39am.
We could say [Democrats] spend money like drunken sailors, but that would be unfair to drunken sailors. It would be unfair, because the sailors are spending their own money.
You would think SOMEONE on
Submitted by Van Halen on Fri, 07/29/2011 - 11:09am.
You would think SOMEONE on the Left would stand up and shout that this isn't working for them. That Obama and Liberalism is a giant failure. They haven't been able to do one thing right since he took office. Not one thing. But at Huff Po, there is where you'll find the craziest, bitter, America-hating, hardcore Leftists who will never come out of their Liberal bubbles.
TEA!
The Test....
Submitted by scout on Fri, 07/29/2011 - 1:22pm.
An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we will have an experiment in this class on Obama's plan"..
All grades would be averaged and everyone would receive the same grade so no one would fail and no one would receive an A....
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.
The second test average was a D! No one was happy.
When the 3rd test rolled around, the average was an F.
As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.
All failed, to their great surprise, and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed.
Could not be any simpler than that. (Please pass this on)
Remember, there is a test coming up. The 2012 elections.
House Democrats
Submitted by Radical1979 on Fri, 07/29/2011 - 3:25pm.
The reason that the dems in the House are ignored Larry, is that Obama's ego is so overwhelming that he doesn't feel they have anything to add to this. They are supposed to march in lockstep to whatever he wants. And the probably will.
If he could, Obama would be shutting out the GOP the way he did on health care. The only reason the GOP is involved in this is due to the election of the Tea Party which sent the message that Obama does not have a blank check.
I <3 the Tea Party!