NYT: Debt Ceiling Woes Caused By Bush Tax Cuts and GOP Refusal to Raise Revenues
The New York Times on Friday once again proved itself to have absolutely no clue how budgets work.
In its editorial "Negotiating the Debt Ceiling on a Knife's Edge," the Times - like so many other math-challenged "news" organizations in America today - blamed the current debt ceiling woes on the Bush tax cuts and Republican refusal to raise revenues:
Every fresh report of “progress” on the debt-ceiling talks produces new reasons to feel profoundly uneasy. The talks were misbegotten from the beginning, made necessary only by the irresponsible refusal of Republicans to pay the nation’s bills unless they got everything their way on government spending and taxes.
So the talks were "misbegotten" and only "made necessary" because the Republicans refuse to raise taxes?
This not only requires a willing suspension of arithmetic acumen but also a pre-schooler's knowledge of recent history.
The Democrats controlled both chambers of Congress and the White House for two years. In only one of those years did they propose a budget.
They chose to completely abdicate this responsibility in 2010 due to fears whatever they offered would hurt them at the polls.
What the Times and all of its Obama-loving brethren in the press have been ignoring is that this situation we're facing today was brought on by the failure of the Party they support to address this matter well before the clock approached midnight.
During his press conference last week, the President joked about his daughters - whatever their ages - getting their homework done a day before its due, and chided Republicans to do the same.
Yet it is him and his Party that have consistently dragged their feet on matters relating to the budget, a fact his press all too gladly continue to give him a pass for as they blame all the nation's fiscal woes on Republicans.
The Times on Friday was more than willing to do its part:
It is already clear that the Republicans have succeeded spectacularly in their insistence that the agreement be mostly about spending cuts rather than building back the money lost from the Bush tax cuts that was the principal cause of the deficit.
Ah yes. Our deficit problem is all because of the Bush tax cuts.
It has absolutely nothing to do with a 41 percent increase in spending since the Democrats took over Congress in January 2007.
The final Republican-created and Bush signed fiscal 2007 budget spent only $2.73 trillion. If we spent that this year, with projected tax receipts of $2.57 trillion, our budget would practically be balanced.
If the Democrats had only raised spending at the rate of inflation, the 2011 deficit would be $370 billion and we'd be nowhere near the debt ceiling.
Nevermind such inconvenient truths, Times readers. In the Gray Lady's strange world, eliminating the Bush tax cuts - which might raise $379 billion a year - completely wipes out a $1.5 trillion deficit.
Isn't it funny that the same people who accuse conservatives of being anti-science because they don't believe carbon dioxide is destroying the planet are anti-math?
And they have the nerve to call us the know-nothings.
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Comments
Obama is running against Bush in 2012
Submitted by Galvanic on Fri, 07/08/2011 - 9:57am.
Some Obama adviser has reportedly told him that high unemployment isn't going to be a big issue in 2012 (???!). Apparently that's because Obama will re-run his 2008 campaign against Bush as if nothing negative has happened on his watch.
GMTA, Galv
Submitted by Blonde on Fri, 07/08/2011 - 10:18am.
See my post, below.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
GMTA X2.....I just saw the
Submitted by motherbelt on Fri, 07/08/2011 - 10:23am.
GMTA X2.....I just saw the same thing on Drudge....
That's liberals for you...reporting their hopes and wishes as fact...
GMTAx3
Submitted by UpNorth on Fri, 07/08/2011 - 10:36am.
Just heard the same drivel from Plouffe on Fox News. So, us average Americans won't vote on unemployment, we'll base our vote on how we "feel". Yep, as long as we "feel" good about ourselves, and to hell with the neighbors, we'll all fall in line like good little Obamabots.
I think Plouffe must have gone to FSU
Submitted by Blonde on Fri, 07/08/2011 - 10:43am.
As we Gators are fond of saying....he's delusioNOLE.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Raise revenue = Hiking Taxes!
Submitted by Red Jeep on Fri, 07/08/2011 - 10:00am.
Newspeak 2011. What's this raise revenue garbage? Fundraising?
CW
Submitted by SLUGGO on Fri, 07/08/2011 - 10:01am.
If the Bush tax cuts expire and the tax code returns to Clinton years, wouldn't Bush be responsible for raising taxes by not making his cuts permanent?
Sluggo
George Bush must be blamed for everything.
Submitted by Red Jeep on Fri, 07/08/2011 - 10:07am.
It's all his fault. OK, Sluggo?
Aw, Sluggo, you've been
Submitted by motherbelt on Fri, 07/08/2011 - 10:37am.
Aw, Sluggo, you've been reading the Democrat memos again!
They already have a plan to label the end of the tax cuts as a "Republican tax increase."
Nice job pushing the talking points.
Sluggo
Submitted by Radical1979 on Fri, 07/08/2011 - 10:48am.
Bush wanted the tax cuts to be permanent but the only way to pass them at all was to make them temporary.
Try to think before you speak.
Not only thinking,
Submitted by SLUGGO on Fri, 07/08/2011 - 11:12am.
But thinking things through. Why do you suppose the tax cuts were temporary?
Sluggo
Did you read what Radical1979 wrote?
Submitted by Red Jeep on Fri, 07/08/2011 - 11:36am.
"...the only way to pass them at all was to make them temporary."
P.S. Radical1979 also wrote, "Try to think before you speak."
Just a WAG but,
Submitted by Agnostic on Fri, 07/08/2011 - 11:37am.
because the Repbulicans didn't have a super majority like the Democrats to push through all their legislation. How good has that worked out for the economy?
Think it through, SLUGGO
Submitted by CobraMan on Fri, 07/08/2011 - 1:03pm.
If the "Bush" tax cuts expire when Bush is no longer in office, how can Bush be held responsible? Remember, the original "expiration date" had come and passed. Remember that Dec 2010 extension bill, the one produced when the Democrats still had a majority in both Houses of Congress AND held the White House? Obama signed that extension bill, a bill that contains yet another "sunset date." Obama now owns that baby! If the next extension fails to pass, the resulting increase can only be called The Obama Tax Increase, according to your own argument, anyways. The question you really should be asking is: why didn't Obama make HIS tax cuts permanent?
The Citizens of each State shall be entitled to all Privileges and Immunities of Citizens in the several States. The US Constitution
Unless you're a fetus. The US Supreme Court
Or Anwar al-Awlaki.
Call them what they are....
Submitted by bigdaddy on Fri, 07/08/2011 - 2:40pm.
...They are the "Obama extended Tax Rates". BO took them over when he signed off on them 6 months ago. They have his actual signature on a piece of paper saying so and there were witnessess...
Bigdad....
Submitted by Blonde on Fri, 07/08/2011 - 2:56pm.
Why confuse poor little Sluggo with the facts?
He's a liberal. He knows the truth, the facts are a mere inconvenience (motherbelt's axiom).
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
So then
Submitted by SLUGGO on Fri, 07/08/2011 - 5:08pm.
Why do you suppose the debt ceiling was raised 7 times during Bush's presidency?
Sluggo
You tell us
Submitted by CobraMan on Fri, 07/08/2011 - 5:21pm.
You tell us, as you seem to already know the answer. Here's a clue: Democratic Majority in Congress.
The Citizens of each State shall be entitled to all Privileges and Immunities of Citizens in the several States. The US Constitution
Unless you're a fetus. The US Supreme Court
Or Anwar al-Awlaki.
That's not true at all
Submitted by SLUGGO on Fri, 07/08/2011 - 5:41pm.
From 2003 - 2006 Republicans controlled Congress. It's not debatable. And they raised the debt ceiling was raised 4 times during that period. Care to revise your answer?
Sluggo
Deep economic understanding from a paper...
Submitted by JohnMcGrew on Fri, 07/08/2011 - 10:03am.
...that's slowly going bankrupt just like the country.
All most liberals understand is taxing and spending, and when you are a hammer, every problem looks like a nail.
9.2%
Submitted by bkeyser on Fri, 07/08/2011 - 10:05am.
18k jobs added in June, April and May figures revised down a total of 44k. Bush's fault.
How can we fix this in 140 characters or less?
That's easy, BK
Submitted by Blonde on Fri, 07/08/2011 - 10:19am.
FIRE OBAMA AND ALL THE DEMOCRATS.
Fixed it in 27.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
The Lies from the Administration
Submitted by scottyusmc on Fri, 07/08/2011 - 10:07am.
- Spoken Through this Media Loadspeaker will be the end of the Great American Experiment.
The founders created a representative Republic and challenged us to try and hold onto it... This administration, its echo-chamber followers in the Lame-Stream-Media, and the weak-minded portion of the population that can't see past its next government handout are creatng the perfect storm and this house of cards will fall within the next generation...
The media is spinning faster than a Cat 5 hurricane
Submitted by Blonde on Fri, 07/08/2011 - 10:17am.
Trying to cover for this disaster that is the Obama economy. (Remember, little Debs said they "own it").
Top Advisors Say Unemployment Won't be Key in 2012. Say What?
And of course, the very bad May jobs number has been revised down, again, because the government guessed wrong. But what is the lede? Why jobs increased slightly in June, of course. (Well, until July, when the number will be downward revised, yet again, ug.).
Even the media can't spin this dismal brew into gold, and I suspect they now know it.
I sincerely hope the Republicans bring Marco Rubio to the table. Because he has the proper words, and he has framed this debate about "revenues".
We don't need new taxes. We need new taxpayers, people that are gainfully employed, making money and paying into the tax system. Then we need a government that has the discipline to take that additional revenue and use it to pay down the debt and never grow it again. That's what we should be focused on, and that's what we're not focused on.
The absolute meat of his argument is from about 3:50 to 10:00. THIS IS THE WINNER. If we stick to this argument, there is no amount of media spin and purposeful propaganda pushing that will allow Obama to win the debate. I urge everyone to listen to this segment of Marco's speech, and memorize it.
The sum total of the Democrats solution of millioinaire/billionaire, plane, and gas taxes will "fix" the deficit problem for exactly nine days and 23 hours!!!
I did the math the other day...if we take Obama's "plane" tax, and apply it to a hypothetical $1,000 "national debt", his plane tax will "save" $.75 over ten years!
These people are not serious. Time to get on the phones and the "internets" people....call and write your congressional representatives.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Wow, this really is a GMTA day!
Submitted by motherbelt on Fri, 07/08/2011 - 10:28am.
Can it be said any better and any plainer?
I don't think so!!
You're wrong about one thing, though, B...these people are serious as a train wreck!
Serious about their demagoguery, that is!
Don't you know, we can solve ALL our fiscal problems, just by raising taxes on the wealthy!!
And if that doesn't work, well who cares, because as Obama said about the capital gains tax, it's not about revenue, it's about "fairness."
And if anyone's not yet convinced (yes, I know I'm preaching to the choir) about Obama's plans, check this out...
Obama's plan for [not $5, like he admitted] but $10 gas.
serious as a train wreck all right
Submitted by jon_torlin on Fri, 07/08/2011 - 10:43am.
Yeah, they aren't serious about fixing things, but they sure as hell are serious about screwing up the country as much as possible, that's why it has to be intentional, they can't be THIS stupid.
That so-called idea of "weaning" people of "fossil fuels"(I hate that term, it's so wrong) is not even truthful, there's nothing practical to replace it with and all it will do in the end is turn us into a third world country. I mean, $10 for a gallon of gas is just plain absurd.(I don't care what Europe is doing, that's their problem)
I know Blonde's going to launch another "keep the faith" salvo at me for this :-) but I still can't believe people don't seem to get that this is deliberate on the part of the Dems. I can believe the stupidity of the Congressmen because of idiots like Shiela Jackson Lee, but those idiots don't seem to realize that if DatOne gets his way, THEY are screwed, not just the people they are trying to screw.
Amazing.
-Jon
Sorry, Jon, I'm fresh out
Submitted by Blonde on Fri, 07/08/2011 - 10:51am.
Take your frustration out on your Congress Critters. Daily.
And the Leadership. Daily.
We need to be heard, now.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Critter is Paul
Submitted by jon_torlin on Fri, 07/08/2011 - 11:46am.
My Congress Critter is Ron Paul, so no worries about that one.
-Jon
Hot Link Over Here, People
Submitted by Blonde on Fri, 07/08/2011 - 10:50am.
Just wow.
That is truly frightening to contemplate. $10 a gallon gasoline, can you say worldwide depression? Starving people, and not just in the 3rd world. Maybe even here.
The democrats are insane.
I would suggest printing that linked article out and giving it to every liberal idiot we encounter on a day by day basis.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
More stupidity
Submitted by Blonde on Fri, 07/08/2011 - 11:24am.
From Obama's remaining Economic Advisor.
Oh yes, and this....currently up on Drudge in red, as of now without a link:
"I'm ready to roll up my sleeves".......
GAH!
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
J - Millionaire/billionaire
Submitted by Model850 on Fri, 07/08/2011 - 4:05pm.
Oh. My. Gawd. I have grown to despise those two words. Every time I hear O of some other a$$clown Dem recite the "millionaires and billionaires" line, all I hear in my head is a squawking parrot in a pet shop:
AWK! Millionaires and billionaires! Millionaires and billionaires! AWK! AWK! Bush tax cuts! Millionaires and billionaires! AWK!
On a separate note I emailed my rep and asked him to sponsor a bill eliminating taxpayer-funded pensions for House and Senate members. Yeah, I know. Fat chance! I argued that serving in Congress was never intended to be a career and that being the case pensions are totally unwarranted. I went on to say that those so inclined still could serve a lifetime if they and their constituents so desired, and that the politician was free to contribute to a 401K-type plan but without any employer -- taxpayers -- contribution.
Haven't heard back on that one but I did send it just before the 4th so we'll see. Not expecting much back despite his being a TEA party supported freshman rep.
They don't understand that
Submitted by rob.man on Fri, 07/08/2011 - 10:19am.
They don't understand that cutting taxes mean the government sees more revenue. Maybe they need some history lessons.
The Media's phony 'Recovery Mantra' to prop up Obama
Submitted by cbeyer on Fri, 07/08/2011 - 10:24am.
The phony recovery
The Main Stream Media continues to talk about a recovery or variations there of. If this was on the watch of a Republican president, CBS, NBC, ABC and the other media outlets would be calling this a DEPRESSION. Lets consider the facts:
Unemployment is at 9.1% but..wait....its really at 17% if you consider the chronically unemployed.
The Housing market is at 50 year lows with foreclosures at all time highs with signs pointing to more loss in home values and fewer homes being built in the immediate future.
New business creation (the engine of the economy) is completely stalled
Energy prices are on the rise with no abatement in site. A mideast crisis which is inevitable will send prices through the roof. We have no energy policy with the Obama administration except 'go green'.....meaning continue to pay higher prices because the Administration through the radical policies of the EPA is stifling any new efforts to tap America's energy resources.
Government growth is off the charts adding to an insatiable demand for more revenue from tax paying citizens. We are now at the tipping point where the majority (those who pay little or no taxes) are voting with their wallets to extract more tax revenue from those who work and contribute to a bigger nanny state.
In spite of these facts, the media is still propping up Obama and will fiercely support him in the 2012 election cycle. Any Republican who attains the nomination to run will be sliced and diced the way Sarah Palin and Michelle Bachmann have been. It doesn't matter who runs. In the meantime the media will continue to be an extension of DNC talking points and a barrage of criticism of Republicans and the nominee while they continue to give Obama a loving pass as they always have.
The fact that our current economy continues to be referred to as in recovery (or even a weak recovery) proves my point. We are in a full blown recession with far more prospects for things getting worse than better. The dominant media which worships Obama will continue to pave the path to his reelection. Sadly, I think he will be here for a second term and America as we know it will be irreparably damaged.
"Callling a tail a leg doesn't make it one." -Lincoln
Submitted by motherbelt on Fri, 07/08/2011 - 10:39am.
"Recovery mantra" indeed. We are having a "growthless" recovery.
No growth, no jobs, but still a recovery.
Welcome to the Bizarro States of America.
Liberals know the truth. The facts are a conspiracy. -motherbelt's axiom
9.2%
Submitted by Free Stinker on Fri, 07/08/2011 - 10:53am.
Actually, unemplotement is now 9.2%
No way Obama gets re-elected unless we help him by nominating a weak RINO like Pawlenty, Huntsman, or Romney.
/// Sarah Palin Fan since July 11, 2007 /// خال
This time, the lie will not work.
Submitted by JohnMcGrew on Fri, 07/08/2011 - 3:30pm.
For the better part of the Bush presidency and long before the Fannie/Freddie meltdown, the media endlessly repeated the lie that we were in a recession. It took years, but finally worked.
However, attempting to create a recovery in the same manner just will not work. Lying about a recession worked because they were able to convince enough people who were doing well themselves that other people they didn't know somewhere else were not. But now that everyone is either someone who is un-or-under employed or personally knows others who are, the lie comes across false compared to the majority's reality, and cannot work. And convicing people who are not doing well that the recession is over because others are doing will is not convincing, and little solace if you are not doing well.
All the MSM is doing now is eroding what is left of their credibility.
Correction. The pic with this article shows 1+1=3
Submitted by Red Jeep on Fri, 07/08/2011 - 10:30am.
Wrong. 1+1= 11. (Democrat math)
That's the truth of the matter.
Submitted by Blonde on Fri, 07/08/2011 - 11:27am.
I have nothing else to add *ahem*.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Blonde
Submitted by bkeyser on Fri, 07/08/2011 - 12:22pm.
ahem ;-)
OMO! That is excellent BK
Submitted by Blonde on Fri, 07/08/2011 - 1:04pm.
You ought to e-mail it to Noel so he could use it as a screen cap.
And now I must shut down, my TSR's have me creeping along at a snails pace. BB in a bit.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Virginia Senator Mark Warner
Submitted by bkeyser on Fri, 07/08/2011 - 10:30am.
Virginia Senator Mark Warner was just on "Happening Now" on FoxNews claiming that historical revenues are "19-20-21%" [and we need to cut spending but we need to get revenues back up to that traditional level]. The only problem with that is the 40-year historical average is 18.3% and since 1934, has never reached 21% though it did touch 20.9% in 1944 and 20.4% in 1945. The only other time it reached 20% again was in 2000 when it was 20.6% of GDP.
Shame Hemmer didn't challenge him on that claim.
moved
Submitted by motherbelt on Fri, 07/08/2011 - 10:38am.
moved
So Obama's late again
Submitted by bkeyser on Fri, 07/08/2011 - 11:02am.
for another speech. I guess they're trying to formulate his words - poll testing "another road bump", "temporary headwinds", "inherited", "ditch and Big Gulps", etc. The only question that remains is: will Obama try to upstage the last Shuttle lift?
BK, I think
Submitted by UpNorth on Fri, 07/08/2011 - 11:15am.
that's what this was all about. Mustn't let the One be overshadowed by such a trifling thing like the last time the US will launch a shuttle.
But, he's worried about the million or so, construction workers unemployed. I wonder if he has any figures on how many of them are unemployed because of illegal immigrants, I'm sure Harry Reid can fill him in on how that works.
And, they've "created" two million jobs? In what parallel universe?
Up
Submitted by bkeyser on Fri, 07/08/2011 - 11:24am.
Well, I got the "headwinds" line right, and the inherited angle wasn't a big stretch to predict!I was really impressed with the "streamline the patent process" idea- I suspect once that happens, businesses will go online with hundreds, if not thousands of new hires within days. Sheesh. What a dolt. This is the best they've got to offer? Patent laws?
And there's the "live within our means while continuing to invest" garbage. Apparently we need spending cuts and a new stimulus to fix the problem.
And as a guy who's spent most of the last two decades in the construction industry, not everyone is a heavy equipment operator, and most roads only need a couple of flagmen, and digging holes to fill them back in isn't exactly progress -but to listen to these guys, manual labor is something anyone can do and if we could just put a million people to sit on a jersey wall, all our troubles would be over.
Is there a btter example of an ideology that's throughly out of ideas?
Yeah, in liberal-land
Submitted by UpNorth on Fri, 07/08/2011 - 11:30am.
it's live within your means, and spend, spend, spend.
And, I think Obysmal would be happy with new taxes and a stimulus. We all know it won't work, but they still think it would. What country can't afford to create jobs at the price of $278K per job created?
patent laws
Submitted by Agnostic on Fri, 07/08/2011 - 11:43am.
careful of this one. Imagine a system where the government was more involved. New ideas will sit on desks and then in court rooms for decades while each member of the alphabet soup gets a shot (EPA, FCC, DHS, TSA, Ministry of Truth). Just another way to put brakes on advancement.
When all around fails, refer to Bush.
Submitted by Hausmaus on Fri, 07/08/2011 - 7:55pm.
I just heard that there are billions, and billions of asteroids in an everlasting orbit between Mars, and Jupiter waiting for their chance to escape, and head directly to Earth. One of them passed very, very close to Earth not too long ago, and scared the crap out of well seasoned astronomers who keep close track of these stragglers. At the end of the day they coudln't find anybody to blame these wondering rocks, and since the name Bush came up several times, the decision was made from now on we'll blame everything with the potential of a cataclismic result on Bush. What the heck, bad economy-Bush, high unemployment-Bush, high gasoline prices-Bush, the dollar loosing its reserve status-Bush, housing market in the doldrums-Bush, the U.S. more divided than at anytime in its history-Bush, I got up this morning with a bad hang over headache-Bush, my colonoscopy didn't go well according to my doctor-Bush, my car's battery doesn't work-Bush, I ran over $25,000.00 on my visa card just for the hell of it-Bush, I was never taught the proper use of toilet paper-Bush, I rather get a monthly check from the government, and food stamps, than to work, work is too stressful-Bush, although I had plenty of opportunities to become something worthy in life, I decided that smoking pot, snorting coke, and drinking alcohol was much, much, better for me, now I'am in the "SHIETTER" with no ambitions, or the courage to lift myself up by the bootstraps-DEFINETELY BUSH, I love to blame everything that goes wrong no matter how large or small, insignificant, or absolute on somebody else, I cannot be at fault. The name Bush was my salvation, it make s me feel like I'm almost out of the "CRAPER".
Raise taxes to prior levels for the wealthy
Submitted by hayate1 on Sat, 07/09/2011 - 6:47pm.
After all, they were wealthy when taxes were higher and most of the nation was doing fairly well. Now the wealthy are very wealthy and the bulk of the nation isn't doing well. Correlation is not necessarily causation but at least it isn't dialectically opposed--raising taxes and prosperity. on the other hand, when the taxes were cut the nation as a whole did fairly well, but most all of that went to the top 5% or so. the rest didn't benefit. Again correlation is not causation per se, but to say that high taxes will hurt the economy is at odds with much of the data. Even during the Reagan years taxes were raised many times, in fact the largest tax increase in history was enacted during the Reagan presidency. How did the economy do then?
"Facts are not decided by how many people believe them. Truth is not determined by how loudly it is shouted."
What?
Submitted by bkeyser on Sat, 07/09/2011 - 6:55pm.
Please try that again.
Only difference, bk---
Submitted by matthewdean on Sun, 07/10/2011 - 9:07pm.
between hayate and a spammer is that a spammer knows he is spamming.
hayate thinks he is dropping pearls of wisdom.
MD
HUH?
Submitted by motherbelt on Sat, 07/09/2011 - 7:10pm.
Prior levels? Prior to what?
Dialectically opposed?
Might want to look that word up before you try again.
And regarding Reagan's tax increases, check this out
“Reagan signed into law the Tax Equity and Fiscal Responsibility Act in 1982 before the recession was even over and went on to sign 10 more major tax increases during his administration. By 1988 he had taken back half the 1981 tax cut.
So he still cut more than he raised, and taxes were still lower at the end of his term than when he started.
And these
Submitted by bkeyser on Sat, 07/09/2011 - 7:17pm.
Historical top tax rate
Historical Federal Receipts and Outlay Summary