Still Paying for Obama's Overspending

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I am working on my master’s degree and classes are starting back, so I will not have time to keep reading to try to figure out why a liberal’s mind does not work properly. I am glad Hedges looks up all of the info he does, I can’t put in the time. But, I have to respond to the tax the wealthy crap. There were 8240 people in the US who made over $10,000,000 (ten million). If they were taxed a full $10,000,000 each that would bring in $82,400,000,000 (eighty two billion, four hundred million). Guess what, our total debt is $14,500,000,000,000 (fourteen trillion, five hundred billion). So stealing almost their entire income would serve the same purpose as paying 57 cents on your $100 credit card bill. Do you understand? We have a spending problem. Taking the $10,000,000 from each of the 8240 people would not even come close to paying for Obama’s waste of money stimulus. We have to drastically cut spending. The higher tax rates on the people who have the ability to create jobs only makes liberals feel good, it serves no real purpose. We have one of the highest corporate tax rates in the industrialized world. We would be better off to charge no corporate taxes and then we would have business investment from all over the world here. But because most people have heard corporate welfare, pay their fair share etc., it would be twisted by democrats and the media and it would be political suicide, no matter how much it would actually help the economy, and how many people it would put to work. I wish democrats would operate on logic and not emotions.

kewaal of GA 8:46PM August 15, 2011

In real IRS government revenue numbers (not projections):
“According to the non-partisan Congressional Budget Office (CBO), the Bush tax cuts actually shifted the total tax burden farther toward the rich so that in 2000-2004, total income tax paid by the top 40% of income-earners grew by 4.6% to 99.1% of the total.”
http://www.americanthinker.com/2010/03/lying_about_bushs_tax_cuts.html
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other STUFF:
“The Kennedy tax cuts”
"President Kennedy proposed across-the-board tax rate reductions that reduced the top tax rate from more than 90 percent down to 70 percent. What happened? Tax revenues climbed from $94 billion in 1961 to $153 billion in 1968, an increase of 62 percent (33 percent after adjusting for inflation)."
“The Reagan tax cuts”
“ President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation)."
"The 1993 Clinton Tax Increase Did Not Lead to the Budget Surpluses of the Late 1990s"
"Since the Clinton Administration’s own numbers reveal that the 1993 tax increase was a failure, we have to find a different reason to explain why the budget shifted to surplus in the late 1990s."
"Fortunately, there’s no need for an exhaustive investigation. The Historical Tables on OMB’s website reveal that good budget numbers were the result of genuine fiscal restraint. Total government spending increased by an average of just 2.9 percent over a four-year period in the mid-1990s. This is the reason why projections of $200 billion-plus deficits turned into the reality of big budget surpluses."
"To sum things up, it turns out that spending restraint and lower taxes are a recipe for good fiscal policy. This second chart (click to enlarge) modifies the first chart, showing actual deficits under this small-government approach compared to the OMB and CBO forecasts of what would have happened under Clinton’s tax-and-spend baseline."
http://biggovernment.com/dmitchell/2011/02/10/the-1993-clinton-tax-increase-did-not-lead-to-the-budget-surpluses-of-the-late-1990s/

Bill Hedges of MO 4:05PM August 15, 2011

I am a deficit hawk - have been one since I was 18. My father and I used to argue about the Federal deficit. Using Obama as the boogey man may make Republicans feel better, but it won't solve our problems. Trying to blame everything on him only distracts us from the real work.
I believe that our current deficit problem (not the long range problem, which must be addressed once we are in recovery) comes from three issues: 1) Attempting to wage two wars on credit with no plan on how to pay for them; 2) An economic disaster brought on by marketing sub-prime mortgages as if they were investment quality - recessions ALWAYS result in an increase in the deficit; 3) A systematic effort by the Right to dramatically reduce taxes for the wealthy without thinking about the correct way to reduce taxes - there have been so many loopholes added to the tax code that our tax revenue, as a percentage of GDP, is one of the lowest in the developed world.
A tax loophole has the same effect on the Treasury as a subsidy. It may be easy to say you want to keep taxes down to create jobs, but lets view some of the loopholes as if they were subsidies. Should the tax payers really subsidize race horse breeders? What, are they going to hire more people to clean stalls? Should the tax payers really subsidize corporations investing in new manufacturing capabilities in other countries? How does that help us?
At the very least, lets shift where our loopholes are. Eliminate every loophole that doesn't directly help us get out of this recession. If you want to remain revenue-neutral then provide tax deductions/subsidies that help us get on our feet. They should only be available for investing in this country, hiring people in this country, improving the infrastructure of this country, etc.
And please, stop pretending that Obama is the root of all problems. That is a smoke screen to keep us from addressing the real issues. Congress are the ones who passed the bills to spend the money. Congress are the ones who pandered to lobbyists and anyone with a deep pocket. Replacing Obama, without changing the priorities of Congress (Democrats and Republicans) will have no benefit.

Ron Albury of OH 3:31PM August 15, 2011

To pay for Obamas goverment and spending NOW !!! Work until Aug. to pay your taxes and the cost of goverment , 8 months for them , 4 for me . And I'm not paying my " fair share " ??

Hunter of WI 8:55AM August 14, 2011

If Democrats did not mean it, why did they pass it and not reduce by amount they spent ???
Was it passed merely for SHOW ??? That will look good to voters. Then, remember Nov. 2, 2010 ??? IF DEMOCRATS FOLLOWED THREW with their PAY AS YOU GO, NONE OF THIS WOULD HAVE HAPPENED.
OR:
"Why Didn’t Democrats Raise The Debt Ceiling Last December?"
"I want the Republicans to have some buy-in on the debt,” he said. “They’re going to have a majority in the House. I think they should have some kind of a buy-in on the debt. I don’t think it should be when we have a heavily Democratic Senate, a heavily Democratic House and a Democratic president."
Harry Reid
http://www.outsidethebeltway.com/why-didnt-democrats-raise-the-debt-ceiling-last-december/

Bill Hedges of MO 1:14AM August 14, 2011

The republican house has done nothing but sabotage, subvert , and obstruct. They remind me of a cult of stupidity.

Pin Oak of CO 1:03AM August 14, 2011

"Understanding Obama, Why Nothing is His Fault"
From Toby's Hub
"As President of the most powerful nation on the planet, for now, Obama is the epitome of leadership. He just has pathetic followers. In his own words":
"Obama blames struggling economy on earthquake in Japan" (Aug. 5, 2011)
"Obama blames 'messy' democracy for failed policies" (Aug. 3, 2011)
"Obama blames Congress for debt mess" (Jun. 29, 2011)
"Obama blames Republicans for slow movement on immigration" (Jul. 25, 2011)
"Obama blames media for lack of compromise in Congress" (Jul. 22, 2011)
"Obama blames struggling economy on technology" (Jun. 14, 2011)
"Obama blames speculators for high gas prices" (Apr. 19, 2011)
"Obama blames Reagan for out of control debt" (Apr. 13, 2011)
"Obama blames Bush of lack of fiscal discipline" (Apr. 13, 2011)
"Obama blames Bush for putting off tough decisions" (Aug. 17 2010)
"Obama blames Bush for current deficit" (Jun. 30, 2010)
"Obama blames Bush for deficit" (Jun. 8, 2010)
"Obama blames Republicans for Gulf oil spill" (Jun. 3, 2010)
"Obama blames Republicans for inability to solve problems" (Jun. 3, 2010)
"Obama blames corporations for current economic problems" (Jun. 3, 2010)
"Obama blames Bush for overall economic problems" (Apr. 19, 2010)
"Obama blames Bush and Congress for deficits" (Feb. 1, 2010)
"Obama blames Bush for current regulatory policies" (Jan. 17, 2010)
"Obama blames corporations for everybody's problems" (Jun. 3, 2010)
"Obama blames Bush for overall economic standing" (Apr. 19, 2010)
"Obama blames Bush and Congress for deficits" (Feb. 1, 2010)
"Obama blames Bush for current regulatory policies" (Jan. 17, 2010)
"Obama blames Wall Street for economic disaster" (Dec. 13, 2009)
"Obama blames Bush for current economy" (Sep. 27, 2009)
"Obama blames Bush for stifling unions" (Sep. 7, 2009)
"Obama blames Bush for lost jobs" (Jul. 22, 2009)
"Obama blames Bush for deficits" (Feb. 23, 2009)
"Obama blames Fox News for everything" (Oct. 8, 2008)
"Obama blames Fox News for loss in Kentucky" (May 6, 2008)
"Obama blames Washington for high gas prices" (Apr. 25, 2008)
"Obama blames press for rejected energy plan" (Apr. 25, 2008)
"So you see, none of this is Obama's fault. Why, it's as if he only became President last weekend. Obama knows absolutely nothing of being President. He only plays one on TV."
http://www.norcalblogs.com/gate/2011/08/like-hitler-blaming-others-is-obamas-favorite-poliutical-tool.php

Bill Hedges of MO 12:30AM August 14, 2011

The house purposely sabotaged the economy in hopes that they could topple Obama. It's the same strategy they have followed for three years. Subvert, sabotage, stall. As if bush didn't do enough damage , they have chosen to follow the same path of stupidity.

LiveOak of CO 11:09PM August 13, 2011

We lost AAA because you all did not want to reduce debt $$$ 4 trillion over 10 years. Senate has not passed a budget in over 800 days. Here is what YOU ACCOMPLISHED, with BIG LOSS NOV. 2, 2010:
"The CBO, a nonpartisan arm of Congress, projects that the national debt will go from $5.8 trillion in 2008 to $11.8 trillion by the end of 2013; and to $17.3 trillion in 2019. By that count, Gregg’s claim of doubling the debt in five years, tripling it in 10 years, is correct."
http://meetthefacts.com/tag/national-debt/
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YOU ALL PASSED _PAY AS YOU GO_. HAD YOU DONE, WE WOULD NOT BE IN THIS SITUATION.
WE ARE BRINGING BACK TO YOU, YOUR _ PAY AS YOU GO. BLAST FROM THE PAST...

Bill Hedges of MO 10:35PM August 13, 2011

You can deny all you want. Bush 's train wreck speaks for itself. We all know how we got here. And we can all see that the dumrumps in the house are following in bush's footsteps. The cult of stupidity has sabotaged our country.

PostOak of CO 10:27PM August 13, 2011