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Posted By Beau7890 9 months ago in Political NewsElections have consequences. President Obama’ s new budget represents a huge break, not just with the policies of the past eight years, but with policy trends over the past 30 years. If he can get anything like the plan he announced on Thursday through Congress, he will set America on a fundamentally new course.
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Beau7890
Truth rests on the mathematical reeds of the infinite and everything moves forward by order of the eagle riding pillion, while the genius of vegetable ...
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buckncindykill9 months ago
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Mr Krugman says:
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"Many will ask whether Mr. Obama can actually pull off the deficit reduction he promises. Can he actually reduce the red ink from $1.75 trillion this year to less than a third as much in 2013?"
This is how Obama proposes to do it:
1) On households making more than $250,000:
* $338 billion from turning back the Bush tax cuts.
* $179 billlion by reducing the limits on itemized deductions
* $118 billion by increasing capital gains taxes
Total: $636 billion/10 years
2) On evil businesses:
* $17 billion comes from bringing back the Superfund taxes
* $24 billion fromtreating tax carried-interest as income
* $5 billion by codifying "economic substance doctrine"
* $61 billion from repeal of the LIFO accounting practice
* $210 billion from international enforcement, reform deferral, other tax reform
* $4 billion - information reporting for rental payments
* $5.3 billion from excise tax increases on Gulf of Mexico oil and gas
* $3.4 billion from repealing the expensing of tangible drilling costs
* $62 million from repealing the deductions for tertiary injectants
* $49 million from repealing passive loss exceptions for working interests in oil and natural gas properties
* 13 billion by repealing manufacturing tax deductions for oil and natural gas companies
* $1 billion by increasing to 7 years geological and geophysical amortization period for independent producers
* $882 million through eliminating advanced earned income tax credit
Total: $353 billion/10 years
There are people who actually believe that Obama is going to succeed in his quest to return economic prosperity to our country through taxation (Paul Krugman is one). There are also people who believe that wet streets cause rain. These people are commonly called "idiots."-
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Beau78909 months ago
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Here's what happening. The government is giving money directly to businesses and to research to start businiesses. Hard to see how that doesn't create jobs.
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What I imagine you'd like to see is tax cuts to promote job growth through the wealthy, who may decide to create jobs with that money. In other words, an entirely unnecessary middle man.
The agenda is shifting. Get used to it. -
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flyonthewallzz9 months ago
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"These people are commonly called "idiots.""
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It appears that many of these taxes are pointed toward big oil.
Exxon pays out about .07% of its cash revenue towards taxes.
2007 revenue was $405 billion.
We are the third largest oil producer in the world and more than 60% of our local production is drilled on federal lands. We collect about $6 billion in royalties per year from it.
Most of the other oil producing countries collect a double digit percentage of their federal revenue from oil. We collect less than 1% of our revenue from it.
If any one thing where to be pegged as the thing that kicked of the global economic crisis(in my opinion) it would be the dramatic jump in the cost of energy. (lending money to minorities is a distraction.)
The president had the tools available to him. selling off less than 1% of the SPR has brought about a 30% drop in the price of fuel. Remember how prices dropped after Ivan? or the release after that pipeline broke? When oil topped $100 bucks a barrel we where buying it to fill the SPR, from Saudi Arabia at a rate of 70,000 barrels a day! It took an act of congress to stop the fill. And when the last of the contracted RIK oil was over in July of 2008 prices dropped.
But it was tooo late.
Google what economists had to say before we entered the war in Iraq. They predicted a spike in oil prices but figured we would not make the same mistakes we had before by not using the SPR to stabilize prices.
Folks saw the word "STRATIGIC" and figured it had to be for defense, while our forces where burning 350,000 barrels a day of the oil over there.
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beavith19 months ago
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when Krugman uses the word 'progressive', he means liberal.
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why can't he just say so?
i read it and wonder what's so good about the budget. its has nothing backing it up but hope. last night on NPR, the host asked the obvious question... what if the recovery doesn't kick in as projected? these numbers show a powerful recovery that we've never seem the likes of before. what happens if there isno recovery? the answer? "well the numbers will be worse."
duh.
if the recession slides further downhill over 2009, these numbers will be terrifying.
what also grinds me is his determination to pick out a minority and make them pay more than their fair share. (code word for class warfare). over in the gay365 thread, the locals are complaining that the majority shouldn't pick on the minority. i'm forced to agree.
what makes me laugh is the carbon tax bill of $650B. won't make anyone under $250k spend a dime on taxes? LOL! a carbon tax is the same as a VAT, only worse. its highly regressive and still lets the Gov't pick winners and losers, all the while punishing the middle and lower classes -those who can least afford it.
we're going to be picking up the pieces from this train wreck for decades unless cooler heads prevail.-
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flyonthewallzz9 months ago
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With all due respect.
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Who are the cooler heads?
There are not many Metrics that support the policies of the previous administrations.
There is a historical record that I have been studying, just lists of numbers put out by OMB and IRS or the census.
Looking at such numbers in as much of a color blind way as I can, many of the arguments about supply side or Laffer curve, or heritage foundation fall apart.
I know you are a smart dude Beavith and way more educated than I.
I know this may be inappropriate but I wonder if you would be willing to look at some comments I posted here.
http://www.propeller.com/story/2009/02/26/what-the...
If you have a chance...I would like to hear what you have to say.
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4thchance9 months ago
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Here ya go...
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Obama is now asking for nearly 4 trillion dollars for the budget. Do any of you have even the slightest clue to how much money 4 TRILLION DOLLARS is?
let me put (4 TRILLION DOLLARS) it into some perspective, if that's even possible to do.
lets say you had 4 TRILLION DOLLARS to spend. Lets say today you started spending 1 million dollars per day, EVERY DAY. 7 Days a week, 365 days a year. Can you guess how many years it would take to spend 4 TRILLION DOLLARS, if you spent 1 million dollars per day every day?...are you ready for this.....it would take roughly 12,000 years to spent 4 TRILLION DOLLARS at spending 1 million dollars per day! Don't beleive it, then do the MATH, you will see I'm correct. 12,000 FRICKIN' YEARS!
YES, this administration is completely INSANE! They are winging it, they have no idea what the F*** they are doing.
If all this spending does not work to get the economy going again, there's no way Obama can blame ANYONE but HIMSELF. They are saying, Obama will spend more money over the next few months, then any one man has ever spend before in the history of planet earth. So, go ahead a try to blame Bush if all this spending fails to help the economy. This is Obama's baby and no one else's.
God Help Us if it does not work. Since I'm part of this generation who is spending all this money. I'd like to take this opportunity to apologize to the next few generations for this HUGE financial burden we are placing on them. I'm so very sorry for what our president is doing to you. I REALLY AM TRULY SORRY!-
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Beau78909 months ago
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"If all this spending does not work to get the economy going again, there's no way Obama can blame ANYONE but HIMSELF." And if it works, you will continue to find reasons to claim he had nothing to do with it.
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Obama's putting his neck on the line, actually proposing something constructive rather than ciriticizing anyone who deviates from the policies that got us into this mess. When you or any other detractor has an opposing idea that is actually different from ([best zombie voice]: "small government...tax cuts...deregulate...") then we can talk.
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4cprocess9 months ago
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FTA
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"Right now the deficit is huge thanks to temporary factors (at least we hope they’re temporary)"
There's that magic word again "hope".
"But if and when the crisis passes, the budget picture should improve dramatically."
If and when?
"So if Mr. Obama gets us out of Iraq (without bogging us down in an equally expensive Afghan quagmire) and manages to engineer a solid economic recovery — two big ifs, to be sure — getting the deficit down to around $500 billion by 2013 shouldn’t be at all difficult."
More like two huge ifs when one considers the 17,000 marines that will soon get their marching orders.
"So we have good priorities and plausible projections. What’s not to like about this budget? Basically, the long run outlook remains worrying."
Keep in mind that the "priorities" and "plausible projections" are strictly coming from the same gang trying to sell us this snake oil.
In God We Trust -
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BB649 months ago
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Why are we jamming so much pork into this for alternative energy and claiming its for a stimulus? I think they should pull all but the projects that would assist in helping people find jobs and helping business create jobs. Energy plants, roads, light rail and the like take years sometimes decades to build. This isn't a stimulus, it's a pay off for the special interest groups who supported Barry.
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Beau78909 months ago
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Why do you not understand that giving money to alternative energy is a stimulus? It's the same as giving funding to any other technological industry--it is exactly what you'd like the government to do for other businesses.
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It will create jobs and help business. Why do you object to it?
Do you simply have a problem with focusing on moving away from fossil fuels that will run out to sustainable energy?
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