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burmangabriel

Fiscal cliff: Obama, Boehner trade proposals - 1 views

www.abc15.com/...-obama-boehner-trade-proposals

Gabriel Ami trade proposals obama cliff

shared by burmangabriel on 12 Dec 12 - No Cached
  • prevent economy-damaging tax increases on the middle class at year's end, conferring by phone after a secretive exchange of proposals.
  • to reduce his initial demand for $1.6 trillion in higher tax revenue over a decade to $1.4 trillion
  • The longer the White House slow-walks this process, the closer our economy gets to the fiscal cliff," he said, declaring that Obama had yet to identify specific cuts to government benefit programs that as part of an agreement that also would raise federal tax revenue
  • ...14 more annotations...
  • attempts to avert a "fiscal cliff," across-the-board tax increases and cuts in defense and domestic programs that economists say could send the economy into recession
  • numerous proposals Obama has made to cut spending, including recommendations to cull $340 billion from Medicare over a decade and an additional $250 billion from other government benefit programs
  • Republicans "sent the White House a counteroffer that would achieve tax and entitlement reform to solve our looming debt crisis and create more American jobs
  • a deal to prevent damage to the economy,
  • Republicans struggle with Obama's demands to raise taxes, but Reid has privately told his rank and file they could soon be feeling the same distress if discussions grow serious on cuts to benefit programs
  • we need to strengthen Social Security, we need to strengthen Medicare for future generations, the current path is not sustainable because we've got an aging population and health care costs are shooting up so quickly
  • Republicans want to curtail annual cost-of-living benefits for Social Security and other government benefits, as well as raise the age of eligibility for Medicare from 65 to 67 beginning at some point in the future
  • president seems to think that if all he talks about are taxes, and that's all reporters write about, somehow the rest of us will magically forget that government spending is completely out of control and that he himself has been insisting on balance,
  • Obama's plan would raise $1.6 trillion in revenue over 10 years, in part by raising tax rates on incomes over $200,000 for individuals and $250,000 for couples. He has recommended $400 billion in spending cuts over a decade.
  • seeking extension of the Social Security payroll tax cut due to expire on Jan. 1, a continuation in long-term unemployment benefits and steps to help hard-pressed homeowners and doctors who treat Medicare patients
  • Obama last year signed legislation to cut more than $1 trillion from government programs over a decade, and was proposing $600 billion in additional savings from benefit programs.
  • health care law that Obama signed into law showed savings of $100 billion. Much or all of that funding came from Medicare, even though Obama's aides insisted during his successful campaign for re-election that he had not made any cuts in that program
  • Boehner's plan, in addition to calling for $800 billion in new revenue, envisions $600 billion in savings over a decade from Medicare, Medicaid and other government health programs as well as $300 billion from other benefit programs and another $300 billion from other domestic programs.
  • It would trim annual increases in Social Security payments to beneficiaries, and it calls for gradually raising the eligibility age for Medicare from 65 to 67, beginning in a decade
  • burmangabriel on 12 Dec 12
     
    1) Which proposal do you think is better? More cuts or more taxes 2) Do you think that going off the "cliff" is less detrimental than picking the other parties proposal?
  • Aron Joshua Tolentino on 14 Dec 12
     
    1.) More taxes because people in the lower bracket income won't get affected as much. Thus, not further hardening their way of life. 2.) No. they believe the measures negatively affect them. It would affect defense spending, domestic spending and taxes negatively. All the citizens of america will get affected. No exceptions.
  • Samson Luong on 17 Dec 12
     
    1. I believe more taxes would benefit the economy more because it would be geared more towards the higher income earners that have the foundation to deal with the taxes opposed to the lower incomes earners that already struggle. 2. Not exactly because going off the "cliff" affects several important factors such as federal tax, boarder tax, domestic spending, etc. Thus, it would seem that going off the "cliff" serves the economy and citizens more negatively than siding with the other parties' proposal.
Erica Yeo

Canadian Consumer Debt Poses Recession Risk, Moody's Analytics Report Says - 0 views

www.huffingtonpost.ca/...-debt-recession_n_1861056.html

consumer debt canada challenges huffington

shared by Erica Yeo on 16 Jan 13 - No Cached
  • With Canadians so deep in debt, it would be extremely difficult for domestic spending to pick up slack in the economy if things started to go downhill. That could result in a serious downward spiral in employment levels, household spending and the quantity and quality of credit outstanding, the report says.
  • "Households are spending money they assumed would be coming, then they realize they've run over the cliff because income from exports from these trading partners is not materializing and that's translating to weaker jobs.
  • domestic consumption is usually the more steady contributor to economic growth compared to exports and investment. But this time, household debt is out of control.
  • ...2 more annotations...
  • Slowing income growth, coupled with a coming rise in interest rates
  • debt service costs will start to eat up a bigger portion of their take home pay, the report says.
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