Skip to main content

Home/ Politically Minded/ Group items tagged Bush tax cuts

Rss Feed Group items tagged

thinkahol *

Economic Scene; If taxes were lower, the economy would grow faster, right? Economists s... - 0 views

  •  
    AS Election Day approaches, serious discussion about economic policies is hamstrung by the devotion of both parties to reducing taxes. The big reason, of course, is that President Bush emphasizes tax cuts, including elimination of the estate tax, to the exclusion of almost everything else. The Democrats, in turn, hesitate to propose an economic plan that does not include long-term reductions for middle-income workers, and most refuse to talk about rescinding the Bush tax cuts for the wealthy. But the degree of misleading information emanating from both Washington and the media about how taxes affect the economy is disturbing. As I listen to the radio, watch TV news and read a variety of newspapers, it seems that quite a few Americans, including economics writers and media hosts, think that low-tax countries unquestionably grow faster than high-tax economies. Right and left, they seem to attribute more rapid growth in America to lower taxes. What may surprise them is that there is no evidence for that. ''You can make a theoretical case that high taxes impede economic growth, but it is just not supported by the evidence in the U.S. or across countries,'' said William Easterly, a former World Bank economist soon to join the faculty of New York University.
thinkahol *

Obama's "bad negotiating" is actually shrewd negotiating - Glenn Greenwald - Salon.com - 0 views

  •  
    In December, President Obama signed legislation to extend hundreds of billions of dollars in Bush tax cuts, benefiting the wealthiest Americans. Last week, Obama agreed to billions of dollars in cuts that will impose the greatest burden on the poorest Americans. And now, virtually everyone in Washington believes, the President is about to embark on a path that will ultimately lead to some type of reductions in Social Security, Medicare and/or Medicaid benefits under the banner of "reform." Tax cuts for the rich -- budget cuts for the poor -- "reform" of the Democratic Party's signature safety net programs -- a continuation of Bush/Cheney Terrorism policies and a new Middle East war launched without Congressional approval. That's quite a legacy combination for a Democratic President. All of that has led to a spate of negotiation advice from the liberal punditocracy advising the President how he can better defend progressive policy aims -- as though the Obama White House deeply wishes for different results but just can't figure out how to achieve them. Jon Chait, Josh Marshall, and Matt Yglesias all insist that the President is "losing" on these battles because of bad negotiating strategy, and will continue to lose unless it improves. Ezra Klein says "it makes absolutely no sense" that Democrats didn't just raise the debt ceiling in December, when they had the majority and could have done it with no budget cuts. Once it became clear that the White House was not following their recommended action of demanding a "clean" vote on raising the debt ceiling -- thus ensuring there will be another, probably larger round of budget cuts -- Yglesias lamented that the White House had "flunked bargaining 101." Their assumption is that Obama loathes these outcomes but is the victim of his own weak negotiating strategy. I don't understand that assumption at all. Does anyone believe that Obama and his army of veteran Washington advisers are incapable of discovering these tactics on th
thinkahol *

The Deficit Chart Republicans Hate | Mother Jones - 0 views

  •  
    I get a little bored repeating over and over that our short-term deficit is almost entirely not Barack Obama's fault. It's mostly the fault of the Bush tax cuts, the Bush wars, and the financial collapse that happened during the Bush presidency. At this point, though, this is more in the nature of a religious debate than a factual one, and conservatives are going to keep repeating the same tired disinformation about the deficit regardless of any evidence one way or the other. Still, just on the off chance that a few people are still persuadable on this, it's nice of CBPP to update its chart showing the source of the deficit over the next decade. (Farther out than that, Medicare is largely responsible for most deficit projections.) As you can see, by 2013 or so, virtually the entire deficit is due to Bush-era policies/disasters. So cut this out and post it on your refrigerator.
thinkahol *

Tax reform for the rich and ultra-rich : The New Yorker - 0 views

  •  
    THE FINANCIAL PAGE about the Bush tax cuts and a more progressive tax system. At the core of the fight over whether to extend the Bush tax cuts is a simple question: who counts as rich? The Obama Administration's answer is that you're rich if you make more than two…
thinkahol *

Think Progress » Greenspan Calls For Full Expiration Of The Bush Tax Cuts Tha... - 0 views

  •  
    With the legislative calendar starting to dwindle, lawmakers are paying more and more attention to the scheduled expiration of the Bush tax cuts at the end of the year. Republicans across the board are advocating for the extension of all the cuts, and have explicitly said that extending the cuts for the richest 2 percent of Americans (which would cost $678 billion) does not have to be paid for.
thinkahol *

ThinkProgress » Reagan Budget Director: GOP Has Abandoned Fiscal Responsibili... - 0 views

  •  
    As Congress prepares to take up extension of the Bush tax cuts during its lame duck session, Republican lawmakers have been unanimous in demanding that the cuts for the richest two percent of Americans be extended, claiming they are necessary for economic growth and that tax cuts (miraculously) pay for themselves.
thinkahol *

Alan Greenspan: Extending Bush Tax Cuts Without Paying For Them Could Be 'Disastrous' - 0 views

  •  
    Former Fed Chairman Alan Greenspan said that the push by congressional Republicans to extend the Bush tax cuts without offsetting the costs elsewhere could end up being "disastrous" for the economy.
thinkahol *

Extend Jobless Benefits, Not Tax Cuts - 0 views

  •  
    'Don't extend the Bush tax cuts to the wealthy. Give unemployment benefits to people who need them.' Robert Reich, Robert Reich's Blog
thinkahol *

Bushonomics, The Meltdown's True Villain - 0 views

  •  
    The Boston Globe ran a chart last Sunday that I'd buy billboard space to reproduce in every decent-size city in America, if I were running the Democratic National Committee. The premise of it was very simple: It showed how many trillions each president since Ronald Reagan has added to the nation's debt. The debt was about $1 trillion when Reagan took office, and then: Reagan, $1.9 trillion; George H.W. Bush, $1.5 trillion (in just four years); Bill Clinton, $1.4 trillion; Obama, $2.4 trillion.Oh, wait. I skipped someone. George W. Bush ran up $6.4 trillion. That's nearly half-44.7 percent-of the $14.3 trillion total. We all know what did it-two massive tax cuts geared toward the rich (along with other similar measures, like slashing the capital gains and inheritance taxes), the off-the-books wars, the unfunded Medicare expansion, and so on. But the number is staggering and worth dwelling on. In a history covering 30 years, nearly half the debt was run up in eight. Even the allegedly socialist Obama at his most allegedly wanton doesn't compare to Dubya; and Obama's debt numbers, if he's reelected, will surely not double or even come close as we gambol down Austerity Lane.
Skeptical Debunker

Ravitch Offers Passionate Defense of America's Public School System - March 2, 2010 - T... - 0 views

  • No silver bullets. This is the simple premise of Diane Ravitch’s new book, “The Death and Life of the Great American School System,” which is being brought out this week by Basic Books. Written by one of our nation’s most respected scholars, it has been eagerly awaited. But it has also been, at least in some quarters, anticipated with a certain foreboding, because it was likely to debunk much of the conventional — and some not so conventional — wisdom surrounding education reform. Click Image to Enlarge
  • What of the once-great comprehensive high schools, institutions with history and in some cases a track record of success going back generations? As time moves on, it is fast becoming clear that the new small schools, many with inane themes (how about the School of Peace and Diversity?), can never substitute for a good neighborhood high school, which can become a center of communal life and pride. Ms. Ravitch’s report underscores the fact that the trick is to fix the neighborhood schools beset with problems, not destroy them.
  • It is not only the foundations that Ms. Ravitch blames for the current crisis: government has also failed in the attempt to reform the schools from above, lacking a clear perspective of how schools work on a day-to-day basis. Thus, the major federal initiative, No Child Left Behind, well intentioned as it may have been, ended up damaging the quality of education, not improving it. While the federal government declares schools as “failing” and prescribes sanctions for schools not meeting its goal of “annual yearly progress,” it is the states that are allowed to write and administer the tests. This has led to a culture of ever easier tests and more test preparation rather than real instruction. More ominously, it led to such scandals as the New York State Education Department lowering the “cut scores” that define the line between passing and failing. Ms. Ravitch suggests that the proper roles of the states and federal government have been reversed under NCLB. Maybe the standards for achievement should be set in Washington, which, after all, administers the National Assessment of Educational Progress , and the solutions found at the local level, using the accurate data provided by Washington. Instead of moving in a different direction from the failed NCLB model of the Bush Administration, the Obama administration has adopted and expanded on them.
  • ...1 more annotation...
  • Teacher-bashing, so in vogue among the “reformers” dominating the national discussion, is rejected by Mrs. Ravitch. How could the unions be responsible for so much failure when, she asks, traditionally, the highest scores in the nation are posted by strong union states such as Massachusetts (best results in the nation) and the lowest scores in the south, where unions are weak or non-existent? The mania for closing “failing” schools also comes under the Ravitch microscope. To her mind, closing schools should be reserved for the “most extreme cases.” Virtually alone among those discussing educational policy, Mrs. Ravitch appreciates the value of schools as neighborhood institutions. To her mind, closing schools “accelerates a sense of transiency and impermanence, while dismissing the values of continuity and tradition, which children, families and communities need as anchors in their lives.”
  •  
    It turns out that "The Death and Life of the Great American School System" is a passionate defense of our nation's public schools, a national treasure that Ms. Ravitch believes is "intimately connected to our concepts of citizenship and democracy and to the promise of American life." She issues a warning against handing over educational policy decisions to private interests, and criticizes misguided government policies that have done more harm than good. Ideas such as choice, utilizing a "business model" structure, accountability based on standardized tests and others, some favored by the left, others by the right are deemed as less, often much less, than advertised. Ms. Ravitch doesn't oppose charters, but rather feels that the structure itself doesn't mandate success. As in conventional schools, there will be good ones and bad ones. But charters must not be allowed to cream off the best students, or avoid taking the most troubled, as has been alleged here in New York City. Here main point, however, is broader. "It is worth reflecting on the wisdom of allowing educational policy to be directed, or one might say, captured by private foundations," Ms. Ravitch notes. She suggests that there is "something fundamentally antidemocratic about relinquishing control of the public educational policy to private foundations run by society's wealthiest people." However well intended the effort, the results, in her telling, have not been impressive, in some cases doing more harm than good.
  •  
    According to this CONSERVATIVE and BUSH Assistant Secretary of Education, "No Child Left Behind" is destroying one of the great social "glues" of America - its public school system. Of course, not only Bush and the Republicans are to blame, Democrats went along with NCLB on the "promise" of extra federal funding for implementing it AND supporting American public schools. That was funding that never materialized due to our other great national priority - making corporate cronies rich via the war in Iraq (and hoping to make the oil companies richer there as well, but apparently failing miserably to do so ... so far). NCLB could have been suspended when that happened, but strangely (NOT!) Bush and the Republican controlled Congress conveniently forgot their promise (perhaps because NCLB unfunded was more like no teachers union left un-destroyed!?). More from http://articles.latimes.com/2010/feb/28/entertainment/la-ca-diane-ravitch28-2010feb28 on this book - Diane Ravitch, probably this nation's most respected historian of education and long one of our most thoughtful educational conservatives, has changed her mind -- and changed it big time. Ravitch's critical guns are still firing, but now they're aimed at the forces of testing, accountability and educational markets, forces for which she was once a leading proponent and strategist. As President Obama and his education secretary, Arne Duncan, embrace charter schools and testing, picking up just where, in her opinion, the George W. Bush administration left off, "The Death and Life of the Great American School System" may yet inspire a lot of high-level rethinking. The book, titled to echo Jane Jacobs' 1961 demolition of grandiose urban planning schemes, "The Death and Life of Great American Cities," has similarly dark warnings and equally grand ambitions. Ravitch -- the author of "Left Back" and other critiques of liberal school reforms, an assistant secretary of education in the first Bush administration and a
Michael Haltman

Cowards and sloths! Remember in November! - 0 views

  •  
    Are these people in Washington there for you and I or is it every man for himself. They adjourned without voting on extending the Bush tax cuts so that they can go home to campaign to try and earn the right to go back to Washington and do nothing all over again.
thinkahol *

Obama Didn't Create Today's Budget Deficit Problem. Bush Did. | The New Republic - 0 views

  •  
    Critics of President Obama never tire of blaming him for today's high deficits. But if blame belongs with one president, it belongs with Obama's predecessor, George W. Bush. The chart above, which the New York Times created based upon figures from the Center on Budget and Policy Priorities, illustrates this point very clearly. But it's worth reviewing the history here, because while it's familiar to most of us who follow politics it doesn't seem to get a lot of attention in the political debate.
thinkahol *

How the Deficit Got This Big - NYTimes.com - 0 views

  •  
    With President Obama and Republican leaders calling for cutting the budget by trillions over the next 10 years, it is worth asking how we got here - from healthy surpluses at the end of the Clinton era, and the promise of future surpluses, to nine straight years of deficits, including the $1.3 trillion shortfall in 2010. The answer is largely the Bush-era tax cuts, war spending in Iraq and Afghanistan, and recessions.
thinkahol *

The White House and Big Business - 0 views

  •  
    amie Dimon, chairman and CEO of JPMorgan Chase & Co., praises the President's agreement with Republicans to extend the Bush tax cuts.
Skeptical Debunker

Time for Democrats to take a risk - CNN.com - 0 views

  • Reconciliation was created through the Budget Reform Act of 1974 in an effort to streamline the budget process, strengthen the ability of Congress to make tough decisions regarding deficits, and to make legislative decision-making more efficient. Congress quickly expanded on the types of measures that could be considered under reconciliation until 1985 and 1986, when the Senate passed rules proposed by Sen. Robert Byrd that limited what could or could not be included when using this process. Before moving forward, Democrats must consider two questions. The first is whether using reconciliation to pass health care is legitimate or an abuse of the process. Republicans have charged that this would be akin to forcing the program through the chamber rather than passing the bill through negotiation and compromise. On this question, the answer is easy. Reconciliation has been as much a part of the Senate in the past three decades as the filibuster. According to an article that was published in The New Republic, Congress passed 22 reconciliation bills between 1980 and 2008. Many important policy changes were enacted through this process, including the Children's Health Insurance Program, COBRA (which allows people who switch jobs to keep their health care), student aid reform, expansions in Medicaid and several major tax cuts. NPR's Julie Rovner reported that most of the health care reforms enacted in the past two decades have gone through reconciliation. President Ronald Reagan was one of the first presidents to make aggressive use of reconciliation when he pushed through his economic program in 1981. Senate Majority Leader Howard Baker said then that speed had been essential because "Every day that this is delayed makes it more difficult to pass. This is an extraordinary proposal, and these are extraordinary times." Presidents Jimmy Carter, George H.W. Bush, Bill Clinton and George W. Bush all used reconciliation as well. It is worth noting that these presidents, particularly George W. Bush, also made use of sweeping executive power to circumvent Congress altogether. The second question is more difficult and it involves perceptions. If the Democratic leadership wants to use this tactic, they have to convince enough members of their own party that this won't scare off independent voters. This argument was harder to make in 2009 than in 2010. But after a year of dealing with paralysis in the Senate and highly effective Republican obstruction, more Democrats are coming on board. The leadership must be proactive in responding to the criticism about reconciliation. They will have to explain that reconciliation is a legitimate process by pointing to the history. They will also have to connect the dots for voters frustrated with the ineffective government by explaining that the constant use of the filibuster has turned the Senate into a supermajority institution where both parties have found it extraordinarily difficult -- virtually impossible -- to pass major legislation.On this point, Republicans and Democrats actually agree. Indeed, as Democrats make this decision, Kentucky Republican Senator Jim Bunning is objecting to a unanimous consent order and single-handedly preventing the Senate from passing an important bill to assist unemployed workers.
  •  
    After the Republicans and Democrats met at the White House summit on health care, it was clear that the parties are very far away from a bipartisan agreement. Indeed, few participants walked away with the sense that they were any closer to a deal. The White House did make clear that it was willing to move forward on health care without Republican support. The choice now becomes whether Democrats should use the budget reconciliation process to pass some parts of health care legislation. According to recent reports, Democrats are considering having the House pass the bill that was already approved in the Senate and then dealing with a package of additional reforms through reconciliation.
  •  
    Get that? The current "god" of conservatism - Ronald Reagan - used reconciliation aggressively. So if it was good enough for him ...
Skeptical Debunker

Robert Reich: It's Time to Enact Health Care Reform With 51 Senate Votes - 0 views

  • Why haven't the President and Senate Democrats pulled the reconciliation trigger before now? I haven't spoken directly with the President or with Harry Reid but I've spent the last several weeks sounding out contacts on the Hill and in the White House to find an answer. Here are the theories. None of them justifies waiting any longer. Reconciliation is too extreme a measure to use on a piece of legislation so important. I hear this a lot but it's bunk. George W. Bush used reconciliation to enact his giant tax cut bill in 2003 (he garnered only 50 votes for it in the Senate, forcing Vice President Cheney to cast the deciding vote). Six years before that, Bill Clinton rounded up 51 votes to enact the Children's Health Insurance Program (CHIP), the largest expansion of taxpayer-funded health insurance coverage for children in the U.S. since Medicaid began in the 1960s. Through reconciliation, we also got Medicare Advantage. Also through reconciliation came the COBRA act, which gives Americans a bit of healthcare protection after they lose a job ("reconciliaton is the "R" in the COBRA acronym.) These were all big, important pieces of legislation, and all were enacted by 51 votes in the Senate. Use of reconciliation would infuriate Senate Republicans. It may. So what? They haven't given Obama a single vote on any major issue since he first began wining and dining them at the White House. In fact, Senate Minority Leader Mitch McConnell and company have been doing everything in their power to undermine the President. They're using the same playbook Republicans used in the first two years of the Clinton administration, hoping to discredit the President and score large victories in the midterm elections by burying his biggest legislative initiative. Indeed, Obama could credibly argue that Senate Republicans have altered the rules of the Senate by demanding 60 votes on almost every initiative - a far more extensive use of the filibuster than at any time in modern history - so it's only right that he, the President, now resort to reconciliation. Obama needs Republican votes on military policy so he doesn't dare antagonize them on health care. I hear this from some quarters but I don't buy it. While it's true that Dems are skeptical of Obama's escalation of the war in Afghanistan and that Republicans are his major backers, it seems doubtful R's would withdraw their support if the President forced their hand on health care. Foreign policy is the one area where Republicans have offered a halfway consistent (and always bellicose) voice, and Dick Cheney et al would excoriate them if they failed to back a strong military presence in the Middle East. This is truer now than ever. Reid fears he can't even get 51 votes in the Senate now, after Scott Brown's win. Reid counts noses better than I do, but if Senate Democrats can't come up with even 51 votes for the health care reforms they enacted weeks ago they give new definition to the term "spineless." Besides, if this is the case, Obama ought to be banging Senate heads together. A president has huge bargaining leverage because he presides over an almost infinite list of future deals. Lyndon Johnson wasn't afraid to use his power to the fullest to get Medicare enacted. If Obama can't get 51 Senate votes out of 58 or 59 Dems and Independents, he definitely won't be able to get 51 Senate votes after November. Inevitably, the Senate will lose some Democrats. Now's his last opportunity. House and Senate Democrats are telling Obama they don't want to take another vote on health care or even enact it before November's midterms because they're afraid it will jeopardize their chances of being reelected and may threaten their control over the House and Senate. I hear this repeatedly but if it's true Republicans have done a far better job scaring Americans about health care reform than any pollster has been able to uncover. Most polls still show a majority of Americans still in favor of the basic tenets of reform - expanded coverage, regulations barring insurers from refusing coverage because of someone's preexisting conditions and preventing insurers from kicking someone off the rolls because they get sick, requirements that employers provide coverage or pay into a common pool, and so on. And now that many private insurers are hiking up premiums, co-pays, and deductibles, the public is even readier to embrace reform.
  •  
    This week the president is hosting a bipartisan gab-fest at the White House to try to tease out some Republican votes for health care reform. It's a total waste of time. If Obama thinks he's going to get a single Republican vote at this stage of the game, he's fooling himself (or the American people). Many months ago, you may recall, the White House and Democratic party leaders in the Senate threatened to pass health care with 51 votes -- using a process called "reconciliation" that allows tax and spending bills to be enacted without filibuster -- unless Republicans came on board. It's time to pull the trigger.
1 - 16 of 16
Showing 20 items per page