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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: JohnM who wrote (102864)	2/2/2009 8:28:14 PM
From: JohnM	Read Replies (2) \| Respond to of 542112

Looks as if Steele drank the KoolAid. -------------------------------- Straight Outta Hooverville It gets better. The latest from RNC Chair Michael Steele: "Not in the history of mankind has the government ever created a job." This is such transparent nonsense it's hard to know where to start; but I guess it builds on the DeMint nonsense. Has Steele ever heard of government road building? Defense spending? NASA? We don't even need to get into the many ways that government spending on many things has spin-off effects in terms of heightened economic productivity either because of technological innovation or transportation efficiencies, or whatever. How we doing on the spending on research and initial deployment that created the Internet? Wolf Blitzer was doing the interview. I guess he didn't realize this is a false statement? I'm worried about Wolf. He needs some help. --Josh Marshall talkingpointsmemo.com

To: JohnM who wrote (102864)	2/2/2009 9:03:34 PM
From: slacker711	Read Replies (1) \| Respond to of 542112

The devil is always in the details and I think it is actually worth looking at the source rather than 3rd party interpretations. cbo.gov Assuming enactment in mid-February, CBO estimates that H.R. 1, as amended, would increase outlays by $132 billion during the remaining several months of fiscal year 2009, by $242 billion in fiscal year 2010 (which begins on October 1), by $145 billion in 2011, and by a total of $632 billion over the 2009-2019 period. That spending includes outlays from discretionary appropriations in Division A and direct spending resulting from Division B. In addition, CBO and the Joint Committee on Taxation (JCT) estimate that enacting the provisions in Division B would reduce revenues by $101 billion in fiscal year 2009, by $219 billion in fiscal year 2010, and by a net amount of $253 billion over the 2009-2019 period. Approximately $96 billion of the estimated revenue change is attributable to the proposed tax credit for workers and $70 billion to the proposed changes in the AMT. Combining the spending and revenue effects summarized above, CBO estimates that enacting the Inouye-Baucus substitute for H.R. 1 would increase federal budget deficits by $233 billion over the remaining months of fiscal year 2009, by $461 billion in 2010, by $142 billion in 2011, and by $884 billion over the 2009-2019 period. All kinds of interesting ways to look at these numbers, but here are two highlights. - The proportion of spending that will hit in 2009-10 is 59%. Not particularly surprisingly....the projects that actually have long-term value also happen to take a long time. - The proportion of the tax cuts that will hit in 2009-10 is 126%! I believe that the reason for this is some of the corporate tax changes simply cut taxes in the early years while raising them in the out years. Slacker