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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (66563)	2/24/2012 8:05:24 PM
From: John	2 Recommendations Read Replies (1) \| Respond to of 103300

Excellent points, Wayners, and in a similar vein... Debt doomsday may come sooner than expected politico.com excerpt: The federal government could hit the debt ceiling sooner than expected — and possibly around the November election — according to a report out Friday. Lawmakers on Capitol Hill had hoped that last summer’s deal to end the nasty fight over lifting the debt ceiling would ensure the issue wouldn’t resurface until at least 2013. But the Bipartisan Policy Center said Friday that the debt-limit doomsday could come earlier than that. Analysts from the Bipartisan Policy Center projected that the United States will hit its $16.4 trillion debt ceiling between late November 2012 and early January 2013 due to lower-than-expected corporate tax revenues and the recent extension of the payroll tax holiday. A number of other factors, such as the ongoing financial crises in Europe, volatile gas prices and how quickly the U.S. economy continues to grow could push the debt-ceiling deadline forward or backwards, according to the center. --- Forwards or backwards? Please! Spare us. The debt-ceiling will be reached much sooner, not later. Of course, Soetoro's goons will lie about the numbers as they've done during every day of his fraudulent administration, and like his OMB acting-idiot lied to Senator Sessions. All of the illegal alien African Muslim's third-world math numbers have grossly underestimated and misrepresented the debt, the deficit, spending, and the growth of debt. We all saw the senate investigation questions posed by Sen. Sessions to the acting-idiot of the OMB. Sen. Sessions made it clear that the Soetoro administration has disregarded the budgetary laws and is wildly spending well over a trillion clownbux above and beyond the law, and they're lying about it. The debt ceiling will be reached quite soon, I assure you. Every conservative and Republican under the sun should point this out daily and mention how the fraudulent bastard has lied, wrecked the economy and nation with his kept promises of Marxism, and destroyed lives.

To: Wayners who wrote (66563)	3/2/2012 12:11:13 PM
From: DuckTapeSunroof	1 Recommendation Read Replies (1) \| Respond to of 103300

Concord Coalition Economist Urges Congress to Reform U.S. Tax Code By The Concord Coalition Posted: 3:50pm on Mar 1, 2012; Modified: 3:55pm on Mar 1, 2012 bradenton.com WASHINGTON, March 1, 2012 — WASHINGTON, March 1, 2012 /PRNewswire-USNewswire/ -- Diane Lim Rogers, chief economist for The Concord Coalition, told lawmakers today that reducing special provisions in the tax code that favor some taxpayers could simultaneously reduce the deficit, encourage economic growth and promote fairness. Appearing before the Senate Budget Committee, Rogers urged lawmakers to broaden the tax base by reducing so-called tax expenditures, which she described as "upside down subsidies" for some taxpayers – largely those with higher incomes -- at the expense of others. Rogers also challenged the idea that deficit-financed tax cuts can pay for themselves, warning that they "are not a free lunch." Such cuts, she said, have generally reduced national savings and consequently can harm long-term economic growth. "I've recently heard the three tax reform goals in the title of this hearing – encouraging growth, reducing the deficit, and promoting fairness – referred to as a 'fiscal trilemma,' suggesting it might not be possible to achieve all three," Rogers said. "The good news is that it really is possible to find tax policy changes that would do well for all three goals." She cautioned, however, that these policy changes would still require difficult choices. The best way to achieve all three of the tax-reform goals, she said, would be "filling in the holes and dips in the tax base so that different forms of income are treated more evenly and equitably." Given the progressive rate structure of the federal income tax system, Rogers noted, the current array of exemptions, deductions and preferential rates benefit high-income individuals the most. The President's fiscal commission and various other bipartisan panels have also recommended reducing or eliminating many tax expenditures to streamline the tax code while helping to close the chronic gaps between federal spending and revenue. On the question of tax cuts, Rogers pointed out that projections from the Congressional Budget Office "show economically unsustainable deficits under a 'business as usual' baseline where tax cuts are repeatedly extended and deficit-financed." The risk with deficit-financed tax cuts, she said, is that they will reduce the national saving that is needed to support economic growth. "Our economy cannot grow over time if we are not saving," Rogers said. She challenged the consensus among elected officials in Washington that most of the tax cuts originally approved in 2001 and 2003 should be extended and financed with additional federal borrowing. These cuts, she said, have clearly exacerbated the deficit and contributed to income inequality. Advocates of extending tax cuts have suggested that government revenues of about 18 percent of the Gross Domestic Product (GDP) – the average over the last 40 years – should be sufficient for the future. But Rogers pointed out that demographic trends and rising health care costs are driving the growth in federal spending – and that many advocates of extending tax cuts are reluctant to reduce entitlement spending as well. She suggested that Congress consider either letting the 2001 and 2003 tax cuts expire as scheduled or at least offsetting the cost of whatever cuts are extended. Rogers' prepared testimony can be found athttp://www.concordcoalition.org/publications/2012/0301/congressional-testimony-tax-reform-encourage-growth-reduce-deficit-and-promot A video and additional information on the hearing are available at budget.senate.gov The Concord Coalition is a non-partisan, grassroots organization dedicated to fiscal responsibility. SOURCE The Concord Coalition Read more here: bradenton.com