george bush designed the fiscal cliff.

Discussion in 'Politics & Religion' started by Free Thinker, Aug 6, 2012.

  1. The Fiscal Cliff We All Saw Coming
    In early 2001, Paul O’Neill, the new secretary of the Treasury for a new president, began work on a plan for radical tax reform. He wanted simpler forms and fewer deductions, which would make it easy for people to prepare their taxes and cost the government less to process them. He presented a 5-inch-thick binder of research to a senior White House official. “Don’t ever let that see the light of day,” O’Neill says he was told. George W. Bush didn’t want to deliver tax reform. He wanted to deliver the tax cuts he’d promised as a candidate.

    He did, in 2001 and then again in 2003. But the kinds of cuts he’d promised—large ones—would create unsustainable deficits after 10 years, the Congressional Budget Office projected. So they were designed to expire in a decade, at least on paper. It was “baloney,” says O’Neill, who publicly supported them at the time. Republicans never intended to let the cuts lapse. “It was put in there so they could make a fiscal claim that it wouldn’t damage us. It had nothing to do with reality.”
    http://www.businessweek.com/articles/2012-08-02/the-fiscal-cliff-we-all-saw-coming
     
  2. Business Week is a magazine. Magazines have words. Reading words implies literacy, therefore, this article is liberal, and not to be trusted:D
     
  3. You have to go back a whole lot further than the infamous Bush era to find the designers. We have had multiple leaders from both parties along with multiple congressional players that facilitated this mess. Bush just kicked it down the road and then Obama came in a gave it a swift kick as well.
    We have a government obsessed with taxes while completely indifferent to spending. The result is our current day mess.
     
  4. Brass

    Brass

    Don't try to equate Obama with Bush. Bush inherited a budget surplus which he quickly proceeded to dismantle. Obama inherited something with a decidedly different fragrance. As for what Obama has done and is continuing to do, don't assume that macroeconomics is merely microeconomics on a larger scale. Don't assume if an argument "sounds" logical that it necessarily is logical. Don't assume to be an adept in a field that you had never properly studied. Just saying.
     
  5. Ricter

    Ricter

    On taxes though, bird's eye view, we are a middling to low tax country.
     
  6. Brass

    Brass

    Heck, the good cap'n isn't even comparing current domestic tax rates to past domestic tax rates over the last few decades, let alone comparing domestic tax rates with those of other countries. But because some ignorant zealots are making noise he automatically assumes the noise is legitimate. The louder, the more convincing.
     
  7. Bush inherited a smoke and mirrors bubble economy that was already in the process of collapse. 9/11 took it down further. He stupidly went to war while cutting taxes. The financial industry had been left to run amuck and they did what you would expect thieves to do. Obama came in clueless and spent all his energy on providing government run heathcare while doing nothing to address heathcare costs. Another program doomed to failure. He had no real jobs plan other than crossed fingers. He left the same hustlers in place on Wall Street and here we are. Obama cannot be equated to Bush. Obama is worse.
     
  8. Bush came into office with a budget surplus and left with a 1.2 trillion dollar deficit



    Obama came into office with a 1.2 trillion dollar deficit and the 2013 deficit is estimated at 900 billion


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  9. Ricter

    Ricter

    I'm skeptical that inaction is worse than bad action.
     
  10. Hard to say who to hate more. The guy who starts the fire or the one who says he can put it out while he stands there and watches it burn saying, hey I didn't do this.
     
    #10     Aug 6, 2012