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the deficit is due almost completely to REPUG policies and actions.boutons. you continue to trot out that ty cpp hit piece.
the annual deficit can be fixed, but all tax increases are blocked by the Repugs.
the deficit is due almost completely to REPUG policies and actions.
Hey boutons, did you know that the U.S. has the highest corporate tax rates in the world?
Look at effective tax rates.
false, effective tax rates are about 27%, just like other industrial countries.
3 Biggest Lies Corporate Lobbyists Will Use to Push Lower Corporate Taxes
Lie #1: U.S. corporate tax rates are higher than the tax rates of other big economies. Wrong. After deductions and tax credits, the average corporate tax rate in the U.S. is lower. According to the Congressional Research Service, the United States has an effective corporate tax rate of 27.1%, compared to an average of 27.7% in the other large economies of the world.
Lie #2: U.S. corporations need lower taxes in order to make investments in new jobs. Wrong again. Corporations are sitting on almost $2 trillion of cash they don’t know what to do with. The 1000 largest U.S. corporations alone are hoarding almost $ 1 trillion.
Rather than investing in expansion, they’re buying back their own stocks or raising dividends. They have no economic incentive to expand unless or until consumers want to buy more, but consumer spending is pinched because the middle class keeps shrinking and the median wage, adjusted for inflation, keeps dropping.
Lie #3: U.S. corporations need a tax break in order to be globally compe ive. Baloney. The “compe iveness” of American corporations is becoming a meaningless term because most big U.S. corporations are no longer American companies at all. The biggest have been creating way more jobs abroad than in the U.S.
http://www.alternet.org/3-biggest-li...orporate-taxes
Frankly, I'm surprised they normalize that high. I would've guessed in the 20% range.
Make up your mind, tbh...
Also QE and TARP have little to do with it... after all, QE was all the rage about 2010 (2nd round of QE was then, followed by two more rounds), and the federal deficit has been coming down since 2009.
There's a lot of more direct factors associated with this. (ie: banning of earmarks, sequestration, tax hike, etc).
Back to the OP:
1. No.
2. Lots of people have been expecting it for years. The facts are that although the U.S. economy has certainly had its problems since 2007, it has weathered the storm of a near Depression better than any other country in the modern industrialized world.
3. The implications would/should be a total collapse of the world economic order. You have to remember that the U.S. came off the gold standard under Richard Nixon. And it was the proper decision at that time. But ever since then, the entire world financial and economic sectors are nothing more than socially constructed realities. The dollar is worth what the world agrees it is worth.
Politicians, economists and businessmen have all been wanting the U.S. dollar to become weaker than it was for a long time in order to improve our trade imbalance with other nations. This is one of the reasons the U.S. has been trying to get the Chinese to value the Yuan more...they want Chinese goods to be more expensive and American goods to be less expensive to help our manufacturing compete with Asian countries on amore equal footing.
TB
Again? lol simpleton Here's where the cbpp's methodology is completely destroyed. I posted this earlier. You'll ignore it now too like a good little moonbat.TB
http://politicalmathblog.com/?p=473
Enjoy the delicious sauce. the cbpp "analysis"
Now run away like a little like you did when I posted this the first time.
http://www.spurstalk.com/forums/show...=1#post5242733
he doesn't disprove anything
"The problem with this chart is that it implies that:
- the economic downturn is Bush’s fault and will continue to be Bush’s fault
- the tax cuts will extent into 2019 and they will be Bush’s fault
- the Iraq and Afghanistan wars are Bush’s fault."
all true
"The problem with this analysis is that these tax cuts expire this year."
they didn't. they're still in effect.
"The President deals with the reality placed before him"
which is non-stop, from-day-one OBSTRUCTIONISM. That ACA got passed at all is a miracle.
"But by inheriting the house, the problems belong to the owner."
holy , that right-wing article destroys nothing.
dumbass, why didn't they expire? It wasn't because Bush exteneded them.
lol simpleton. Keep reading. You might get it. Until then, runaway little .
"No one uses the “once cost and future interest” paradigm that they’re using here. Part of the reason if because, if we did, then the long term cost of every dollar we spend would be infinite, forever ac ulating interest until we paid off the entire debt. This is clearly an absurd way of calculating the cost of any particular project… which is why we don’t do it that way."
Which is exactly why big multi-nationals have entire tax/accounting departments devoted to nothing but reorganizing their companies in order to get out of the US. Because its the same as everywhere else.
You Lie
the US's tax code is world-famous for its complexity, and 1000s of loopholes. Show the other industrial countries actual and effective tax rates.
I don't know if a collapse is likely in the next decade, but people shouldn't just assume that the dollar will always be the world's reserve currency, tbh.... we've gone from being the world's largest creditor to the world's largest debtor in a matter of decades - when that happened to Great Britain, the sterling weakened and eventually collapsed and lost its reserve status....
But losing reserve status doesn't imply bankruptcy, and the sterling is just a good example of that seeing that along with the dollar and yen, it's the only other sovereign currency. There's no scenario where losing reserve status causes the US suddenly to be unable to pay it's domestic bills (ie: police, etc). The US doesn't have "external debt", that is, debt issued in foreign currency, thus it's in full control of it's currency and the reason the US cannot be "Greece"...
Are you contending that geometrically expanding deficits don't matter? Naturally we can always pay our debts when we can print all the funny money necessary. No one is arguing that. The question is what will that funny money be worth as far as purchasing goods and services and when will people finally lose faith in the funny money?
You really don't have a problem with a 35 trillion dollar deficit in 20 years?
the chart shows $344B, not $344T.You really don't have a problem with a 35 trillion dollar deficit in 20 years?
the SS deficit is easily rectified by raising the cap to $1M on all income, not just earned income. Also, get the majority of 11M undoc immigrants contributing payroll taxes.
1% MINIMUM tax on all financial transactions.
Also, spending a few $T on infrastructure creation and maintenance would pay salaries
raising capital gains to 35%
closing the carried interest loophole
kill the wasteful Medicare Advantage
implement US govt as single-buyer for medicare/medicaid/military drug, device purchases, rather than the Repug rule that forces govt to buy without negotiation.
cut $200B/year off the MIC racket
etc, etc. There are LOTS of solutions to US debt AND economic stiumulus, but Repugs/VRWC will block them all.
All depends on the accountants and other ty businessmen that run the USA. Wouldn't surprise me if those that got bailed out led us into another meltdown
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