Where is the US economy headed?

@parados,

It's obvious you and your ilk are suffering from liberal brainwashing.

Are you all sitting in a circle chanting 'Obama - Obama - Obama' ??

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Meanwhile, gas prices are on the way up, WAY UP and Obama is ignoring the situation.

The fragile economy is about to take a huge nosedive and it's all Obama's fault.

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revelette wrote:

paradose posted that information from the very same CBO report you were talking about.
How in any way can that be described as liberal brainwashing?

The very same?

H2O MAN wrote:

CBO Once Again Proves Tax Hikes Unnecessary to Lower Deficit

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@H2O MAN,

Funny thing about the CBO report Spurt. This is the alternate scenario that clearly shows deficits going UP and reaching 10

Code:

Alternative Fiscal Scenario



Revenues 2,500 2,680 2,904 3,126 3,324 3,556 3,732 3,915 4,100 4,305 4,513 15,589 36,154

Outlays 3,611 3,661 3,820 4,024 4,305 4,516 4,738 5,059 5,353 5,649 6,008 20,328 47,136

__________________ _____ _____ _____ ______ ______ ______ ______ ______ ______ _______

Deficit  -1,111 -981 -917 -899 -981 -960 -1,005 -1,144 -1,253 -1,344 -1,495 -4,739 -10,981

From table 1.7 in the CBO report.

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More:

Lower revenue from a repeal of Obamacare would not keep revenue below its historical norm, nor would it delay revenue meeting that level by 2017. Faster economic growth than CBO anticipates would raise receipts back to their historical norm before 2017 even without the extra Obamacare tax revenue.

That faster growth would occur if the economy could break through the uncertainty caused by Obama policies such as Obamacare, the Dodd–Frank financial reform law, and daily reminders that President Obama wants to raise taxes drastically on job creators and investors that the economy needs to get back on track.

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As CBOexplained:

Quote:

Much of the projected decline in the deficit occurs because, under current law, revenues will rise considerably as a share of GDP -- from 16.3 percent in 2012 to 20.0 percent in 2014 and 21.0 percent in 2022. In particular, between 2012 and 2014, revenues in CBO's baseline shoot up by more than 30 percent, mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.

source

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@H2O MAN,

As the economist on CNBC this morning pointed out. If the economic uncertainty was the result of Obama then why does it affect the rest of the world where there are no Obama policies in place?

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@parados,

That question just went over the cucoo's head.

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@parados,

parados wrote:

As the economist on CNBC this morning pointed out. If the economic uncertainty was the result of Obama then why does it affect the rest of the world where there are no Obama policies in place?

Actually you've got it wrong (as usual). We are wittnessing in Europe the financial collapse that inevitably follows the very policies thet Obama and our "progressive" Democrats are advocating and beginning to establish here.

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@georgeob1,

We are not witnessing a financial collapse in Europe George. You are getting over-excited reading the doom-sayer's reports.

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@georgeob1,

Really george? And it only took what? 40 years? Your argument may sound nice to you but it doesn't have any cause/effect that can be shown.

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@georgeob1,

georgeob1 wrote:

parados wrote:

As the economist on CNBC this morning pointed out. If the economic uncertainty was the result of Obama then why does it affect the rest of the world where there are no Obama policies in place?

Actually you've got it wrong (as usual). We are wittnessing in Europe the financial collapse that inevitably follows the very policies thet Obama and our "progressive" Democrats are advocating and beginning to establish here.

Completely and totally false. Shall I even ask - can you prove it? What policies are you talking about? Can you show any causal link at all?

I submit that the financial crisis has FAR more to do with deregulation of the financial industry on a worldwide scale, than it does social and tax policies of individual countries.

Cycloptichorn

1 Reply

@Cycloptichorn,

Isn't Europe's economy based on capitalism? I wonder why that isn't the cause of the collapse in george's opinion?

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@georgeob1,

You need to compare the top ten countries with the best business environment against what their citizens/companies pay in taxes as a percentage of GDP.

The top ten best business countries:
Switzerland
Singapore
Sweden
Finland
Denmark
Germany
Japan
Canada
Netherlands
US

Taxes paid as a percentage of GDP:
Australia 30.8%
Austria 43.4%
Belgium 46.8%
Brazil 34.4%
Canada 32.2%
Denmark 49.0%
Finland 43.6%
Germany 40.6%
Japan 28.3%
Netherlands 39.8%
Norway 43.6%
Singapore 14.2%
Switzerland 29.4%
UK 39.0%
US 26.9%

The US pays the least in taxes, except for Singapore.
Most of the best business countries pay more in taxes.
Most of the best business countries also provide universal health care.

Where's the beef?

1 Reply

@cicerone imposter,

Another top 10 queef from cicerone imposter

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Just wondering if this agreement will do anything material enough?

From the NYT.

Quote:

5 European Nations Agree to Help U.S. Crack Down on Tax Evasion

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Who do the democrats blame now?

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I spent some time today wading through the new Obama budget for 2013 which begins in October of this year. Before it was even released Mitch McConnell dismissed it as "dead on arrival." The Obama people tried to contend that it is a serious proposal. It is safe to assume that no budget will be approved in this election year.
The AP had a long article detailing how the budgets of various agencies (from Agriculture to Veterans' Affairs) would be affected. I was struck by how little money is in "discretionary spending," meaning that most of the budget money is committed to long term obligations which can not be easily unwound.
All in all, kind of a non-story.

1 Reply

@realjohnboy,

The story is about McConnell's "dead on arrival." The No Party can't help themselves from the public's low rating for congress.

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Moody's this evening downgraded the debt in Italy, Spain and Portugal. It also posted negative outlooks for the UK, France and Austria.

1 Reply

Where is the US economy headed?

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