Federal Obligations Exceed World GDP

[KNOWLEDGE]

NCVOl, when will you come out and blast Obama and the dems for their spending which is coupled with more (albeit small) tax cuts?

Does anyone else hear the crickets chirping as we wait for a response to this?

[LTC]

Small tax cut?  Nope...the largest tax cut in US history!  QUIT LISTENING to rush!

[Sasquatch]

Small tax cut?  Nope...the largest tax cut in US history!  QUIT LISTENING to rush!

Obama tax cuts good.

Bush tax cuts bad.

Obama spending good.

Bush spending bad.

 

[LTC]

This country got absolutely nothing from the bush tax cuts and increased spending...at least there will be jobs created with the current admin's program.

The Bush tax cuts were skewed dramatically toward the wealthy. In 2004, 60% of the tax cuts went to the top 20 percent of income earners with over 25% going to the top 1% of income earners. Those numbers have increased since then as the cuts to the estate tax have taken effect.

And where did that money go? Well, when already wealthy people get additional income, they generally invest it as opposed to spending it (which is why upper income tax cuts are generally ineffective as stimulus). The majority of this money likely went into the stock market or into various kinds of hedge funds. And with the worldwide crash in equities over the last five months, much of that money has now evaporated. It's just gone. Indeed, the tax cuts -- by flooding the investment sector with additional capital -- likely contributed to the very frenzy of risk-taking that led us to where we are today.

The Obama stimulus bill is expensive, but at least we know two important things about it: 1) its price tag has not been artificially lowered through the use of deceptive accounting and legislative gimmicks; it costs what it costs, and 2) when all is said and done, we will at least be able to point to real, tangible things that the money paid for. That's much more than can be said of the Bush tax cuts.

http://www.anonymousliberal.com/2009/02/stimulus-bill-in-perspective.html

And the money spent puts money into the hands of the workers hired, the suppliers and the PRIVATE contractors who receive the money for projects, and that money is spent on goods and services which , have to be produced at a greater level, and therefore more workers are hired in the private sector....and etc, etc, etc!

Just what did we get for bush's spending?

[Sasquatch]

Paul Allen is getting a lot, thanks to the Obama "tax cuts":

Thank you Mister President. I can now buy a third boat to go with my other two.

Sincerely, Paul

PS, the check's in the mail.