[quote=“CWolf, post:12, topic:37448”]
I support some spending cuts and some tax raises. Specifically because I don’t think we can cut that much that quickly. The economy is no longer in recession, so we should stop running much of a deficit. If you can’t get there with only spending cuts, raising taxes is required.
Btw, I base this on the preponderance of evidence that cutting taxes loses revenue and raising taxes increases it. There is little point in getting into a debate with some who like to pretend that over a hundred years of global economic data is just a fluke and cutting taxes this time will totally raise more revenue because Reagan.
[/quote]Wouldn’t you like to see an actual spending cut someday? What do you think about our spending problem?
Just so you know, I’m not arguing about whether tax cuts increase or reduce revenue. Revenue isn’t the problem. Government spending more than it receives in tax revenue is the problem. Spending is the problem.
Contrary to what they say, the fiscal mess did not result from a failure to tax.
Did you follow the facts presented about taxes and spending, surpluses and deficits here Ron Hart: Let’s get fiscal | trillion, spending, fiscal - Opinion - The Orange County Register as well as the summary in the OP?
In preparation for appearing on CNN, I read the Congressional Budget Office reports, which are like Ambien in ledger form. To sum up: We have made promises and increased spending to a level that we cannot sustain, and this must be addressed. Aside from more than** $16 trillion in debt, now 100 percent of our GDP**, it is estimated that with Medicare and Social Security we have $99 trillion in pending, unfunded obligations.
The ‘fiscal cliff’ is the expiration of the Bush tax cuts for 90 percent of Americans, resulting in more than $500 billion in new taxes. Most sane economists agree that this will spark another recession. On the bright side, just to kick the can past the election road, the sequestration agreement (for whatever that is worth in Washington) says they have to cut $109 billion in expenses. Half of the cuts must come from entitlements, worrying the dependency-addicted Democrats, and half from our Defense Department, which concerns the trigger-happy Republicans.
In short, the “fiscal cliff” will play out like most political events. Politicians will do what they do best: kick the can down the road. They will probably let us go off the “fiscal cliff” so they can magnanimously “save us” from what they created. It will be more like a fiscal bungee jump, with some mishmash of agreements that preserve their jobs and sweep government growth under the table.