GOP presidential candidates' tax proposals would cause national debt to balloon

[Silcc69]

The economic proposals put forth by Republican presidential candidates Mitt Romney (http://topics.masslive.com/tag/Mitt-Romney/posts.html), Newt Gingrich and Rick Santorum (http://topics.masslive.com/tag/rick-santorum/posts.html) would cause the national debt to swell.
Republican presidential candidate Ron Paul (http://topics.masslive.com/tag/ron-paul/posts.html) was the only candidate whose proposals would lower the national debt, according to a report released Friday.
The U.S. Budget Watch, a project of the non-partisan Committee for a Responsible Federal Budget, analyzed the impact the proposals made by the four candidates would have on the national debt through 2021.
The report breaks down how each part of the candidates' proposals would affect the national debt. (http://crfb.org/document/primary-numbers-gop-candidates-and-national-debt)
An analysis of President Barack Obama (http://topics.masslive.com/tag/barack-obama/posts.html)'s proposals for the next term was not included in the report released Friday and the committee plans to release results of the same analysis of Obama's proposals at a later date.
The committee analyzed three scenarios for each candidate's proposals -- an optimistic low-debt scenario, an intermediate-debt scenario and a pessimistic deep-debt scenario.
Paul's proposals to reduce spending, cut taxes and change the size of the government would decrease the deficit by $2.2 trillion over the next 10 years. The committee estimates that Paul's proposals would cause the national debt to decrease to 76 percent of the GDP by 2021. In the low-debt scenario, which considers if Paul could follow through on canceling all of the federal debt held by the Federal Reserve System, Paul's proposals would cut the deficit by $4.3 trillion. A total of $1.9 trillion would be cut in the deep-debt scenario, according to the report.
Gingrich (http://topics.masslive.com/tag/newt-gingrich/posts.html)has proposed to cut both spending and taxes, which would increase deficits by $2.8 trillion on the optimistic side and $9.7 trillion on the pessimistic side. The middle scenario would increase deficits by $7 trillion and would cause the debt to balloon to 114 percent of the GDP by 2021, according to the report.
Proposals made by Santorum to decrease spending and taxes would cause the national debt to swell by $4.5 trillion by 2021 and would cause the national debt to be 104 percent of the GDP in 2021, according to the report. Optimistically, his proposals would reduce the deficit by $2.6 trillion, and pessimistically, would add $5.3 trillion to the debt.
Romney's proposals would add to the deficit, but not as greatly as Gingrich and Santorum. Romney's proposal to cut spending and taxes would add $250 billion to the national debt over the next decade in the intermediate-debt scenario and the debt would be 86 percent of the GDP in 2021. The low-debt scenario would reduce it by $2.2 trillion and the deep-debt scenario would add $2.2 trillion to the debt, according to the report.
The national debt now is $15.4 trillion and is 101 percent of the GDP.
The Committee for a Responsible Federal Budget is comprised of former staff of the Congressional Budget Committees, the Congressional Budget Office, the Office of Management and Budget and the Federal Reserve Board.

http://mobile.masslive.com/advmasslive/db_/contentdetail.htm?contentguid=0ZyvnRwS&full=true#display

[Ben]

Time we [or politicians -- :)] started being attentive to Warren Buffett. I mean, if we -- or politicians -- continue to lower taxes on the super rich and the corporate sector, um, where's the revenue going to come from?
Plus we, or politicians, have to address neoliberal principles. Meaning the free movement of capital and the free import of goods. Which harms 99 percent of the American people.
Great for Buffett and, well, 0.01 percent of the populace.
So, again, neoliberal policies -- really since Clinton -- have harmed America and the American people.

Warren Buffett says TAX THE RICH, TAX ME! - YouTube (http://www.youtube.com/watch?v=8dePMo9MK30)

~~~DO YOU HEAR THAT GIANT S U C K I N G SOUND ? ~~~ - YouTube (http://www.youtube.com/watch?v=KhogWKlm-c0)

[Ben]

An addendum -- :)
When you offshore your economy, well, you offshore your GNP -- and also your TAX BASE. Great, eh? ha ha! :)

THE NEW ECONOMY IS A HOAX 1of4 PAUL CRAIG ROBERTS - YouTube (http://www.youtube.com/watch?v=H02jk1oMJoU)

[onmyknees]

An addendum -- :)
When you offshore your economy, well, you offshore your GNP -- and also your TAX BASE. Great, eh? ha ha! :)

THE NEW ECONOMY IS A HOAX 1of4 PAUL CRAIG ROBERTS - YouTube (http://www.youtube.com/watch?v=H02jk1oMJoU)


Fuck Warren Buffet. I'm tired of seeing and hearing him. Ben...did you hear the one about Buffet apologizing to Berkshire Hatoway stockholders for his miserable misreading of the housing market? You listen to him all you like.

[onmyknees]

The economic proposals put forth by Republican presidential candidates Mitt Romney (http://topics.masslive.com/tag/Mitt-Romney/posts.html), Newt Gingrich and Rick Santorum (http://topics.masslive.com/tag/rick-santorum/posts.html) would cause the national debt to swell.
Republican presidential candidate Ron Paul (http://topics.masslive.com/tag/ron-paul/posts.html) was the only candidate whose proposals would lower the national debt, according to a report released Friday.
The U.S. Budget Watch, a project of the non-partisan Committee for a Responsible Federal Budget, analyzed the impact the proposals made by the four candidates would have on the national debt through 2021.
The report breaks down how each part of the candidates' proposals would affect the national debt. (http://crfb.org/document/primary-numbers-gop-candidates-and-national-debt)
An analysis of President Barack Obama (http://topics.masslive.com/tag/barack-obama/posts.html)'s proposals for the next term was not included in the report released Friday and the committee plans to release results of the same analysis of Obama's proposals at a later date.
The committee analyzed three scenarios for each candidate's proposals -- an optimistic low-debt scenario, an intermediate-debt scenario and a pessimistic deep-debt scenario.
Paul's proposals to reduce spending, cut taxes and change the size of the government would decrease the deficit by $2.2 trillion over the next 10 years. The committee estimates that Paul's proposals would cause the national debt to decrease to 76 percent of the GDP by 2021. In the low-debt scenario, which considers if Paul could follow through on canceling all of the federal debt held by the Federal Reserve System, Paul's proposals would cut the deficit by $4.3 trillion. A total of $1.9 trillion would be cut in the deep-debt scenario, according to the report.
Gingrich (http://topics.masslive.com/tag/newt-gingrich/posts.html)has proposed to cut both spending and taxes, which would increase deficits by $2.8 trillion on the optimistic side and $9.7 trillion on the pessimistic side. The middle scenario would increase deficits by $7 trillion and would cause the debt to balloon to 114 percent of the GDP by 2021, according to the report.
Proposals made by Santorum to decrease spending and taxes would cause the national debt to swell by $4.5 trillion by 2021 and would cause the national debt to be 104 percent of the GDP in 2021, according to the report. Optimistically, his proposals would reduce the deficit by $2.6 trillion, and pessimistically, would add $5.3 trillion to the debt.
Romney's proposals would add to the deficit, but not as greatly as Gingrich and Santorum. Romney's proposal to cut spending and taxes would add $250 billion to the national debt over the next decade in the intermediate-debt scenario and the debt would be 86 percent of the GDP in 2021. The low-debt scenario would reduce it by $2.2 trillion and the deep-debt scenario would add $2.2 trillion to the debt, according to the report.
The national debt now is $15.4 trillion and is 101 percent of the GDP.
The Committee for a Responsible Federal Budget is comprised of former staff of the Congressional Budget Committees, the Congressional Budget Office, the Office of Management and Budget and the Federal Reserve Board.

http://mobile.masslive.com/advmasslive/db_/contentdetail.htm?contentguid=0ZyvnRwS&full=true#display




Wait....stop the presses. Your guy piled on more debt in 3 years than Bush did in 8 and you're suddenly you're an economic whiz concerned about Federal spending? Maybe you didn't hear Geitner testify before Congress recently about Obama's budget....and this is a direct quote........."we have no plan....we just don't like yours"....when speaking to Paul Ryan. And here you are picking apart the Republicans economic plans....something wrong with this picture. Did you see the chart that shows the out years of the Obama budget? It resembles a cruise missile headed for the heavens !! LMAO. You're a little late to the deficit party....aren't you? What does your non partisan group say about the Obama budgets the last 3 years ? Oh damn...the study didn't include that. LMAO....When they do get to it...could you please update us? Or you can broaden your horizons and listen to an different view. Try it. Be Brave.


http://kudlowsmoneypolitics.blogspot.com/2012/02/kudlow-on-msnbcs-morning-joe.html

[Gouki]

Ron Paul 2012 or Bust

[trish]

http://www.nytimes.com/2012/02/27/opinion/krugman-what-ails-europe.html

[thx1138]

The best solution is to stiff the Fed. (It created money out of thin air.) The downside is it could cause a run on the banks. But hey, you can't make an omelette without breaking a few eggs.

[hippifried]

The best solution is to stiff the Fed. (It created money out of thin air.) The downside is it could cause a run on the banks. But hey, you can't make an omelette without breaking a few eggs.
??????????????????
Stiff the Fed, how? All the banks create money out of thin air. The Fed just takes a piece of the profit. So, what, pray tell, are you talking about?

[Silcc69]

Wait....stop the presses. Your guy piled on more debt in 3 years than Bush did in 8 and you're suddenly you're an economic whiz concerned about Federal spending? Maybe you didn't hear Geitner testify before Congress recently about Obama's budget....and this is a direct quote........."we have no plan....we just don't like yours"....when speaking to Paul Ryan. And here you are picking apart the Republicans economic plans....something wrong with this picture. Did you see the chart that shows the out years of the Obama budget? It resembles a cruise missile headed for the heavens !! LMAO. You're a little late to the deficit party....aren't you? What does your non partisan group say about the Obama budgets the last 3 years ? Oh damn...the study didn't include that. LMAO....When they do get to it...could you please update us? Or you can broaden your horizons and listen to an different view. Try it. Be Brave.


http://kudlowsmoneypolitics.blogspot.com/2012/02/kudlow-on-msnbcs-morning-joe.html

Do you get tired of being wrong or hearing your nonsensical drivel you spew on here all the time?

[thx1138]

The federal reserve bank has a balance sheet. On it are 3 trillion dollars worth of securities. Money created out of thin air. http://www.federalreserve.gov/monetarypolicy/bst_fedsbalancesheet.htm

[hippifried]

Those securities are US bonds. For the last couple of years, the Fed's been buying up US debt. That's what quantitative easing is. They're considering QE 3 as we speak. So what? The Federal Reserve is loaning money to the US Treasury. Since the Fed is the US central bank, & all that money is held in the Treasury anyway, it's like your back pocket loaning money to your front pocket. It's all just shuffling numbers in the ledger.

[trish]

All money is created out of thin air. Money is just a device to simplify barter. Instead of trading a chicken for medical treatment, one trades a marker that can be traded anywhere in the realm for a chicken, or something of like value. The markers have to be difficult to counterfeit and produced by a single agency. Otherwise there would be obvious problems. The counterfeiting problem was first solved by making the markers out of difficult to obtain rare metals stamped with a difficult to forge seal. But with modern technology we can make money difficult to counterfeit without wasting valuable metal. For a while people forgot the original function of the metal and thought money had to be back up by precious metals. But that's ridiculous. Money is backed up by the goods you can buy with it, which in turn is backed up by the stability of the economy. Good thing too, because there's simply not a enough precious metal in the world to cover one day's worth of financial transactions.

[robertlouis]

All money is created out of thin air. Money is just a device to simplify barter. Instead of trading a chicken for medical treatment, one trades a marker that can be traded anywhere in the realm for a chicken, or something of like value. The markers have to be difficult to counterfeit and produced by a single agency. Otherwise there would be obvious problems. The counterfeiting problem was first solved by making the markers out of difficult to obtain rare metals stamped with a difficult to forge seal. But with modern technology we can make money difficult to counterfeit without wasting valuable metal. For a while people forgot the original function of the metal and thought money had to be back up by precious metals. But that's ridiculous. Money is backed up by the goods you can buy with it, which in turn is backed up by the stability of the economy. Good thing too, because there's simply not a enough precious metal in the world to cover one day's worth of financial transactions.

True. I've always wanted to put the promise on a Bank of England note to the test by turning up at the front door in Threadneedle St and demanding that I receive the note's value in gold bullion, which is what the Bank's Secretary promises to do on every single note. In theory, banks are supposed to hold the equivalent amount of physical bullion in reserve to match the value of all notes in circulation. As Trish says, nowadays that's simply not possible. Maybe they ought to start caveatting those promises, just in case!

[buttslinger]

Have no fear. Joe the Plumber is near.

[martin48]

True. I've always wanted to put the promise on a Bank of England note to the test by turning up at the front door in Threadneedle St and demanding that I receive the note's value in gold bullion, which is what the Bank's Secretary promises to do on every single note. In theory, banks are supposed to hold the equivalent amount of physical bullion in reserve to match the value of all notes in circulation. As Trish says, nowadays that's simply not possible. Maybe they ought to start caveatting those promises, just in case!

It was still possible to demand "I promise to bear the ..." until the start of the First World War when the gold standard was broken. Until then you could theoretically claim your £1 of gold.

[onmyknees]

Have no fear. Joe the Plumber is near.

There's something profoundly cosmic when a lifetime pol like Kucinich is sent packing and some average Joe throws his hat into the ring. I'll miss Kucinich.........:dead-1:



In case you missed it....here's Tingles Matthews nearly brought to tears on his show today at the reality of a Kucinich getting a smack down. lmfao

[BluegrassCat]

There's something profoundly cosmic when a lifetime pol like Kucinich is sent packing

LMFAO! The idea that Republican gerry-mandering is "profoundly cosmic" is profoundly hilarious. It's tough to get more pedestrian.

[onmyknees]

hey smiley...pass Tingles a kleenex. lmfao
Planning any send off parties for Kusinich?

[trish]

LMFAO! The idea that Republican gerry-mandering is "profoundly cosmic" is profoundly hilarious. It's tough to get more pedestrian.
Exactly! The GOP couldn't be more profoundly deaf than they are now.

[onmyknees]

The economic proposals put forth by Republican presidential candidates Mitt Romney (http://topics.masslive.com/tag/Mitt-Romney/posts.html), Newt Gingrich and Rick Santorum (http://topics.masslive.com/tag/rick-santorum/posts.html) would cause the national debt to swell.
Republican presidential candidate Ron Paul (http://topics.masslive.com/tag/ron-paul/posts.html) was the only candidate whose proposals would lower the national debt, according to a report released Friday.
The U.S. Budget Watch, a project of the non-partisan Committee for a Responsible Federal Budget, analyzed the impact the proposals made by the four candidates would have on the national debt through 2021.
The report breaks down how each part of the candidates' proposals would affect the national debt. (http://crfb.org/document/primary-numbers-gop-candidates-and-national-debt)
An analysis of President Barack Obama (http://topics.masslive.com/tag/barack-obama/posts.html)'s proposals for the next term was not included in the report released Friday and the committee plans to release results of the same analysis of Obama's proposals at a later date.
The committee analyzed three scenarios for each candidate's proposals -- an optimistic low-debt scenario, an intermediate-debt scenario and a pessimistic deep-debt scenario.
Paul's proposals to reduce spending, cut taxes and change the size of the government would decrease the deficit by $2.2 trillion over the next 10 years. The committee estimates that Paul's proposals would cause the national debt to decrease to 76 percent of the GDP by 2021. In the low-debt scenario, which considers if Paul could follow through on canceling all of the federal debt held by the Federal Reserve System, Paul's proposals would cut the deficit by $4.3 trillion. A total of $1.9 trillion would be cut in the deep-debt scenario, according to the report.
Gingrich (http://topics.masslive.com/tag/newt-gingrich/posts.html)has proposed to cut both spending and taxes, which would increase deficits by $2.8 trillion on the optimistic side and $9.7 trillion on the pessimistic side. The middle scenario would increase deficits by $7 trillion and would cause the debt to balloon to 114 percent of the GDP by 2021, according to the report.
Proposals made by Santorum to decrease spending and taxes would cause the national debt to swell by $4.5 trillion by 2021 and would cause the national debt to be 104 percent of the GDP in 2021, according to the report. Optimistically, his proposals would reduce the deficit by $2.6 trillion, and pessimistically, would add $5.3 trillion to the debt.
Romney's proposals would add to the deficit, but not as greatly as Gingrich and Santorum. Romney's proposal to cut spending and taxes would add $250 billion to the national debt over the next decade in the intermediate-debt scenario and the debt would be 86 percent of the GDP in 2021. The low-debt scenario would reduce it by $2.2 trillion and the deep-debt scenario would add $2.2 trillion to the debt, according to the report.
The national debt now is $15.4 trillion and is 101 percent of the GDP.
The Committee for a Responsible Federal Budget is comprised of former staff of the Congressional Budget Committees, the Congressional Budget Office, the Office of Management and Budget and the Federal Reserve Board.

http://mobile.masslive.com/advmasslive/db_/contentdetail.htm?contentguid=0ZyvnRwS&full=true#display


And now back to Silcc's copy and paste........

I won't quarrel with the math, but as any first year economics student will attest, when these agencies score these tax and economic proposals, they do so statically, not dynamically. That is to say, they can't or won't guess or approximate the amount of growth a particular plan creates. They simply can't assume that. That's how and why the CBO scored ObamaCare so favorably when we now learn the realities are far from the original scoring. They simply crunch the numbers they're given....just like the CBO does. However, Romney's plan is geared toward growth....growing the economy, repatriating corporate profits, halting the flow of commerace overseas by lowering the corporate rate, now bloating foreign banks, and encouraging investment. Obama's plan is to raise taxes on small and large corporations. While lowering the tax rates, and broadening the base, will in the static cut revenues to the IRS, it conversely accomplishes 2 things on the other side of the ledger. Romney's plan was greeted with cheers from small businesses and sub chapter S corporation who will be creating most of the new jobs if this economy is to grow. Two ways to pay for the tax cuts is higher economic activity it encourages, more entrepreneurship and higher taxable incomes.Romney's plan also cuts spending significantly so that the debt is 20% of GDP by 2016. It's certainly a different approach to the one that's brought us record deficits with nothing more than tired mantras of "tax the rich". That's not going to get us to where we need to get no matter how much hand wringing Buffet and Obama engage in. Taxing the rich is not spurring economic growth it's simply a way to pay for growing government. Like the job you have now? Lucky enough to have one? Good because you're going to have that same job it a very long time under Obama's one dimensional plan.

[buttslinger]

BULLETIN FOR REPUBLICANS:

BE afraid! Be VERY afraid!

[hippifried]

I heard Romney say that his economic proposasls can't be scored by the CBO. Wow! I guess he must be really special.

[trish]

He's dynamic___not :)

[onmyknees]

He's dynamic___not :)

Well speaking about things that are static....I think we can say after 3 1/2 years we certainly know what doesn't work and what's static..... In fact....look for the unemployment and inflation to creep upward again. But not to worry...Harry Reid is on the case (ZZZZZZZZZZZZZZZZZZZZ) Your nation has been waiting for a plan and a budget for 1000 days, Mr. Ried....Mr. Reid are you with us? Mr. Reid? Somebody call a doctor, Mr. Reid has no pulse !!
Why is it none of you ever talk about the Senate? LMAO

[trish]

ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ did kiss-my-ass-while-he-on-his-knees say something???

[hippifried]

ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ did kiss-my-ass-while-he-on-his-knees say something???
Yeah, but nothing relevant to... To uh... Well, to almost anything. You didn't miss much.

[Silcc69]

ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ did kiss-my-ass-while-he-on-his-knees say something???

How can he, when his mouth is filled with GOP cock?

[Ben]

What is the US Deficit? - YouTube (http://www.youtube.com/watch?v=_BAo87sKT2s)

[buttslinger]

This week Obama mentioned that some Republicans are members of the Flat Earth Society. All the people that are one step ahead of ever changing money matters are on Wall Street. John Gotti used to force all the supermarkets on his turf to raise the price of bread fifty cents. The market owners would get a quarter, and Gotti would get a quarter. These are the guys bankrupting the USA. They're not doing it to bankrupt. They're doing it to get rich. People made billions off the Iraq War. Go get 'em Obama. I hope in your second term you butcher these pricks that magically change the price of a gallon of gas from two dollars to four dollars.