Interesting graphic
Tenacious
7/26/2011 11:02:05 AM
This chart really puts the cost of presidential policies in perspective:
I would be willing if I knew it was fair across the board. It gets frustrating when so many don't pay or can work around paying with inflated deductions etc.
Scott, excellent article which really lays everything out. I think I might actually understand it now. Still have no idea how it gets fixed but at least I know the background. Looks ugly!
Re: Tracking Our Trip Down the Rabbit Hole
Phoenix
7/26/2011 8:16:47 AM
Thank you for the information. Things sure look bad. And it looks like we are heading for another big recession. I doubt even the baseball bats will make them make the much needed changes.
While I agree that the US has a relatively low tax rate compared to other countries I don’t think we get anywhere the services and protection offered in other countries that have healthcare for all, significant unemployment benefits and retirement benefits etc. I would be fine raising taxes if it meant an increase in services and a reduction in debt and useless spending on Census chochtkes.
Re: How did we get here?
Tenacious
7/25/2011 8:17:26 PM
Uh, Michael, you know truth is banned in Congress. And unlike the bans on salacious activities involving social media or interns, this one is really really enforced, on both sides of the aisle.
Maybe I can get Congress to write the next post for "The Spin." These guys have me beat; their truth and my truth are certainly different.
Tracking Our Trip Down the Rabbit Hole
Street Smart
7/25/2011 6:29:11 PM
Excellent Infographic and article in this past Sunday's New York Times about how the deficit grew so large and out of control. HIGHLY recommend it.
In her commentary, the piece's author, Teresa Tritch, summarizes the following primary factors:
"First, the Bush tax cuts have had a huge damaging effect. If all of them expired as scheduled at the end of 2012, future deficits would be cut by about half, to sustainable levels.
Second, a healthy budget requires a healthy economy; recessions wreak havoc by reducing tax revenue. Government has to spur demand and create jobs in a deep downturn, even though doing so worsens the deficit in the short run.
Third, spending cuts alone will not close the gap. The chronic revenue shortfalls from serial tax cuts are simply too deep to fill with spending cuts alone. TAXES HAVE TO GO UP (caps mine)."
#Scott Raynovich, would you and Teresa mind heading up to Capitol Hill with a couple of baseball bats and talking some sense into our elected officials?
I would pay a little more taxes, if Washington could guarantee they went to paying down debt and not to some stupid new programs
Congress has made that deal with the voters several times. Every time we get the tax increases but we never get the debt reduction. Your chart shows how the spending line grows faster than the tax receipts line (which also grows.)
Does anyone feel like we're getting twice the level of service from the Federal goverment, compared to 2000? That's what the spending shows - it's doubled since early 2000.
I don't know anyone who feels that we are getting that kind of value from our government, so the extra money seems to be unnecessary from ths voters view.
Noreen,
Agreed. I would pay a little more taxes if Washington could guarantee they went to paying down debt and not to some stupid new programs, a few more speculative wars, higher Congressional salaries, or pork projects.
In fact, I don't see what the disaster was with moderate tax rates in the 1990s. They seemed to work fine when the budget was balanced. The problem with the Bush tax cuts is they were accompanied by two wars, a recession, and gigantic government spending increases.
To the supply-siders: Supply side tax cuts only work when you balance the budget and have a disciplined U.S. Congress. Since we NEVER have a disciplined U.S. Congress, supply-side doctorine just doesn't work. Both parties are to blame. That's why Bush II approach was a failure -- tax cuts + spending increase = disaster.
Now for the Democrats: They have to get real on Social Security and Medicare. We have promised way more than we can afford. Cuts will have to be made evenutally, so why not start planning now.
The orginal Simpson-Bowles plan to be made a lot of sense. It was bi-partisan and made some tough choices. I as a voter would have signed off on it. It was sad to see it wasn't taken seriously.
Unfortunately, Washington is not a place for making realistic tough choices these days. It's a place where people play games.
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