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Obama's CBO: let the "Bush Tax Cuts" expire and the economy is toast

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Bloviating Zeppelin: Obama's CBO: let the "Bush Tax Cuts" expire and the economy is toast

Bloviating Zeppelin

(in-ep-toc'-ra-cy) - a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

Thursday, May 24, 2012

Obama's CBO: let the "Bush Tax Cuts" expire and the economy is toast


Mr Obama's very own Congressional Budget Office (CBO) indicates a double-digit recession is in store for early 2013 if the "Bush Tax Cuts" are allowed to expire. From the WashingtonTimes.com:

Reducing or eliminating the fiscal restraint would boost economic growth in 2013, but that adopting such a policy without imposing comparable restraint in future years would have substantial economic costs over the longer run,” CBO said in its analysis.
Further:
Republicans remain adamant that the lower income- and investment-tax rates passed in 2001 and 2003 under President Bush, and extended in 2010 under President Obama, must be extended again.

“No economy can sustain such a hit without being hurled into recession,” said Sen Orrin G. Hatch, the ranking Republican on the Senate Finance Committee, which oversees tax policy.

One thing both sides say they agree on, however, is the need to act now.

Last week, House Speaker John A. Boehner kicked off the conversation, drawing a line in the sand in saying that he won’t allow another increase in the federal government’s debt ceiling unless it’s matched dollar-for-dollar with future spending cuts — just as the 2011 debt deal was.

In truth, however, this may all be nothing but "whistling past the graveyard" because my own personal eye is on two countries: Greece and Spain.

If Greece kicks out the Euro and goes back to the drachma, and if Spain does likewise (back to the peseta), I suspect there will be even greater runs on Greek and Spanish banks. That will yield a major crisis for those two countries --Greece first.

And I, of course, always try to do what I call the "logical extension."

Might not panic in Europe translate to a "run" on American banks as well?

I can't help but wonder.

And still, the American public gushes over American Idol and the newest brain-dead entries on Twitter and Facebook.

Also, the Fornicalia legislature and Supreme Court anguished over how to micromanage lunches for employees.

Lunches. Really. I'm not kidding. Lunches.

BZ

4 Comments:

Blogger Well Seasoned Fool said...

When you are incompetent, you dwell on trivia to give the illusion you are "doing something".

Thu May 24, 05:47:00 AM PDT  
Blogger Old NFO said...

We're doomed... You KNOW obummer is gonna do everything he can to RAISE taxes...

Thu May 24, 09:11:00 AM PDT  
Blogger Bloviating Zeppelin said...

WSF: PART TIME LEGISLATURE and PART TIME DC.

NFO: clearly. Tax and spend. Taxmageddon. Porkulus. Spend spend spend.

"Austerity" BAD says Obaka!

BZ

Thu May 24, 03:15:00 PM PDT  
Blogger Bloviating Zeppelin said...

A troll recently wrote regarding this post, that it was all "bullshit" -- that were the tax cuts to expire, the budget problem would be solved in two years.

Remember, folks, those are products of public schools, and they vote.

Sad, but true.

BZ

Mon May 28, 11:54:00 AM PDT  

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