Posted at June 23, 2009 at 12:15 pm
Excerpt:
From Matthew Yglesias…
There’s a lot of political concern in Washington about public anxiety about budget deficits. Substantively, the public’s concerns don’t really make sense, as deficit-reduction amidst a severe recession will only make the recession more severe. But Stan Collender, whose deficit hawk credentials should not be in question, observes that the political problem is largely a mirage as well:
If you look beyond the very short-term, the deficit situation will begin to turnaround next year, that is, before the election. Under current forecasts, the deficit will fall by a record amount from 2009 to 2010. It will still be high by virtually anyone’s standards — probably around $1 trillion or so. But the big change in the right direction will give the White House the breathing room it needs and alter the politics substantially. Anyone want to bet that there will be a cover story somewhere next year calling Obama the deficit killer?
This will, of course, not be a substantive fix for anything. But the nominal deficit reduction will, indeed, be huge. As the economy recovers, tax revenues will rise, social safety net outlays will fall, and stimulus measures will begin to tamp down. If we can assume further growth in 2011, the complete expiry of Recovery Act provisions, and the winding down of the Iraq War, that’ll be further deficit reduction.
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Posted at October 6, 2008 at 8:18 am
Excerpt:
Here is a great commercial about our national debt from Scott Kleeb, Democratic candidate for Senate in Nebraska.
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Posted at June 1, 2008 at 11:20 am
Excerpt:
Make sure to thank your children for your economic stimulus check because they will be the ones that will be paying it back.
Whichever way you look at it, both the U.S. and U.K. governments are handing their citizens cash that was borrowed—and the citizens themselves are liable for the debt. If my bank manager arranged a surprise loan in my name and handed me the cash, I might feel pampered or put-upon, depending on whether I was planning to take out the loan myself anyway. Either way, doubt I would feel any richer. …
Who will be the fall guy? We don’t know for sure because we can’t say whom a future government will tax. But an obvious candidate would be today’s teenagers, very few of whom pay income tax today but most of whom will pay income tax in the next few years. Their best hope is that their grandparents add the tax windfall to their bequests rather than blowing the money on a weekend in the sun.
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Posted at September 21, 2007 at 8:21 am
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Posted at March 27, 2007 at 8:51 am
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Posted at February 4, 2007 at 11:08 am
Excerpt:
On Saturday, Tom Vilsack spoke at the DNC Winter Meetings. I caught most of the speech on CSPAN and thought Vilsack did very well. Radio Iowa has a very good writeup on the speech.Vilsack’s theme was pushing for real change. Vilsack spoke against No Ch…
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Posted at January 4, 2007 at 11:42 am
Excerpt:
Not Extending Temporary Tax Cuts is NOT Increasing Taxes There’s a story yesterday on MyDD and Chris also wrote about, but it is worth repeating. Not extending Bush’s temporary handouts to the most wealthy is not increasing taxes. I’d give back my coup…
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