Profiles in Failure

(2 pm. – promoted by ek hornbeck)

Cross posted from The Stars Hollow Gazette

Continuing economic policies  the have failed is flat out stupid. Proposing to not only continue with those policies but to reinforce them by making them worse is economic and political suicide. It is the path that the Obama administration and Congress have taken us down by renewing the Bush Tax Cuts until December 2012. Some of the GOP candidates would like to cut taxes even further, so much so that it would cripple the government and widen the socio-economic gap of the haves and have-nots.

June 7th was the tenth anniversary of the Bush tax cuts that were enacted on the promise as a  necessary economic stimulus that would boost job creation and a stalled economy by the Bush regime who said the “deficits didn’t matter”. Bush promised that result would be that the Federal debt would be paid in 10 years that was in 2001. At the end of 2008, the national to over $10 trillion dollars, 69% of the GDP and the highest it had been since 1955.

Think Progress compiled a concise video with graphics and music that demonstrates how the Bush tax cuts drove up the deficit and will continue to make matters worse over the next 18 months.

Yet, we still have the right wing pundits and GOP candidates for president repeating the with most of the talking heads nodding in acquiescence. Lawrence O’Donnell was the exception last night comparing the ignorance of Sarah Palin to the out right lies about tax cuts by GOP presidential hopeful, ex-Gov Tim Pawlenty. If elected, Pawlenty would propose cutting the business tax rate and wipe out the capital gains tax, interest income tax, dividend tax and the estate tax.

It’s estimated that Pawlenty’s proposals would triple the size of the Bush tax cut costing another $7.8 trillion over the $2.5 trillion the current extension is costing. Meanwhile, the other GOP contender, ex-Gov. Mitt Romney, follows the Bush/Cheney economic theory that deficits don’t matter with his endorsing a “federal spending at 20 percent or less of the GDP and finally, finally balance the budget” without mentioning the other side of the equation, revenue.

With Obama caving on just about everything, his word that he will not extend the Bush tax cuts again doesn’t hold much water. His economic policies and thus his re-election is in the inept hands of a Wall St. shill, Treasury Secretary Timothy Geithner and his Chief of Staff, former Morgan Stanley bank executive, Bill Daley. If Ben Bernanke expressed less than a rosy economic outlook, it understandable that the markets worldwide are taking a tumble.

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    • TMC on June 10, 2011 at 6:26 pm
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  1. It’s about time that consideration was being given to exactly what the Bush Tax Cuts have and are costing us.    

    January 20, 2011, I sent a fax letter concerning the proposed “hits” on Social Security, Medicare and so many other social programs and included therein:  

    The Republicans, in the latter part of 2010, began screaming for deficit reduction.  You, President Obama, then created a Debt Deficit Commission, comprised, among others, of Alan Simpson, a very right wing conservative, who has always been goaded on by an 84-year old billionaire nutcase, Peter Peterson, who thinks the “elderly are a drain on society.”  As though hard-working Americans somehow had not earned/do not earn the right to become older.  

    But, in the same breath, in their continual hypocrisy, these same Republicans and some like-minded Democrats screamed for a two-year extension of the Bush Tax Cuts (benefiting the top 1% of incomes earned), thus, increasing the national debt by $700 billion in costs to the American people over the next 10 years.  This, in addition to the deficit created by the Bush Tax Cuts of $2.4 trillion in costs to the American people (includes interest due to deficit financing – 2001 through 2010 — [Note:  that debt is now $2.6 trillion!]).”*

    Here’s a pretty good summation:  The Bush Tax Cuts: 10 Years Later, Still Expensive And Ineffective Written by Chris on June 06, 2011

    And Mother Jones, June 7, 2011 The Bush Tax Cuts: Ten Years Later

    *(Yes, there are always WH  responses!)

    I hope that the BUSH TAX CUTS become a media subject vis a vis the deficit reduction argument, as well as the oil subsidies!!!!!!!!  (Fat chance!) There is NO end to the BS Americans are fed!  We have a list of the Bill of Goods that have been force-fed on Americans!

    • banger on June 11, 2011 at 7:01 pm

    want to keep the tax cuts?

    The result of the tax-cuts was well-known by all concerned yet they passed easily. Why? Why are so many Americans hoping for neo-feudalism which is what follows, logically, from the Republican agenda now pretty much shared by Democrats?

  2. We Are Change Switzerland!

    Bilderberg Meeting 2011 St. Moritz Switzerland – Anouncement Trailer TubeTruthers.com

    Note by scrolling down on the same site, you will see various information, including a list of attendees.  Below, I am posting yet another list of attendees (I don’t know if they exactly match up!

    Leaked attendee list Bilderberg Conference June 9-12, 2011 in Suvretta House Hotel (St. Moritz, Switzerland) on June 10, 2011.  It has been said that Robert Gates’ attendance is in direct violation of the Logan Act.

     

  3. Bilderberg: Death of Democracy Behind Closed Doors

  4. Wrong diary — was having computer problems and trouble posting period.

    Ignore bottom two posts — obviously, not intended for this diary!

    • Xanthe on June 17, 2011 at 4:14 pm

    Jonathan Capehart is going on about deficits.  Could he be more of a tool of Obama’s Rebpublican Lite?  Medicaid has to be cut (including children’s food) so that the deficit can be cut.  Not one word about wars, certainly no tax cuts.

    Yeah, Jonathan buy another tie and keep taking those calls from the WH staff so you know what to say on the teebee.

    or better yet, take a walk on the other side of DC – where the working classes live –

    Sell out – a black, gay man who has an opportunity to make a difference – and this is the claptrap he talks.  

     

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