by eastbay » Thu 30 Apr 2009, 21:37:15
$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Tyler_JC', '
')
When the bill shows up at the end of the month (first year or two), more people will be angry at the guy who rang up the debt. Then we'll see how high his approval ratings are. For now, I'm mildly surprised he isn't floating around 70%.
So you're saying Joe Middle Class is going to have his tax rate DOUBLED in the next year or two? Or what exactly are you saying?
Please clarify.
Someone's going to have to pay for it. And taxation is the only way to make it happen.
Got Dharma?
Everything is Impermanent. Shakyamuni Buddha
by Tyler_JC » Thu 30 Apr 2009, 22:51:34
$this->bbcode_second_pass_quote('eastbay', '')$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Tyler_JC', '
')
When the bill shows up at the end of the month (first year or two), more people will be angry at the guy who rang up the debt. Then we'll see how high his approval ratings are. For now, I'm mildly surprised he isn't floating around 70%.
So you're saying Joe Middle Class is going to have his tax rate DOUBLED in the next year or two? Or what exactly are you saying?
Please clarify.
Someone's going to have to pay for it. And taxation is the only way to make it happen.
http://www.usgovernmentrevenue.com/In 2008, total income tax revenue was $1.45 trillion. The current budget deficit is at least $1.7 trillion.
If income tax revenue doubled from 2008 levels, we would still have a huge deficit.
Unless you expect government spending to drop dramatically or income (and thus income taxes) to soar over the next couple years, we are still looking at huge deficits.
To make matters worse, income taxes for 2009 are projected to come in at $1.1 trillion, a $300+ billion drop from last year.
Obama's budget assumes that the US economy will grow 24% between 2009 and 2013. For comparison's sake, GDP grew 25% between 1996 and 2000.
Think about that for a minute. Does anyone expect growth over the next four years to be almost as strong as growth during the Go-Go 1990s?
Again, when rapid economic growth doesn't return and budget deficits force higher taxes, President Obama's approval ratings will fall. I doubt they will fall to Bush levels, but they will undoubtedly fall.
I'm not blaming Obama for the recession, it's obviously not his fault. But the American people will blame him for the anemic economic "recovery" and the necessary tax hikes in 2010/11.
Obama is riding a wave of optimism right now. The sharp rocks of reality will tear a gnarly gash in the surfboard of public opinion.