CBO Finds Obama Plan Will Stimulate Economy and Reduce The Deficit

October 8, 2011 — Ron Chusid

Economists have already analyzed Barack Obama’s job plan and concluded that it will help reduce the risk of another recession and increase jobs. The Congressional Budget Office has now analyzed the report and found that it will help reduce the budget deficit:

The Congressional Budget Office on Friday confirmed that President Obama’s jobs bill would be fully paid for over ten years and also gave its seal of approval to Senate Democrats’ version that includes a surtax on millionaires.

The CBO said that the original Obama stimulus bill would involve $447 billion in tax cuts and new spending—the same estimate given by the administration. It said the bill would raise $450 billion over ten years. The result is a $3 billion decrease in deficits over ten years.

The Senate Democrats’ bill, which replaces Obama’s taxes on the upper middle class with a 5.6 percent surtax on those with annual incomes above $1 million, raises $453 billion over ten years and reduces deficits by $6 billion. The tax kicks in in 2013.

Senate Majority Leader Harry Reid’s office highlighted that the CBO affirmed 60 percent of the stimulus comes in the form of tax cuts rather than spending and that most of the tax relief is for workers.

CBO also said that the bill “could have a noticeable impact on economic growth and employment in the next few years.” CBO under its own rules is prevented from factoring in increased unemployment, and the possible increased tax revenue that could result into its cost estimate.

Of course Republicans will continue to oppose the plan for two reasons. First of all, they would prefer that the economy continues to do poorly in the hope that this will cause voters to take out their frustrations on the Democrats as occurred in 2006, which is also why they have used their power in Congress to extend the downturn and reduce job creation. Secondly, Obama’s plan, while good for the country, results in higher taxes for the wealthy. Promoting lower taxes on the wealthy is the primary goal of Republicans, even if we have tax rates below those present when Ronald Reagan was president.

Posted in Barack Obama, Congress, Economy, Harry Reid, Republicans. Tags: , , , . 16 Comments »

Quote of the Day

October 8, 2011 — Ron Chusid

Hey, Congratulations to Donald Trump, who just welcomed his fourth grandchild! You could tell it was Trump?s grandchild because as soon as it came out, it demanded to see its own birth certificate — Jimmy Fallon

Posted in Donald Trump, Humor and Satire, Television. Tags: , , . No Comments »

ABC Promoting Bloomberg Story On Koch Illegal Activities

October 8, 2011 — Ron Chusid

Conservatives in general, and especially the extraordinarily ignorant people who make up the Tea Party movement, are among the most gullible people who have ever lived. If you need sheep to promote your interests who will believe that cigarettes pose no danger to one’s health or that climate change poses no danger to the environment, there are plenty of conservatives who can easily be fooled into promoting your cause. Conservatives and libertarians are also the most dangerous threat to freedom and a working capitalist system in the world–presenting a far greater threat to free market economies than the socialists ever did. Conservatives promote a world view based upon false historical and economic facts which leads the right wing sheep to promote government policies which enrich the ultra-wealthy and eliminate the regulations which are essential for a market economy to function fairly. Of course the leaders of the conservative movement are well aware that the principles they preach are false, as can be seen in their actions.

The Koch brothers have been long-time heroes to libertarians and conservatives who have been unaware of how they have used government to enrich themselves. Their brand of libertarianism also appears to mean that they feel free to ignore the law. Bloomberg published a recent report on the activities of the Koch brothers, which has now been picked up by ABC News:

In a recent documentary, David Koch can be seen addressing Tea Party leaders and espousing American values, saying, “The American dream of free enterprise, capitalism is alive and well.”

But now questions are being raised about the American values of the source of the Koch brothers’ wealth.

This week’s edition of Bloomberg Markets reveals that one Koch Industries subsidiary was trading with Iran and that another subsidiary in France was paying bribes to get business in six different countries.

In one previously undisclosed document from a French labor court case, Koch Industries admits the payments are “violations of criminal law.” A company spokesperson told ABC News that the letter relates only to the conduct of the employee fired in the bribery case and “does not discuss or concern United States law or the company’s potential liability.”

“It’s a document right there in the court record, out of the lips of Koch Industries,” said David Evans, one of the co-authors of the Bloomberg Markets article.

 

Posted in Economy, International, Libertarianism. Tags: , , , , . 3 Comments »
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