Originally Posted by cmitch
You're using the same reasoning as FTL: Our money belongs to the government first, which is socialistic. Tax cuts created a revenue boost. It's not my fault or yours that our bipartisan over spending has resulted in record deficits. But you attribute the tax cuts as the reason for the deficit and that isn't true at all. It's the overspending that's doing it. As I said before: We have a net increase in tax receipts, NOT A DECREASE! This is because the money the American people received as a tax cut was spent and stimulated the economy which, in turn, allows the dollar to turn over more in the economy creating more tax revenue. So your point that tax cuts created the deficit is without merit. Irresponsible spending is what did it. But why do you want to blame the tax cuts as the reason instead of the overspending? Leave the taxes alone and cut spending and you will see a resulting decline in the deficit.
No, read what I wrote. Bush charged the tax cut on a charge card and stuck YOU and ME with the bill. That is NOT assuming the money is that of the government.
I never said that the tax cuts were the CAUSE of the deficits, only a contributor. And yes we have a net increase in tax receipts BUT we have a net increase in tax debits that is higher which negates the positives of the receipts. SIMPLE MATH.
You really need to read what I wrote and understand it before trying to obfuscate it and make it say something that I did not write.
Your last point of "leave the tax cuts alone and cut spending" might work. It would have worked VERY WELL in 2002-2006 had the Republican Congress and Republican Administration [the two folks that write the budgets] done just that, even with the $1.3Trillion War On Terror budget items. NOW, with $5TRILLION extra in the hole, NOT SO EASY.
With the current borrowing on the future to stimulate the economy this Administration has done TWO things. First, INJECTED $5TRILLION of borrowed CASH into the economy and second INJECTED $400BILLION in TAX CUT REFUNDS into the economy. Where is the NATIONAL ECONOMY? Housing is near crashing on a national basis. Manufacturing is Offshore [Boeing being one of the major exceptions - and its planes are going overseas], the DOLLAR is at an ALLTIME LOW, the Dollar is no longer considered "standard" in international trading.
Much of what is touted as our Booming economy is due to International Corporations which are doing well. IBM, Citibank, BoA, folks who have massive international presence and international investments. They benefit when the dollar tanks, they benefit from cheap offshore labor [IBM has the same number of workers today as in 1997, only now just 120,000 are US as opposed to 500,000].
Now that booming economy, might go on, or might not but the $5Trillion bill is still with us, and the $400Billion Tax Cuts may or may not have contributed.