Obama’s Tax Cut Deal is a Budget Buster

Wednesday, December 15, 2010

The Obama/McConnell tax cut deal destroys the budget.

From Ezra Klein:

“The $858 billion package does more damage to the deficit than anything other piece of legislation passed during the Obama presidency. It’s also expected to receive the largest bipartisan majority of any major piece of legislation the Senate has considered in the last two years.”

And as The Nation points out:

The most dangerous feature in Obama’s proposed two percent reduction of the FICA deductions every worker contributes to the Social Security Trust Fund. The 2% may sound attractive but it will result in a $120 billion shortage to Social Security. Obama says he will borrow the $120 billion to replenish the shortage, adding even more to the deficit.

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10 Responses to Obama’s Tax Cut Deal is a Budget Buster

  1. MichaelTAtheist says:

    I’ve officially decided………… this ‘Boy’ doesn’t have a brain in his head.

  2. TOM339 says:

    Obama is committed to privatizing Social Security.

    He’s take up where Bush left off. If Obama is reelected in 2012, I fear the Social Security system will be completely destroyed and a footnote in US history.

    Obama is extremely dangerous because he pretends to be one thing but in reality, he’s someone else. It’s as if he has political schizophrenia.

  3. MichaelTAtheist says:

    B-O-Y!, I say, BOY……………… you should have stuck with what you know best, PICKING COTTON! Because you’re totally fucking up un this new job………………

  4. R.J. Lawson says:

    I will vote against him in ’12. Even if that means Caribou Barbie.

  5. Eric Equality Kuntz says:

    My vote counts. It has intrinsic value and I refuse to throw it away on a DINO. I will stay home in protest first.

    There needs to come a point when the American people say “enough,” and stop voting for the lesser of two evils. If this is what the presidential election is now, I would rather sit on the sidelines.

  6. Tiny Dancer says:

    We thought we were electing a Democrat in 2008.

    Instead, we elected a Republican. Obama is the best friend corporate America and the GOP could’ve hoped for.

  7. Pechanga says:

    What we must remember about Barack H. Obama is, he’s now a member of the ruling elite.

    Does he have Rockefeller or Annanberg or Bush money? No, not in 2010 but rest assured. In 2020 — just a decade from now, Obama will be extremely wealthy. He’s loyally done the bidding of the Wall Street bankers and for this, he will be handsomely rewarded.

    As Christopher said. Obama has no use for us peons now. The folks in the middle and at the bottom at just so much cattle for him to slaughter and eat at dinner.

  8. Bill Hussein O'Reilly says:

    Dude, Obie is just practicing a 21st version of Reagan’s “Trickle Down Economics.” We tried it, lived through it, suffered its consequences back in the 1980’s and it don’t work.

    For a Harvard educated man, Obie is as dumb as a used condom wrapper.

  9. fran says:

    I would not vote for Palin if she were the last candidate on this planet!

    I read an interesting editorial about the tax cuts:

    My statistics professor at the University of Oregon told us that “Figures don’t lie, liars figure.” I can’t help but recall that comment when listening to people allude to the “great” benefits those of us in the middle class will enjoy when talking about the need to continue the Bush tax cuts. Let’s look at the figures.

    A married couple that is fairly solidly in the middle of the middle class — with gross income of $62,000 and taxable income of about $43,000 — paid $5,619 in federal taxes last year. If the Bush tax cuts are allowed to expire, they will pay $6,454 in the future. That additional tax amounts to $16 a week. Is it worth almost $4 trillion over the next decade — the cost of extending the tax cuts — for an average middle class family to save $16 a week in income tax?

    I say, let the tax cuts expire for everyone. America cannot afford the high cost of continuing to live off our national credit card.

    Newspaper editorial written by: ED KEMP

    Interesting theory… Time are hard, and it is a bitch the most wealthy got 10 years now, of tax breaks. It appears to be breaking the backs of the rest of us.
    Seriously, though at some point, we do have to start paying off that $13 trillion dollar debt.

    In a perfect world, we would cut all the cuts, then give hardship allowances for those struggling.

  10. Jolly Roger says:

    RIGHT, fran! It isn’t worth the damage it is going to do, and it’s peanuts to most of us in any case. Let ALL of the damn cuts expire.

    How much MORE proof do we need that tax cuts do NOTHING to stimulate the economy?

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