Stimulus Pkg at work

[posts from hell]

I know a couple of people who said they want to move to Costa Rica.

I won't. Never will move out of USA. USA is the one of the best for accessibility.

False.

 

[GuidoSarducci]

I agree 100%..... And it's going to get much worse. Most of this healthcare plan (if forced through) doesn't even take affect until 2013. I want the President that signs this crap to still be there so we can hold him accountable.

Republicans winning the midterms would put them in blames way when all this crashes. It's best for the GOP to stand back and let things run their course to prove once and for all spending your way out will not work. That way the US won't have to go through this again. It's going to be a hard painful lesson.....but we are due for one. .

Yeah, so they can cut taxes and launch another war based on flimsy pretexts. That will really help things.

 

[netrox]

It's hilarious how Republicans think that cutting more taxes would help ANYTHING.

PETER ORSZAG (director of CBO): That is -- we need to -- we, as I said this morning, this is a serious problem and the out year deficits are unsustainable. They have to come down.

I also, though, think recognizing that problem and the need for action, it is worth pausing and remembering how we got here. You mentioned that $9 trillion projected deficit over the next decade. That basically reflects three things.

The first is the failure to pay for two policies in particular, the 2001 and 2003 tax cuts and the Medicare prescription drug benefit. Those were deficit financed. Over the next decade they account for $5 trillion.

Second, the economic downturn, because it triggers the so-called automatic stabilizers, which raise unemployment benefits, they raise food stamps, they cause -- revenue tends to decline during an economic downturn, all of which is beneficial because it helps to mitigate that GDP deficit that I was talking about. But it also over the next decade adds $3.5 trillion to the deficit.

And then finally, the Recovery Act accounts for less than 10 percent of that total.

So basically, the $9 trillion projected deficit can be entirely accounted for by the failure to pay for policies in the past, the economic downturn, and the steps we’ve had to take to combat that downturn, which is not to say action isn’t necessary, it absolutely is. But it’s also important to realize we didn’t get here by accident.

http://www.charlierose.com/download/transcript/10697

So, it's pretty simple:

too much tax cuts, medicare drug plan, economic decline is responsible for 90% of the deficit.

 

[Jiro]

it's also hilarious that increasing tax would help decrease deficit when they continue to spend more more more more on useless stuff.... and their vacations. comical at its best!

 

[TXgolfer]

Tax cuts won't help.......unless we stop spending money on BS. Nothing will help if we keep doing that. We have to cut up Obama's Visa or the US is in for dark days.

Be interesting to read how the CBO came to these numbers. Especially how the Tax cuts were financed for over a decade.....

The medicare prescription drug benefit was a horrible mistake as is the healthcare bill.

 

[kokonut]

$1.4 billion dollars of "stimulus money" went to tax cheats.

Under government rules, delinquent taxpayers are supposed to be ineligible for the mortgage insurance program unless they have reached a repayment agreement with the Internal Revenue Service. But the Federal Housing Administration didn’t have the right controls to weed out bad applications, said the Government Accountability Office, Congress‘ chief investigative arm.

That meant FHA insured $1.4 billion in mortgages for 6,327 borrowers who collectively owed $77.6 million in unpaid taxes, or an average of more than $12,000 each.

The auditors said that as a category, the tax cheats had foreclosure rates up to three times as high as other borrowers, which meant the delinquent taxpayers exposed the government to even greater risks. …

“The stimulus-spending program was ill-conceived, with far too little oversight,” [Sen.] Grassley said. “It shouldn’t surprise anyone, unfortunately, that tax dollars have gone to tax cheats. It’s another one of many negative consequences of writing checks without enough checks and balances.”

Tax cheats got $1.4 billion in stimulus loans - Washington Times

Hey, congratulations!