Last year the US was about $730 Billion in debt, I think it would be easier to start building Golden Shitters than pay off your debt in 4 years!!
I would think a tax cut may not be a possibility either....
You mean the deficit (yearly shortfall) as the actual debt (cumulative shortfalls for all years) is many TRILLIONS :eek2:
We have yet to see the Obama "plan" as the bar keeps moving which draws into questions the accuracy and honesty of the numbers and promises made so far.
My guess is he will pull a Clinton on our country and claim the middle class tax cuts cannot be made at this time (probably ever in his admin) but I can guarantee a tax increase for the "rich" which will probably start around $42k/yr when he allows the Bush cuts to expire in 2010.
Unfortunately both of these actions will reduce government revenues and create a situation where they will GUESS they must RAISE taxes yet again :hitwithrock:
We have empirical evidence to show that Reagans tax cuts (like the ones before under JFK and Mellon) actually increase Fed revenues. Actually, I seem to remember a clip of Obama acknowleging so much but going on to say it doesn't matter as the only thing important to him is FAIRNESS.
Here is one report on the data I am refering to:
http://www.house.gov/jec/fiscal/tx-grwth/reagtxct/reagtxct.htm
"Conclusion
The Reagan tax cuts, like similar measures enacted in the 1920s and 1960s, showed that reducing excessive tax rates stimulates growth, reduces tax avoidance, and can increase the amount and share of tax payments generated by the rich. High top tax rates can induce counterproductive behavior and suppress revenues, factors that are usually missed or understated in government static revenue analysis. Furthermore, the key assumption of static revenue analysis that economic growth is not affected by tax changes is di sproved by the experience of previous tax reduction programs. There is little reason to expect static revenue analysis to evaluate the economic or distributional effects of current tax reform proposals much better than it evaluated the Reagan tax program 15 years ago."
) and that at least one conservative in Illinois saw it coming.
