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Thread: Tax Cuts and Wars Will Account For Nearly Half Of Public Debt By 2019

  1. #1

    Default Tax Cuts and Wars Will Account For Nearly Half Of Public Debt By 2019



    If the Bush-era tax cuts are renewed next year, that policy will by 2019 be the single largest contributor to the nation's public debt -- "the sum of annual budget deficits, minus annual surpluses" -- according to new analysis from the non-partisan Center for Budget and Policy Priorities.

    These tax breaks, combined with the cost of fighting wars in Iraq and Afghanistan, will account for nearly half the public debt in 2019, measured as a percentage of economic output, the CBPP's analysis shows. Even the cost of the economic downturn, combined with the cost of the legislation passed to stem the damage, won't be as burdensome as the weight of the Bush-era tax cuts, the chart below suggests. See if you can find the debt associated with the Trouble Asset Relief Program and the rescue of Fannie and Freddie

    Tax cuts for the highest earners were renewed late last year, as part of a deal that extended tax breaks for middle earners and reauthorized unemployment insurance. In an April speech, President Barack Obama laid out a plan to reduce the nation's deficit and debt, suggesting that he would strive to make sure the tax cuts for the highest earners expire naturally in 2012.

    If tax cuts do expire as scheduled, that would win significant debt relief for the government, CBPP says:

    [S]imply letting the Bush tax cuts expire on schedule (or paying for any portions that policymakers decide to extend) would stabilize the debt-to-GDP ratio for the next decade. While we'd have to do much more to keep the debt stable over the longer run, that would be a huge accomplishment.
    http://www.huffingtonpost.com/2011/0..._n_864812.html
    "The two parties have combined against us to nullify our power by a ‘gentleman's agreement' of non-recognition, no matter how we vote ... May God write us down as asses if ever again we are found putting our trust in either the Republican or the Democratic Parties." -- W.E.B. DuBois (1922)

    "No people can be both ignorant and free. If we are to guard against ignorance and remain free, it is the responsibility of every American to be informed." -- Thomas Jefferson (1816)

  2. #2

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    and yet the .5% that SS and Medicare will rise between 2010 and 2021 is what they focus on as the culprit to all our problems
    ......................................bbbbb.......

  3. #3

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    Quote Originally Posted by 2T
    and yet the .5% that SS and Medicare will rise between 2010 and 2021 is what they focus on as the culprit to all our problems
    Exactly.
    "The two parties have combined against us to nullify our power by a ‘gentleman's agreement' of non-recognition, no matter how we vote ... May God write us down as asses if ever again we are found putting our trust in either the Republican or the Democratic Parties." -- W.E.B. DuBois (1922)

    "No people can be both ignorant and free. If we are to guard against ignorance and remain free, it is the responsibility of every American to be informed." -- Thomas Jefferson (1816)

  4. #4
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    I saw this last night and it does a nice job of visualizing our problem. It isn't the things the GOP is going after. They lie like the corporate dogs they are...what mongrels.
    "The illusion of freedom will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater."
    - Frank Zappa


    When the fate of so many rests in the hands of so few, can the failure to be accountable ever be forgiven?

  5. #5

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    And we'll have a military that's obsolete, to some great degree, even spending all that.

    Amazing, ain't it?
    "When truth becomes unpatriotic, patriotism becomes worthless."
    -BlackAsCoal

  6. #6

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    Quote Originally Posted by EldonG
    And we'll have a military that's obsolete, to some great degree, even spending all that.

    Amazing, ain't it?
    It's almost unbelievable.

    Where did all the money go?
    "The two parties have combined against us to nullify our power by a ‘gentleman's agreement' of non-recognition, no matter how we vote ... May God write us down as asses if ever again we are found putting our trust in either the Republican or the Democratic Parties." -- W.E.B. DuBois (1922)

    "No people can be both ignorant and free. If we are to guard against ignorance and remain free, it is the responsibility of every American to be informed." -- Thomas Jefferson (1816)

  7. #7
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    Shock Doctrine.
    "The illusion of freedom will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater."
    - Frank Zappa


    When the fate of so many rests in the hands of so few, can the failure to be accountable ever be forgiven?

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