Washington Times - CBO: Obama's plan harmful long-term
The Congressional Budget Office - the watchdog, it's there to make sure that Congress is doing it's job of looking out for the peoples' freedom and best interest, and not just spending it's way into socialism.
It's hard to say it any better than this basic summary of the article:
'Building on a report issued last week, CBO, Congress's official scorekeeper, said the flood of spending will boost the economy in the short term and will create new jobs. But over 10 years, extra debt will "crowd out" private investment, leading to a lower Gross Domestic Product which would hurt workers' wages. '
"What the Democrats are asking the American people to do is buy a $1.1 trillion dollar plane that barely gets off the ground before crashing. The ones left inside that wreckage will be the American worker and taxpayer," said Rep. Dave Camp of Michigan, the top Republican on the House Ways and Means Committee, which writes tax laws.
"To the extent that people hold their wealth as government bonds rather than in a form that can be used to finance private investment, the increased debt would tend to reduce the stock of productive private capital. In economic parlance, the debt would crowd out private investment," CBO said.
'The compromise bill Democratic leaders said they agreed to Wednesday night totals $789 billion, with $514 billion in spending and $275 billion in tax breaks.' THIS IS BACKWARDS!!!! This should be be 66% TAX CUTS, and only 33% Spending. THIS WOULD WORK BETTER FOR EVERYONE!!! I barely make any money trading the stock market, but not for not trying. I have worked my theory to such a fine skill and am on the verge of really doing something special with my life. Passing this monstrosity of a of a bill, a "Stimulus Bill" if you can even call a stimulus, definitely more like "Spendulus Bill" if it's 2/3rds spending and only 1/3 tax cuts. The tax cuts were hard fought too. If it were not for Republicans actually having a spine and holding ground and forcing the Democrats to actually concede to SOME tax cuts, we would be looking at some $Trillion debt for literally DECADES to come.
You talk about killing my dream? Seriously man, the Democrats are about to hang a major weight around all of our necks for years to come for people just trying to make it, staying alive man. Staying alive so you can live your dream, and do it without the gov't payroll taxe at like 35%...RIDICULUS, IMPOSSIBLE FOR GROWTH. We need free economics. Having no income tax and just paying sales tax on everything, pay tax on whatever you buy but don't take from our income every year. This would be much better! It's so much easier to know what you really got. Also, you need to know where you're at, if you ever want to get better.
All of this I have just said is going to be SO MUCH HARDER if this crappy bill passes.
The Congressional Budget Office - the watchdog, it's there to make sure that Congress is doing it's job of looking out for the peoples' freedom and best interest, and not just spending it's way into socialism.
It's hard to say it any better than this basic summary of the article:
'Building on a report issued last week, CBO, Congress's official scorekeeper, said the flood of spending will boost the economy in the short term and will create new jobs. But over 10 years, extra debt will "crowd out" private investment, leading to a lower Gross Domestic Product which would hurt workers' wages. '
"What the Democrats are asking the American people to do is buy a $1.1 trillion dollar plane that barely gets off the ground before crashing. The ones left inside that wreckage will be the American worker and taxpayer," said Rep. Dave Camp of Michigan, the top Republican on the House Ways and Means Committee, which writes tax laws.
"To the extent that people hold their wealth as government bonds rather than in a form that can be used to finance private investment, the increased debt would tend to reduce the stock of productive private capital. In economic parlance, the debt would crowd out private investment," CBO said.
'The compromise bill Democratic leaders said they agreed to Wednesday night totals $789 billion, with $514 billion in spending and $275 billion in tax breaks.' THIS IS BACKWARDS!!!! This should be be 66% TAX CUTS, and only 33% Spending. THIS WOULD WORK BETTER FOR EVERYONE!!! I barely make any money trading the stock market, but not for not trying. I have worked my theory to such a fine skill and am on the verge of really doing something special with my life. Passing this monstrosity of a of a bill, a "Stimulus Bill" if you can even call a stimulus, definitely more like "Spendulus Bill" if it's 2/3rds spending and only 1/3 tax cuts. The tax cuts were hard fought too. If it were not for Republicans actually having a spine and holding ground and forcing the Democrats to actually concede to SOME tax cuts, we would be looking at some $Trillion debt for literally DECADES to come.
You talk about killing my dream? Seriously man, the Democrats are about to hang a major weight around all of our necks for years to come for people just trying to make it, staying alive man. Staying alive so you can live your dream, and do it without the gov't payroll taxe at like 35%...RIDICULUS, IMPOSSIBLE FOR GROWTH. We need free economics. Having no income tax and just paying sales tax on everything, pay tax on whatever you buy but don't take from our income every year. This would be much better! It's so much easier to know what you really got. Also, you need to know where you're at, if you ever want to get better.
All of this I have just said is going to be SO MUCH HARDER if this crappy bill passes.
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