I watched this clip a little while ago and then turned to Chuck Todd’s show on MSNBC to see him doing exactly what Jon Stewart shamed the media about, false equivalences. Chuck Todd is the poster child for what is wrong with the media, he has helped to re-brand lying as “messaging”.
Listening to the PoliSciFiRadio podcast is one of my favorite things to do with my clothes on. Steve Benen, Bill Simmon and Emily Stoneking are a joy to listen to and of course, anyone who reads this blog knows that I pretty much worship Steve Benen as a political blogger. On a recent show, Steve pointed out that with the pick up in the economy, and thus increased revenues coming in, we will not hit the debt ceiling until much later in the summer. The GOP was counting on it in May or June and saw it as their leverage in the budget negotiations. Because you know, that’s how they roll these days.
Steve pointed to this great article from Greg Sargent at The Washington post that reveals this idiocy.
In today’s exercise in Fiscal Fraudulence, Republicans are making it clear they’ve decided they don’t want to enter into budget negotiations with Democrats until the debt ceiling deadline gets a good deal closer. ”The debt limit is the backstop,” Paul Ryan says. “I’d like to go through regular order and get something done sooner rather than later. But we need to get a down payment on the debt. We need entitlement reform.”
Greg Sargent quotes Kevin Drum, who sums it up pretty concisely.
Republicans are flatly refusing to even start budget negotiations until they can threaten default on the national debt if they don’t get their way. Apparently this is literally the only way they’re now willing to do business.
The even crazier part of this story is that the Republicans have already made it clear that they will not ever actually crash the economy with the debt ceiling threat. Greg Sargent sums up the whole mess pretty nicely.
It’s actually even crazier than Beutler and Drum say. Republicans are not willing to enter into fiscal negotiations without being able to wield the threat of crashing the economy to get their way — even as they have already revealed they are not willing to actually crash the economy to get their way. We already know Republicans are not willing to allow default. As you’ll recall, they caved during the last debt ceiling fight. More recently, John Boehner flatly admitted: “I’m not going to risk the full faith and credit of the federal government.” And Republicans are also set to vote on a bill (a nonstarter for Dems) that would allow Treasury to raise the debt ceiling just to pay off bondholders — with the goal of being able to continue demanding concessions in exchange for raising the debt limit while simultaneously avoiding default. That alone is yet another admission that Republicans are not willing to allow default to actually happen.
And so the GOP position, with no exaggeration, is this: Of course we’re not crazy and irresponsible enough to allow default to wreck the economy, but Democrats should pretend we are indeed crazy enough to do just that, so that we can win concessions from them in exchange for coming down (hint, hint, wink, wink) from the ledge.
The modern Republican Party has lost its way, we welcome all into the sane Democratic Party. Join us in sending the Republicans packing in 2014.
Sometimes it takes a really old politician who doesn’t quite have the talking points down in order to get honesty from the Republican party. Orrin Hatch (R-Utah) let the truth spill out last week in an interview with the Salt Lake Tribune. (emphasis mine)
“I’m for sequestration,” Hatch said, if Congress can’t cut spending. “We’ve got to face the music now, or it will be much tougher later.”
And in the very next paragraph, the Tribune offered this…
With across-the-board spending cuts set to kick in next week, Hatch said sequestration would lead to an economic disaster in Utah as two-thirds of civilians working at Hill Air Force Base would be furloughed. He said it would be “devastating to our nation’s readiness.“
Republicans are trapped inside a bubble of their own making. They keep breathing the fetid air inside the bubble and it clearly makes them crazy.
A little history for those who have lives and don’t follow all this political back and forth.
- Republicans held the economy hostage in the summer of 2011. Remember the first “debt ceiling crisis” that made the markets jittery and caused Standard and Poors to downgrade the U.S. credit rating for the first time in our history? I envy you if you don’t remember it. The ransom was basically the sequester and John Boehner bragged about getting 98% of what he wanted when it was over.
- The sequester was supposed to force Democrats and Republicans to come together (super committee) and solve the imaginary crisis that existed only in the minds of Republican politicians who thought that if they made the economy tank, they could somehow blame it on the one guy who the American people trust, President Obama. How did that work out for them on November 6, 2012?
- The super committee came and went with Republicans continuing their childlike ways, kicking and screaming on the floor, saying no repeatedly and whining like someone took their pacifier away at bedtime.
- Which brings us to the most recent debt ceiling crisis, because you know, nothing better to do. President Obama stood firm this time, fool me once…and Republicans folded like an origami swan. Well, actually, they punted and acted like children once again by just pretending like there is no debt ceiling until May 18th, 2012.
- And now we have dunt, duh duh….SEQUESTER. I like to refer to it as “John Boehner’s 98%” or “How I Learned To Stop Worrying And Love The Sequester”.
And why on earth would the Republicans stick to this dumb ass tactic? So they can blame it all on President Obama. And Republicans were all excited when they got an assist from Bob Woodward, who in his insider wisdom, came up with a “moving goalpost” analogy that was crushed by several real journalists.
What a great plan, Republicans. Hurt your constituents, hurt the U.S. economy some more, make up a bunch of lies to cover your sorry asses and get the compliant and equally dumb ass media to play along with it. On Sunday morning, I stopped counting the word “blame” when I reached 15. The media likes playing the blame game just as much as the Republicans, commissioning polls to see who the public will “blame” when the cuts start hurting.
This is what passes for strategy in the Republican Party of 2013.
I’m enjoying watching the reaction from Republicans to President Obama’s incredible second inaugural speech. I especially like their whining about the President not reaching out to them.
They way I see it, the Republicans are speeding towards the edge of the cliff and now they want the President to grab their outreached hands and save their tea party asses before the “momentum of their ideology” flings them into the canyon. Sorry dudes, this is your runaway mess. Enjoy the ride.
It takes a special kind of crazy to spend four years walking in lockstep against our President and slapping his outreached hand at every turn, only to cry about him not reaching out to them in the second inaugural. It has become obvious to anyone who is honest with themselves that the Republican Party is bankrupt, out of ideas and has no foundation remaining. They are a reactionary party now, and they don’t seem to be doing that very well either.
Beyond that, they are also becoming a party of whiners. Recent articles by Charles Krauthammer, Michael Gerson and David Brooks give us the best examples of this. Krauthammer started the trend that is best summed up by Smartypants as “conciliatory rhetoric as ruthless strategy”. Here is a piece of Krauthammer’s whine, via Smartypants…
He’s been using this, and I must say with great skill–-and ruthless skill and success–to fracture and basically shatter the Republican opposition… His objective from the very beginning was to break the will of the Republicans in the House, and to create an internal civil war. And he’s done that.
Michael Gerson, former speechwriter for President George W. Bush, came up with yet another great expression for us liberals to use, in bold.
The debt ceiling is a form of leverage they can’t responsibly use. A partial government shutdown or full implementation of the sequester are less toxic alternatives but of questionable utility. [...]
Given this weak Republican position, Obama must be tempted by a shiny political object: the destruction of the congressional GOP. He knows that Republicans are forced by the momentum of their ideology to take positions on spending that he can easily demagogue.
For a noted Republican to admit that the Republican Party is out of control, careening towards the cliff, is pretty astounding. I have very little sympathy for them, since we all watched as Republican leaders let the Tea Party take the wheel of their party while they stood on the curb cheering.
It’s more likely that today’s majority party is going to adopt a different strategy, which you might call Kill the Wounded. It’s more likely that today’s Democrats are going to tell themselves something like this:
“We live at a unique moment. Our opponents, the Republicans, are divided, confused and bleeding. This is not the time to allow them to rebuild their reputation with a series of modest accomplishments. This is the time to kick them when they are down, to win back the House and end the current version of the Republican Party. [...]
“Then he could invite a series of confrontations with Republicans over things like the debt ceiling — make them look like wackos willing to endanger the entire global economy. Along the way, he could highlight women’s issues, social mobility issues (student loans, community college funding) and pick fights on compassion issues, (hurricane relief) — promoting any small, popular spending programs that Republicans will oppose.
That last paragraph is just hilarious considering the reality that we all just witnessed.
I frequently ask myself who the Republicans think they are appealing to with this whining strategy. Do they think that the base of their party wants to hear them cry about those mean ole Democrats? I’m sure more than a few Republicans are calling them some choice names for that.
Do they think their whining appeals to Democrats who just worked their asses off to defeat their party? If anything, it makes us gleeful as we watch them form a circular firing squad and then argue about who gets to go first.
Maybe they think all that crying and whining will appeal to independents in the country. I suspect there are a few of those who will sympathize with them, since that swath of “independents” or “undecideds” aren’t the brightest bulbs in the bunch – see the CNN focus groups after the debates.
I probably shouldn’t get so much pleasure from seeing all this, but I do hope this Republican sideshow gets picked up for another season.
Cross-posted at Angry Black Lady Chronicles
H/T to Smartypants for the links!
There is no doubt that in the last week or more, the election has been breaking for President Obama. I don’t normally play the polling game, but as I’ve been saying for over a year, polls are only accurate when you get close to the actual election. Well folks, we’re close.
The awesome Michigander, Nate Silver, has been following all the ups and downs during the election and has developed a model that is comprehensive and relies on getting larger samples, thus more accurate results. He does what any statistician would do, adds them up and averages them. I had to laugh when I saw a quote from a Republican scoffing at the idea that he “averages” the polls.
In Ohio, where the rubber meets the road in this election, President Obama has been steadily climbing in damn near every poll taken in the last week. From Nate Silver…(emphasis mine)
Mr. Obama made gains in the FiveThirtyEight forecast on Tuesday, with his chances of winning the Electoral College increasing to 77.4 percent.
A fair amount of this boils down to Ohio, where three polls released on Tuesday gave Mr. Obama leads by margins ranging from three to five percentage points. Two of the polls, from Grove Research and the Mellman Group, generally show strong results for Democrats, which give them less impact in the forecast after applying our adjustment for pollster “house effects”. Still, the three polls taken collectively were enough to widen Mr. Obama’s projected lead in Ohio to 2.4 percentage points from 2.1 on Monday. Given how central Ohio is to each candidate’s electoral strategy — and how little time remains in the race — this was enough to improve Mr. Obama’s Electoral College chances. (The forecast does not yet account for the poll by Quinnipiac University for The New York Times and CBS News, which had Mr. Obama five points ahead in Ohio but which was released after we had run the model for the night.)
Today, November 1, Nate Silver currently has President Obama…as of 1:47 pm EST…with a 79% chance of winning the presidency and an estimated 300 electoral votes. It has been climbing all week long as poll after poll shows the gap widening between the president and Mitt Romney. Anyone who is honest with themselves can see that the President is widening his lead in the all important swing states. Republicans are having a hard time this week.
I totally understand how the Republicans feel, we Democrats have been through the same denial in 2004 and even some of us in 2010. It sucks having to rationalize and fool yourself into believing that you have a chance when all the signs are pointing the other way. It’s when “denialists” pull out the “momentum” arguments and the “tectonic shift” memes and go searching for the one poll that goes against the grain, clinging to it as if it were their blankie. I’ve been there, it sucks.
It’s been very odd, but not surprising, to watch the media continue to say “the race is tightening”, as Chuck Todd did this morning, even though the polls say otherwise. I tweeted him, of course, to point out his inconsistency and clear bias. I have a feeling ole Chuck isn’t one of my biggest fans.
So I’m excited, but cautious, going into the final weekend before the election on Tuesday. I never get too confident considering the fact that 59 million people voted to re-elect (or elect for the first time) George W. Bush in 2004. There are still a lot of dumb people (misinformed) in this country who have been getting their daily brainwashing from Fox News, Rush Limbaugh, Glenn Beck and the rest of the gang. The amount of misinformation in the public sphere as a direct result of that well oiled, Republican propaganda machine is very scary.
Just imagine how far ahead President Obama would be if the Republicans dealt in truth instead of lies or if the mainstream media had done their jobs and actually sorted out the truth for the public. I know, it’s a fantasy.
The President and Vice President aren’t just talking shit when they say that electing Mitt Romney will be a return to the Bush era. When you look at the people Romney has surrounded himself with, it is clear that the same bunch of boneheads who got us into this mess are the ones making up Mitt’s entourage.
1. Vin Weber. Who is Vin Weber? He’s a former Congressman from Minnesota. A former Health Care lobbyist. A former lobbyist for Freddie Mac. He is also the former regional director for George Bush.
2. N. Gregory Mankiw. A professor of Economics at Harvard University. From 2003-2005, Gregory was Chairman of the Council of Economic Adviser under George W. Bush
3. Kevin A. Hassett. Economic Adviser to George W. Bush. Policy Consultant to George H.H. Bush. Works as an Economist at the right wing American Enterprise Institute. A specialist in investing in the stock market.
4.R. Glenn Hubbard. Professor at Columbia University Graduate School of Business. Chairman of Economic Advisers under Bush/Cheney. Areas of expertise are health care and tax policy.
And it isn’t just the domestic policy people that make up Mitt’s “nightmare team”….a play on the “Dream Team” idea, get it? :) From Mugsy, writing for Crooks & Liars…
Back during the 2008 Presidential campaign, I couldn’t help but notice how frequently & easily the Republican candidates (including Mitt Romney) would rewrite the history of how we ended up going to war with Iraq in order to paint Bush as less culpable. One of the most disturbing arguments was that we were FORCED to invade Iraq after “Saddam refused to allow the weapons inspectors back in”, which I KNEW was a load of… eh, rubbish (this is a family site). So I dug through the BBC News archives and pieced together the following video. It’s five years old now, but today on the eve of the third and final Presidential Debate, this time on foreign policy, with a Republican candidate whom has (as Rachel Maddow reminded us Friday) SEVENTEEN of his TWENTY-FOUR Foreign Policy Advisors coming from the Bush Administration, I thought that maybe now was the perfect time to look back for a moment to remember history as it actually happened, and think long & hard about possibly returning these people to the White House just four short years later:
These are the same people that sold us two unfunded, unnecessary wars, trillions in tax cuts mostly to the wealthy with the promise of jobs, jobs, jobs, an expansion of Medicare that wasn’t paid for and deregulation of Wall Street and the housing markets that led to the worst recession/near depression since the Great Depression.
There is no doubt that if Mitt Romney is elected president, he will return us to the same dumbass policies that created the mess we’ve been trying to dig out of for the last four years.
We must not let that happen. Make sure you VOTE and drag every Democrat you know to the polls, make calls, give rides, volunteer….but please, let’s keep the former Bush employees as far away from the White House as possible.
Cross posted at Angry Black Lady Chronicles
With the passing of Senator Arlen Specter, I was reminded of the “magic bullet theory” he devised while working for the Warren Commission investigating the assassination of President Kennedy. I couldn’t help but see a parallel to Mitt Romney’s singular solution to all the country’s problems – more tax cuts for the 1%. He believes that cutting tax rates that benefit the wealthy disproportionately and rolling back regulations that President Obama put on Wall Street after the 2008 crash, will somehow fix everything.
Just forget about Bush’s tax cuts in 2001 & 2003 that added $3 trillion dollars to the national debt and ignore the fact that in the years after those tax cuts, America lost 8 million jobs during the Bush recession, which was handed to our newly elected president. And of course, you should also forget that the Republican leaders, including Paul Ryan, met on President Obama’s inauguration day to plot complete obstruction of the new president for political reasons.
Let’s call Romney’s one point plan what it is, TRICKLE DOWN ECONOMICS. The belief that if we just coddle the rich, they will, in their benevolence, share the wealth with the rest of us by supposedly creating jobs. Just ignore that new Jaguar they are driving, or the 4th home in the Hamptons or the Rolex watch that is weighing down their Bermuda tanned arms. It will trickle. Really!
The concept of supply-side economics has been thoroughly tested and thrown on the trash pile. We only have to look at Mitt Romney’s personal history to see a perfect example of how giving even more to those who don’t need it, won’t do a damn thing for the rest of us. Where is Mitt Romney’s money at? IN THE FUCKING CAYMAN ISLANDS, BERMUDA AND IN SWISS BANK ACCOUNTS. Do you think that money will ever trickle down to you?
Mitt Romney is a walking example of how greed and selfishness only creates more greed and selfishness.
Businesses don’t create jobs unless there is a demand for their products or services. It would be fucking stupid to do it otherwise. It’s why they do market analysis and studies to determine whether there is demand. When there is demand, businesses expand and create jobs. No demand, no reason to expand. Any business person who says they will create jobs if we just give them more disposable income is applying Romney’s “greed is good” principle and probably has an eye on a new car or vacation home.
If the government were to invest in rebuilding our infrastructure – roads, bridges, schools, railroads and other foundations of our country that we all rely on – real people will get those jobs like construction workers, teachers, contractors, firefighters, suppliers of the materials for the projects and many more businesses that support those industries. And when those people receive their paychecks, they will create demand for products and services and give a reason for the 1% to actually invest in new jobs. We don’t have to rely on their benevolence, they will do it because it makes business sense.
The most widely cited studies include those by the Congressional Budget Office, economists Alan Blinder and Mark Zandi, and economists James Feyrer and Bruce Sacerdote. These reports find a range of values for each program. In these studies, the “bang for the buck” value—what economists call the “multiplier,” or how many dollars of economic activity is fueled by one dollar spent—for overall social protection ranges from 0.8 to 2.31. Separately, Blinder and Zandi report a value of 1.61 for unemployment insurance and 1.74 for food stamps.
Research by Urban Institute economist Wayne Vroman estimates that one dollar spent on unemployment insurance fuels between 1.7 and 2.1 dollars of activity in the overall economy. According to these studies, the value for a dollar of spending on infrastructure ranges from 1 to 2.5, while the value for aid to state and local governments ranges from 0.7 to 1.8.
The analyses value middle-class tax cuts, such as the Making Work Pay tax credit that gave tax credits of $400 ($800 for couples), as generating between 0.6 and 1.5 dollars of additional economic activity; the value of extending the Alternative Minimum Tax patch for high-income earners for an additional year ranges from 0.2 to 0.6 dollars of additional activity. And the analyses value the extension of the housing tax credit for first-time homebuyers, providing credits up to $8000, in the Recovery Act from 0.3 to 0.9.
As you can see, putting money in the hands of consumers who will spend that money does a lot more to spur economic activity. Handing money over to the rich and hoping they create jobs with it is just plain stupid.
President Obama has been working hard to pass legislation like the American Jobs Act that would create an estimated 1.9 million jobs, but the obstructionist Republican party isn’t interested in creating jobs while President Obama is in office. They should be shown the door on November 6 for letting petty politics keep America from recovering from the mess that the GOP congress and President Bush created in the first place.
There is an easy solution, vote Democratic across the board and send a message to the Republicans that American workers are more important than politics.
Cross posted at Angry Black Lady Chronicles
I hope there are a lot more of these in the next 3 weeks. Thank you President Clinton for standing up for the truth and the American people.
Thankfully, there are a few good print journalists left who remember what they were taught in journalism school and actually dug below the surface, beneath the manufactured reality that the right has hoisted on the American people. Glenn Kessler took a look at the 12 million jobs claim by Romney in his latest ad and discovered what I expected, a mishmash of bad math and wishful thinking. Go Glenn…(emphasis mine)
The analysis, which is prominently posted on the Romney campaign Web site, concludes:
“If we had a recovery that was just the average of past recoveries from deep recessions, like those of 1974-1975 or 1981-1982, the economy would be creating about 200,000 to 300,000 jobs per month. By changing course away from the policies of the current administration and ending economic uncertainty, as proposed by the Romney plan, we expect that the current recovery will align with the average gains of similar past recoveries. History shows that a recovery rooted in policies contained in the Romney plan will create about 12 million jobs in the first term of a Romney presidency.”
I’m sorry, but any statement that begins with the word “IF” and then ventures down the road of false comparisons and rosy numbers should be thrown out on its face. But then they go on to say with a straight face that by merely “ending economic uncertainty, as proposed by the Romney plan”, the recovery will take off like a rocket and all will be well. When you are living in a fantasy world where you make up the numbers, create a fantasy candidate to run against and lie with abandon with no push back, I’m sure that the idea of just waving a magic wand over “economic uncertainty” is plausible. Why not, the rest of the Romney plan is smoke and mirrors – what makes anyone think they won’t get away with this either.
The man has “style” while lying through his pie-hole.
Glenn Kessler, to his credit, tears apart the basis for Romney’s “12 Million Jobs” ad and looks at the source for the claims in the ad.
But the specifics — 7 million plus 3 million plus 2 million — mentioned by Romney in the ad are not in the white paper. So where did that come from?
We asked the Romney campaign, and the answer turns out to be: totally different studies … with completely different timelines.
This study at least assesses the claimed effect of specific Romney policies. The rest of the numbers are even more squishy.
For instance, the 3-million-jobs claim for Romney’s energy policies appears largely based on a Citigroup Global Markets study that did not even evaluate Romney’s policies. Instead, the report predicted 2.7 million to 3.6 million jobs would be created over the next eight years, largely because of trends and policies already adopted — including tougher fuel efficiency standards that Romney has criticized and suggested he would reverse.
The 2-million-jobs claim from cracking down on China is also very suspicious.
Now just to be clear, the above justifications for the numbers came from the Romney campaign. The 7 million jobs number is a “10-year number” and was the only study cited by the Romney campaign that was even based on the Romney “plan”, such that it is.
The 3-million-jobs claim came from a study that looks at 8 years and was based largely on policies that President Obama has adopted, some of which Romney plans to reverse.
The 2-million-jobs, that Romney thinks will magically appear, will materialize by “cracking down on China.” It is based on old numbers and economic conditions and relies on China cooperating on intellectual property rights. If you really think that’s going to happen, I have a nice condo in the Cayman Islands, very near Romney’s tax shelter corporation, that I will sell you really cheap.
With only 3 weeks to go until the election, it is astounding to watch the Romney campaign get away with the most shallow, fact free campaign for the White House that our country has ever known.
Thankfully there are still a few great journalists around that also care about truth….because damn it, it will set you free.
Cross posted at Angry Black Lady Chronicles
I wish more Americans could turn off their hatred and watch this clip with open eyes. It’s a reminder to me why President Obama is ultimately qualified to be president. I couldn’t be more proud of him for staying a class act in the midst of the craziest election season in our history. Below the clip is a guide to my favorite moments in this “presser”. Enjoy!
:16 seconds – Facts about Medicare
1:30 Question on Todd Akins “legitimate rape” comment. POTUS: “Rape is rape!”, “men making decisions for women”
5:56 On Romney releasing his taxes, this is priceless.
7:05 Calling out Romney for the liar that he is in response to a Q about the Priorities USA ad that’s been distorted by the right.
9:00 “You can’t just make stuff up!”
15:40 Chuck Todd follows up on the Romney tax question. President Obama makes the Republican compliant media look foolish and brings it back to reality. Great moment.
Cross-posted at Angry Black Lady Chronicles
Remember what Jake and Elwood went through in The Blues Brothers movie? :)
NETWORK, a National Catholic Social Justice Lobby, has invited Romney to join them – for a day – serving the people that the sisters help daily who are struggling in our tough economy. The Executive Director of the organization, Sister Simone Campbell, knows that these are the people who will be further harmed by the policies Romney is proposing and the recent divisive political ads about welfare. She released a statement that pretty much nails what is happening at the moment.
“Recent advertisements and statements from the campaign of Governor Romney demonize families in poverty and reflect woeful ignorance about the challenges faced by tens of millions of American families in these tough economic times. We are all God’s children and equal in God’s eyes. Efforts to divide us by class or score political points at the expense of the most vulnerable of our brothers and sisters reveal the worst side of our country’s politics.”
I really don’t understand how anyone who values honesty or is devout in any religion, can look the other way as Mitt Romney and his campaign spread one lie after another. If you haven’t seen it yet, Steve Benen is doing holy work at The Maddow Blog keeping track of Mitt’s Mendacity. (28 volumes of lies)
Cross-posted at Angry Black Lady Chronicles
*H/T to Steve Benen at The Maddow Blog
The Washington Post reported on the independent analysis of Governor Romney’s proposed tax plan…
Mitt Romney’s plan to overhaul the tax code would produce cuts for the richest 5 percent of Americans — and bigger bills for everybody else, according to an independent analysis set for release Wednesday.
The study was conducted by researchers at the nonpartisan Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute, who seem to bend over backward to be fair to the Republican presidential candidate. To cover the cost of his plan — which would reduce tax rates by 20 percent, repeal the estate tax and eliminate taxes on investment income for middle-class taxpayers — the researchers assume that Romney would go after breaks for the richest taxpayers first.
The awesome Steve Benen at The Maddow Blog put together this lovely chart, as only he can do. It gives us a nice visual of who benefits from Romney’s plan and who pays for the new yachts and summer homes for the rich.
The chart breaks down the tax burdens starting at the bottom 20% of wage earners and ends with the 99 – 99.9 group. He left off the top .1% because it would be “off the charts”, so to speak. You may notice that everyone pays more in taxes right up until you get to the top 5% of the population. According to the analysis, those who make $3 million dollars a year would get a TAX CUT of $250,000.
The President didn’t waste any time in letting people know how he feels about Governor Romney’s plan.
We tried that whole giving massive tax breaks to the rich during the Bush administration, it helped bring us to the brink of a depression. Let’s not go there again, please!
Cross-posted at Angry Black Lady Chronicles
The Republicans and their media enablers continuously spread misinformation about the deficit and debt. For anyone who is unclear, the definitions are below.
The Federal Deficit – The deficit is the difference between the money federal government takes in, called receipts, and what it spends, called outlays, each year.
The National Debt – The amount of the Treasury securities issued to the public and to the government trust funds is considered that year’s deficit and becomes part of the larger, ongoing national debt.
An incoming president, no matter who it is, inherits the previous president(s) deficits and debts. It’s a nice welcoming gift for the person “lucky” enough to win the election. The following chart breaks down what the national debt consists of and projects it into the future. It’s been around for a while, but never gets old as far as spelling out the truth in graph form. Courtesy of Steve Benen, now of The Maddow Blog.