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115th Congress: On Permanent Vacation

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Re: 115th Congress: On Permanent Vacation

To tell you how ridiculous the rapid push for a vote is...there are STILL Senators who havent been able to read the basic language of it yet. It isnt like this came up yesterday...

Oh and even with the estimated economic growth...the bill still adds a trillion to the deficit. So much for the deficit hawks.
 
Re: 115th Congress: On Permanent Vacation

Handyman said:
To tell you how ridiculous the rapid push for a vote is...there are STILL Senators who havent been able to read the basic language of it yet. It isnt like this came up yesterday...

Oh and even with the estimated economic growth...the bill still adds a trillion to the deficit. So much for the deficit hawks.
Click to expand...

Just think what taking that trillion dollars and putting it into infrastructure, medical research, etc. would do for the United States? And these guys want to **** it away on stock buybacks and clearing of debt off the books? I will NEVER understand this.
 
Re: 115th Congress: On Permanent Vacation

ScoobyDoo said:
Just think what taking that trillion dollars and putting it into infrastructure, medical research, etc. would do for the United States? And these guys want to **** it away on stock buybacks and clearing of debt off the books? I will NEVER understand this.
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Just think of what the $18 trillion the rich have stolen since 1980 would have done. That's not including the $3 trillion Iraq boondoggle.

It's the crime of the millennium, and those poor boobs voted for it.
 
Re: 115th Congress: On Permanent Vacation

ScoobyDoo said:
Just think what taking that trillion dollars and putting it into infrastructure, medical research, etc. would do for the United States? And these guys want to **** it away on stock buybacks and clearing of debt off the books? I will NEVER understand this.
Click to expand...

It is crazy...we could fund education for everyone at all levels on that kind of cash.

I was reading the Nazi Times ...err New York Times and this part really made me laugh...

Kent Smetters, a former economic adviser in President George W. Bush’s administration, who is now the faculty director of the Penn Wharton Budget Model at the University of Pennsylvania, calculates that the actual growth needed to offset the cut would be 0.57 percent a year, or 5.7 percent over a decade, under a conventional method of scoring tax plans (the so-called current policy baseline).

He explained in an email: “The 0.4 percent value was calculated using the current tax system, which has a larger tax base than the new tax system after the cut. Instead, to figure out how much growth is needed for the tax cut to pay for itself, you need to start with the new tax base and ask how much must it grow to avoid any additional deficit.”

Put another way: If you’re cutting taxes, you won’t raise as much revenue compared to how much you would have raised under the old system.
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Voodoo economics at its finest. Using the wrong numbers to try and prove things add up. (and even then they dont)

He continues:

It’s not the only problem Smetters sees with Republicans’ insistence that 0.4 percent is the right number to finance a tax cut, and an achievable one. He says the debt incurred by the tax cut will dampen growth from the cut. That’s consistent with the findings of the Penn-Wharton model, which projects the Senate tax bill would increase growth by only 0.03 to 0.08 percent a year, due largely to the drag from increased debt.
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Now admittedly I am not a math person...but .03 seems to significantly less than .4.

And this guy isnt some flaming liberal socialist...he was an Economic Adviser to flipping Dubya!
 
Re: 115th Congress: On Permanent Vacation

Handyman said:
It is crazy...we could fund education for everyone at all levels on that kind of cash.

I was reading the Nazi Times ...err New York Times and this part really made me laugh...



Voodoo economics at its finest. Using the wrong numbers to try and prove things add up. (and even then they dont)

He continues:



Now admittedly I am not a math person...but .03 seems to significantly less than .4.

And this guy isnt some flaming liberal socialist...he was an Economic Adviser to flipping Dubya!
Click to expand...

Well, it's going to pass. And if a Democrat happens to make it into office again there won't be any money for anything. Just like Obama.
 
Re: 115th Congress: On Permanent Vacation

We will see...there is a reason they are hiding it even from their own caucus and there are still plenty of GOPers who havent said they will vote "Yes" yet.

The "Triggers" are going to be what kill it if anything does.
 
Re: 115th Congress: On Permanent Vacation

It's going to pass, automatically cutting into Medicare, and in a year or two, they'll be back to kill it and Social Security to "balance the deficit".

America was fun, guys.
 
Re: 115th Congress: On Permanent Vacation

bronconick said:
It's going to pass, automatically cutting into Medicare, and in a year or two, they'll be back to kill it and Social Security to "balance the deficit".

America was fun, guys.
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Yeah, it was cool while it lasted. It's over now. The higher education cuts are awesome by the way. I see maybe 1-2% GDP just from that.
 
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Re: 115th Congress: On Permanent Vacation

bronconick said:
It's going to pass, automatically cutting into Medicare, and in a year or two, they'll be back to kill it and Social Security to "balance the deficit".

America was fun, guys.
Click to expand...

Well I am in my 30s so I guess I am fine ;)

Of course I make less than $400k (middle class according to the Cons) so I am poverty stricken as well. I should put in for public assistance :)

What say our conservative friends? How you going to defend what even conservative economists are saying is a trillion dollars added to the deficit even in the most optimistic projections?
 
Re: 115th Congress: On Permanent Vacation

ScoobyDoo said:
Yeah, it was cool while it lasted. It's over now. The higher education cuts are awesome by the way. I see maybe 1-2% GDP just from that.
Click to expand...

Worked well in Oklahoma right? The amount of districts on 4 day weeks shouldnt scare anyone away from this amirite?

In ten years Canada will be able to buy us for pennies on the dollar! Better brush on your metric system eh ;)
 
Re: 115th Congress: On Permanent Vacation

ScoobyDoo said:
I will NEVER understand this.
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They want a tax cut for their billionaire donors, who will give them some cushy position once they leave office. It's not hard to understand, they're just greedy and greed runs this country, been true for at least 40 years.

Question I have, doesn't this bill need to be deficit neutral (I think that's the term) before it can be voted on? I know they're planning to gut certain programs etc. and there is other voodoo economics involved but how is that gonna be achieved exactly?
 
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Re: 115th Congress: On Permanent Vacation

Handyman said:
Well I am in my 30s so I guess I am fine ;)

Of course I make less than $400k (middle class according to the Cons) so I am poverty stricken as well. I should put in for public assistance :)

What say our conservative friends? How you going to defend what even conservative economists are saying is a trillion dollars added to the deficit even in the most optimistic projections?
Click to expand...

It's amazing how they turned that $400K on it's head. Normally that would be great to have that the middle class level because that would mean that everyone BELOW that number would get the entire tax cut. INSTEAD that number is the floor and all the tax cuts go to people ABOVE that number.

And somehow to every Republican voter in America that makes sense.

But recent history suggests that when corporations get tax relief, they find abundant uses for money that do not involve paying higher wages. They give dividends to shareholders and stock options to executives. They stash earnings in tax havens.

In 2004, Congress invited American corporations to bring home overseas earnings at a sharply reduced rate, pitching it as a means of bolstering investment. But the corporations spent as much as 90 percent of their windfall buying back their shares, according to Bureau of Economic Analysis research.

If Congress bestows fresh relief on major businesses, signs suggest a similar result. Many companies are enjoying record profits. Those in the Fortune 500 had $2.6 trillion salted away overseas as of last year.
Click to expand...

https://www.nytimes.com/2017/11/29/business/republican-tax-cut.html?smid=fb-nytimes&smtyp=cur
 
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