There is no way of funding more tax cuts for the wealthy either. I have yet to hear where the Republicans are going to find a way to fund more tax cuts in the middle of a recession.
This entire tax structure is simply OUTRAGEOUS. There is nothing more or decent about it and that is just the beginning.
...Since 1929, the first year for which data is available from the Bureau of Economic Analysis’ National Income and Product Accounts (NIPA) (click title to entry - thank you) tables, there have been five Presidents that have served an eight year or more term: FDR, Ike, Reagan, Clinton and GW. Additionally, there are several more “quasi-eight year terms.” These are instances in which a VP took over upon the death or resignation of the President and maintained a similar a policies similar to those of his predecessor (JFK/LBJ and Nixon/Ford), or in which a VP took over a mere few months into a new terms and thus could put his own stamp on just about the entire eight years (Truman)....
...Notice… increases in the tax burden in the first two years of an administration tend to be followed by rapid growth during the remainder of that administration. Conversely, administrations that greatly decreased the tax burden during their first two years suffered from poor economic growth during their remaining six years. This relationship, at least, is very difficult to explain by insisting that administrations which enjoyed rapid growth simply were more able to raise tax burdens than administrations which grew more slowly. It is also impossible to explain by anything said by anything you hear out of the Austrians or the Chicago school....
When government reduces the deficit and increases taxes it is 'structured' and 'focused' change and application of wealth. When government decreases taxes and increases the deficit it puts monies in the 'random' economy. As we witnessed with the $700 billion bailout of Wall Street, it didn't do a darn thing for the USA economy. It went into investments and payments to Europe and otherwise. I trust the 'growth' that will happen when government applies it rather than Wall Street. There is too much diffuse global application of monies to ever trust TAX CUTS FOR THE WEALTHY again.
