Mind you, I'm not happy with the spendthrift "compromise" on keeping tax breaks for everybody (and it is everybody, Big Network News-dolts, not just "the richest two percent") and continuing to spend and spend; but I am glad they worked out something. If it makes Bernie Saunders see red even through his bright-pinko sunglasses, that's all the better. He's threatening to
I believe that "schadenfreude" is the word you are looking for, milady :)
And yes, I am enjoying mine.
How great is that, they figured out how to get the worst possible outcome and think it should make everyone happy. With the deficit through the roof, there is only two things that can be done: 1) raise taxes, which would pretty much trash whatever economic recovery that we may (or may not) be having. OR 2) cut spending.
They chose to do neither. At this point, I am beginning to think that it is inevitable that the entire economy will tank hard, and maybe it would be better for that to happen sooner rather than later. Like now when I am 40 and still healthy enough to fight to keep what is mine when the riots start instead of 10 or 20 years from now when I am 50 or 60 and "not as tough as I used to was". Don't get me wrong, I'm not saying we should contribute to the crash, I'm just saying we should get ready for it and hope it comes at a convenient time.
I saw the press conference live yesterday. Not only is he pissing off his far left supporters I believe he still has an internal mindset of being at war with the Republicans. He finished a response with "I look forward to meeting them on the field of [long pause] competition" I took that as he started to say "battle" and tried to correct himself before he revealed his true feelings.
I LOL'd when I heard it.
Word Verification: stsholy
Of what is he the patron saint?
Just a quibble. It's not a tax cut. It's just keeping the tax rate where it is. Far more than we can afford.
By rule of thumb for a healthy economy, total local, state, and federal taxes should total no more than $2.0 trillion. Federal taxes alone are at that point, and federal spending is at $3.5 tn.
So yes, the global economy is due to tank, hard. As with the Second Coming, "no man knows the day or the hour." But that hour will come. Unless - never mind, the Dimocrats and the Chinese, I repeat myself, will never agree to it.
I always underestimate the power of a quality propaganda program. First, as "Stranger" pointed out, it isn't a tax cut. It is NOT raising taxes on 1 Jan. Selling it as some sort of Obama gratuity for his loyal base was a masterful job.
Then the faulty accounting he displayed yesterday when he griped that maintaining rates for the wealthy would cost $700 billion in lost revenue but not noting the cost of third year of unemployment, the cost of dropping SS rates for another handout, and the still unspent stimulus dollars sitting in his magical handout purse.
Ask how many jobs are created by those wonderful people making less than $200k per year? They aren't employers, investors or entrepreneurs. Letting people who make money keep their money worked to increase federal tax revenue in the '60s, the 80's, the 90's and unless Laffer gets turned upside down will do the same again.
My fervent hope now, though is that the outraged Left shot their last shot to kill the agreement. The extension will still happen in January and people might have an opportunity once and for all to see what they are all about.
It is a tax break. The issue has been if the rollback put in on the most recent Mr. Bush's watch should continue or if the deferred increase in taxes should kick in.
A tax cut, it ain't. I don't think they make those. Look up the Fed tax on long-distance calls that paid for the Spanish-American War...and stayed on your bill for most of the previous century.
Nathan beat me to it. By several hours, darn that whole working for a living thing...
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