General Discussion

kentuck

(111,098 posts) Sun Oct 14, 2012, 08:14 PM Oct 2012

The economy will continue to grow even if they let the Bush taxcuts expire?

I think it will. I realize most of the experts say the opposite.

However, once we show that we are serious at bringing down the debt and the deficit, the economy will react positively, in my opinion.

This is something the Democrats need to do. The road to destruction is the one where both sides argue about who can give the biggest taxcuts? That is not the solution to the problems in our economy. Wage increases across the board, with an increase in the minimum wage, would be a much better antidote than tax cuts, in my opinion.

We need government to help our people. Without a tax base, it's every dog for himself.

I can understand why the White House is calling for tax cuts for those making $250,000 or less but it very doubtful that the Republicans will go along with it. It will be a replay of 1993 when they all voted against the Clinton tax increase on the wealthy and said it would destroy our economy and send us into a tailspin. As we now know, that did not happen. And it won't happen this time either, in my opinion. The taxcuts will finally expire.

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The economy will continue to grow even if they let the Bush taxcuts expire? (Original Post) kentuck Oct 2012 OP

With that kind of pressure taken off the money supply Warpy Oct 2012 #1

No way. earthside Oct 2012 #2

Warpy

(111,267 posts)

1. With that kind of pressure taken off the money supply

Reply to kentuck (Original post)

Sun Oct 14, 2012, 08:17 PM

Oct 2012

and government no longer being starved into borrowing money all over the place and able to start to tackle some of the most severe infrastructure problems, the economy should improve.

If we want a real improvement, we're going to have to raise taxes enough to constitute a clawback from the richest.

earthside

(6,960 posts)

2. No way.

Reply to kentuck (Original post)

Sun Oct 14, 2012, 08:23 PM

Oct 2012

If income taxes go up on the middle class and the Social Security 'payroll' tax expires for the middle class -- you are going to see a contraction.

I believe I read somewhere that you are talking about $3000 a year tax increase for most middle income Americans. Couple that with the increases in tuition, health insurance premiums, the cost of gasoline and the price of food (it's getting bad: prices up, portions smaller) --- and you are going to have another downturn as consumer spending stops.

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