Obama/GOP Compromise: Bad Deal for Americans

[deacon blues]

GOPers are high-fiving after this recent compromise with Obama. The Democratic Party has lost its cohesion, the Bush Tax cuts have been extended for two more years, and the death tax was reduced from a potential 55% for estates worth more than $1,000,000 to 35% for estates worth over $10,000,000. There's a sense that the GOP had to compromise little: 13-month extension of jobless benefits and allowing the death tax in spite of the lowered rate and higher ceiling.

Truth is, although this deal is better than allowing the tax rates to increase to pre-2001 levels, there's little hope for me that the prospects of our long-term economic health will improve.

First, to extend jobless benefits for another 13 months after allowing them to run for 99 months is crazy. Its blowing a bigger hole in the deficit with unpaid-for spending. Second, to allow any death tax is the most unfair tax that exists, even at a lower rate. You are being taxed on an estate of people who paid taxes their whole working lives, only to have someone steal more of your hard-earned money. Even if it only affects those over $10 million, its unjust. It takes from those who've EARNED their money, RISKED their assets, and who have INVESTED their wealth creating businesses, jobs and industries to fund government entitlement programs and waste.

The GOP should've held out until next year when they could've voted to make the tax cuts permanent, repealed the death tax in total, and forced all new spending to be frozen. Our problems are not short term! We are on a path to an economic collapse like we've never known. I'm skeptical that career GOP politicians understand the realities. I'm afraid that the political class is so deluted by power and money that hope for America to recover is beyond remedy. No one has the guts to really make fundamental changes. We have maybe 2-5 years before the bottom falls out. In the meantime, our government will continue to put Band Aids on our hemorraging economy.

The only difference between Dems and GOP is that had the Dems won in November our demise would be arriving sooner rather than later. Under the GOP it will be a longer, more painful death.

Not a pessimist, just a realist.

[sandie]

Originally Posted by deacon blues

GOPers are high-fiving after this recent compromise with Obama. The Democratic Party has lost its cohesion, the Bush Tax cuts have been extended for two more years, and the death tax was reduced from a potential 55% for estates worth more than $1,000,000 to 35% for estates worth over $10,000,000. There's a sense that the GOP had to compromise little: 13-month extension of jobless benefits and allowing the death tax in spite of the lowered rate and higher ceiling.

Truth is, although this deal is better than allowing the tax rates to increase to pre-2001 levels, there's little hope for me that the prospects of our long-term economic health will improve.

First, to extend jobless benefits for another 13 months after allowing them to run for 99 months is crazy. Its blowing a bigger hole in the deficit with unpaid-for spending. Second, to allow any death tax is the most unfair tax that exists, even at a lower rate. You are being taxed on an estate of people who paid taxes their whole working lives, only to have someone steal more of your hard-earned money. Even if it only affects those over $10 million, its unjust. It takes from those who've EARNED their money, RISKED their assets, and who have INVESTED their wealth creating businesses, jobs and industries to fund government entitlement programs and waste.

The GOP should've held out until next year when they could've voted to make the tax cuts permanent, repealed the death tax in total, and forced all new spending to be frozen. Our problems are not short term! We are on a path to an economic collapse like we've never known. I'm skeptical that career GOP politicians understand the realities. I'm afraid that the political class is so deluted by power and money that hope for America to recover is beyond remedy. No one has the guts to really make fundamental changes. We have maybe 2-5 years before the bottom falls out. In the meantime, our government will continue to put Band Aids on our hemorraging economy.

The only difference between Dems and GOP is that had the Dems won in November our demise would be arriving sooner rather than later. Under the GOP it will be a longer, more painful death.

Not a pessimist, just a realist.

Any chance, in your estimation that after the bottom falls out there can then be a recovery?
I have no earthly idea what it will take for D.C. to come out of it's stuper....

[Dedicated Mind]

How can we reduce the deficiit if we cut all these taxes on the rich? If you want to cut spending, what would you cut? You are heartless to want to freeze unemployment benefits.

[Truthseeker]

Originally Posted by Dedicated Mind

How can we reduce the deficiit if we cut all these taxes on the rich? If you want to cut spending, what would you cut? You are heartless to want to freeze unemployment benefits.

Cut welfare/stamps?

Make sure unemployed aren't scammin, but riding it out. Benefit not suppose to be forever.

Spend wiser on military.

The list could go on of wasteful spending by gov.

[Sam]

Originally Posted by deacon blues

...
The GOP should've held out until next year when they could've voted to make the tax cuts permanent, repealed the death tax in total, and forced all new spending to be frozen.
...

1. This isn't really voted into law yet, is it?

2. If we waited until next year and passed this stuff, BHO would just veto it and there will not be enough people to over ride a veto, will there?

[Dedicated Mind]

Originally Posted by Sam

1. This isn't really voted into law yet, is it?

2. If we waited until next year and passed this stuff, BHO would just veto it and there will not be enough people to over ride a veto, will there?

Obama has agreed to support the tax cuts, but it hasn't passed yet.

[sandie]

Originally Posted by Dedicated Mind

How can we reduce the deficiit if we cut all these taxes on the rich? If you want to cut spending, what would you cut? You are heartless to want to freeze unemployment benefits.

First, there aren't going to be any tax "cuts", try and put down the dem talking points..lol and think for yourself.

My husband tried to hire a man. What could be offered in pay, (which was a fair wage) came in just under what he was taking home from unemployment. He turned down the job and with a straight face said, why should I work here when I can get more with the unemployment check.

We can reduce the deficit by cutting spending across the board...just like the rest of us have to do when we're faced with a financial crisis.

This isn't the government's money....surely you know that.

Obama has agreed to support the tax cuts, but it hasn't passed yet.

They are NOT tax CUTS!

[deacon blues]

Dedicated Mind, history has proven time and again that lower taxes whether under GOP presidents or Dem presidents stimulates financial growth greater than any other measure the government can employ. You cannot argue this. Its a proven fact. Also, extending jobless benefits is more heartless than stopping them because it is paid for with more borrowed money putting at risk the entire nation, not just a few million unemployed people. You cannot fix this economy taking from the investors, entrepeneurs and business owners and giving that money to those who create zero economic growth. Its like trying to build an inverse pyramid. It collapses under its own weight rather than standing strong because of its firm foundation.

We have witnessed 20 years of financial excess by both Dem and GOP governments. If we do not allow a time of pain and losses, but continually try to feed this economy injections of morphene, we will fall apart. Radical fiscal change must happen or we're doomed! That means the less fortunate will have to suffer without their free government giveaways.

Cut defense spending, cut superflous entitlements, extend retirement age, resend Obamacare, resend Bush's prescription drug benefit, cut Dept of Ed, Dept of Agri, Dept of Energy, cut all of the "czars", cut the Federal workforce by 10%. Both parties have to quit piece mealing this economic crisis and get some testicles and make some people unhappy.

Nowhere in history do you find any evidence that demonizing the producers, the creators of jobs, wealth, industries and invention EVER creates a higher standard of living for everyone. I have plenty of compassion and charity for the poor and helpless, but we will always have them (Jesus said so). We will never be able to eliminate poverty or hardships for ppl. We have tried for decades at the cost of trillions and trillions of dollars and we still have poor unfortunate people. The most proven method of reducing poverty and hardship is a strong, free, capitalistic economy unencumbered by taxation and governmental control.

[deacon blues]

If a presidential candidate would add to his platform a commitment to not receive any income until the unemployment numbers dipped below a certain level, say 6%, as a symbolic gesture of his personal commitment to make sacrifices for the sake of the economy, he would win a huge amount of favor from the man on the street and greatly increase his chances of winning.

[sandie]

Originally Posted by deacon blues

Dedicated Mind, history has proven time and again that lower taxes whether under GOP presidents or Dem presidents stimulates financial growth greater than any other measure the government can employ. You cannot argue this. Its a proven fact. Also, extending jobless benefits is more heartless than stopping them because it is paid for with more borrowed money putting at risk the entire nation, not just a few million unemployed people. You cannot fix this economy taking from the investors, entrepeneurs and business owners and giving that money to those who create zero economic growth. Its like trying to build an inverse pyramid. It collapses under its own weight rather than standing strong because of its firm foundation.

We have witnessed 20 years of financial excess by both Dem and GOP governments. If we do not allow a time of pain and losses, but continually try to feed this economy injections of morphene, we will fall apart. Radical fiscal change must happen or we're doomed! That means the less fortunate will have to suffer without their free government giveaways.

Cut defense spending, cut superflous entitlements, extend retirement age, resend Obamacare, resend Bush's prescription drug benefit, cut Dept of Ed, Dept of Agri, Dept of Energy, cut all of the "czars", cut the Federal workforce by 10%. Both parties have to quit piece mealing this economic crisis and get some testicles and make some people unhappy.

Nowhere in history do you find any evidence that demonizing the producers, the creators of jobs, wealth, industries and invention EVER creates a higher standard of living for everyoneI have plenty of compassion and charity for the poor and helpless, but we will always have them (Jesus said so). We will never be able to eliminate poverty or hardships for ppl. We have tried for decades at the cost of trillions and trillions of dollars and we still have poor unfortunate people. The most proven method of reducing poverty and hardship is a strong, free, capitalistic economy unencumbered by taxation and governmental control.

Bravo!

It doesn't matter to the left what the facts are, they're so steeped in their ideology today that if the truth grew arms, legs, sat on their laps and called them "momma", they still wouldn't reconize it. All to the harm of the rest of society.
The mindset that says take from those who work, earn and give to those who don't is a thought process that is bringing down Europe, (see London today) and is working overtime to do the same here.
Not to mention it's counter to the Word of God.