Posts tagged ‘debt’

June 28, 2012

Why Don’t We Elect Republicans?

National debt has provoked debate and criticism over the past 30 years but nothing like the tirades and temper tantrums we’ve seen since the beginning of the Obama administration. Launched as a focused attack strategy under the Tea Party movement, the massive US debt and how to deal with it has become one of most ideological, partisan issues in the post-Great Recession political climate pitting supply-siders against Keynesians.

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June 23, 2012

Daily Scoop Xtra: Is Obama a big spender?

NEW YORK (CNNMoney)  — Is President Obama a big spender who has blown up the national debt?

Republicans say he is, and Democrats say he isn’t. And they both use numbers and past presidents’ records to make their point.

Trouble is, “you can make the numbers tell you what you want if you torture them enough,” said Rudolph Penner, a former director of the Congressional Budget Office.

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February 28, 2012

The Daily Scoop: Five myths about Medicare

Because of Medicare’s size and growth, the health-care program has taken center stage on the campaign trail and in Capitol Hill discussions about the federal budget deficit. Medicare covers almost one in six Americans and comprises about 15 percent of the federal budget, but it is often misunderstood. Let’s take a few minutes to separate fact from fiction.
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January 7, 2012

The Daily Scoop: Romney plan raises taxes on poor families

WASHINGTON (AP) — Republican Mitt Romney’s tax plan would increase taxes on low-income families while cutting taxes for the middle-class and the rich, according to an independent study released Thursday.

  • On average, households making less than $20,000 would see their taxes increase by more than 60%
  • Households making between $50,000 and $75,000 would get small tax cuts, averaging 2.2%
  • People making more than $1 million would get tax cuts averaging 15%
  • Overall, Romney’s plan would reduce tax revenues by $180 billion in 2015, adding to the federal budget deficit
  • Will repeal tax increases on wealthier individuals as part of the health care reform
  • Allows Stimulus Bill tax cuts expire {which target low-income families with children; expanded tax credit for college students; a more generous Earned Income Tax Credit for families with 3+ children, & a more generous child tax credit for low-income families}…
  • but makes the Bush tax cuts permanent.

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November 13, 2011

The Daily Scoop: George Washington’s Foresight for the Debt Panel

This is an interesting opinion piece discussing how the country’s founders’ foresight is still very applicable to the issues of today. This foresight goes beyond Washington as John Adams, Benjamin Franklin, James Madison and others still have much we can all learn from.

New York (CNN) — The clock is ticking in Washington on the bipartisan super committee, those 12 members of Congress tasked with finding at least $1.2 trillion in deficit reduction by Thanksgiving.

More than 140 of their colleagues, both Democrats and Republicans, are encouraging them to be bold and go bigger — reaching $4 trillion of deficit reduction in order to put the U.S. on stable long-term fiscal footing and avoid another round of downgrades.

But if their colleagues’ counsel isn’t persuasive, there’s an additional voice the super committee could find inspiration from — the original founding father, George Washington.
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