It's the Republicans' Economy Now

[Teatownclown]

http://www.thewashingtoncurrent.com/2011/08/capitol-idea-its-republicans-economy.html

"McConnell and his fellow Republicans actually have ended whatever hopes they may have had to hang the continuing bad economy around Obama's neck next year."


"Yes, this new budget plan will hurt. But, at least, we know who to blame."


John Bohner, WHERE ARE THE JOBS!??

[swake]

Things are going great since the Tea Party took over the house and decided that compromise is sinful. JFC

[guido911]

Things are going great since the Tea Party took over the house and decided that compromise is sinful. JFC

I'm not sure where the idea of "compromise" is coming from. Who should the Tea Party be compromising with and why? Where was Obama's compromise with the GOP on stimulus (oh I forgot, Obama governed early on his "I won" philosophy) and the following year with Obamacare? But I digress. In November, them "teabaggers" as the left so gleefully called them, after organizing for more than 18 months and getting politically active, got persons that thought like them to run for office, etc., went to the polls and in spectacular fashion took over the House, made gains in the Senate, and generally thrashed the Dems. Here's a link and passage from it detailing the bloodshed:

Republicans picked up at least 675 state legislative seats Nov. 2. As with the increases in the House, that gain is the biggest any party has made in state legislative seats since 1938 and is far larger than the GOP's tally in its 1994 landslide. Given the distribution of those gains, Republicans have the power to work their will in the states in ways they can't begin to think about doing in Washington.

Before the midterm elections, Democrats controlled 27 state legislatures outright. Republicans were in charge in 14 states, and eight states were split. (Nebraska, which has a single legislative chamber, is officially nonpartisan). Today, Republicans control 26 state legislatures, Democrats 17, and five have split control. In New York, officials are still determining who is in charge in the state Senate. Republicans control seven more legislatures outright than they did after 1994 and the most since 1952.

Add the results in the gubernatorial races, and the picture brightens even more for the Republicans. Before the midterms, Republicans controlled the governor's mansion and both legislative chambers in only nine states. Today it is 21 states. Democrats are in full command in 11 states, down from 16, according to the National Conference of State Legislatures (NCSL).

http://www.washingtonpost.com/wp-dyn/content/article/2010/11/13/AR2010111304276.html

With that, I do not understand why people are so freakin stunned that these newly-elected Tea Party candidates would, dare I say, do what they were elected to do and conduct themselves consistent with what got them elected. As I posted in another thread, one of the core Tea Party issues was reigning in spending. You expected these people to just ignore or "forget" these principles? And in light of that "shellacking", as Obama said, why didn't he, the Dems, and the establishment GOP compromise with the Tea Party. Their view was what this country wanted for in favor of.

This debt ceiling fight was the Tea Party's "We Won" moment. But apparently there is little humor there despite some who thought when Obama said "I won" was pretty damned funny.

During his private meeting with congressional Democrats and Republicans on Friday, President Obama ended a philosophical debate over tax policy with the simple declaration that his opinion prevailed because "I won."

Democrats called it a light-hearted moment that drew laughs around the table. Republicans said there was laughter but couldn't recall if any of it came from their ranks.

Read more: http://www.foxnews.com/politics/2009/01/23/obama-says-view-taxes-prevailed-won#ixzz1U5ivMSXO

[guido911]

http://www.thewashingtoncurrent.com/2011/08/capitol-idea-its-republicans-economy.html

"McConnell and his fellow Republicans actually have ended whatever hopes they may have had to hang the continuing bad economy around Obama's neck next year."


"Yes, this new budget plan will hurt. But, at least, we know who to blame."


John Bohner, WHERE ARE THE JOBS!??

Sorry bub, the poodle has already made it official as to who owns the economy.

Democrats are ready to take responsibility for the state of the economy and they deserve credit for putting it on the right track, the party's chairwoman, Rep. Debbie Wasserman Schultz, said on Wednesday.

"We own the economy. We own the beginning of the turnaround and we want to make sure that we continue that pace of recovery, not go back to the policies of the past under the Bush administration that put us in the ditch in the first place," Wasserman Schultz told Mike Allen at POLITICO's 'Playbook Breakfast.'

Read more: http://www.politico.com/news/stories/0611/57025.html#ixzz1U5muhHDQ

http://www.politico.com/news/stories/0611/57025.html

[Teatownclown]

Guido, you are too slow. This is all about global unemployment.

How many people does it take to produce today?

Unemployment in Spain is %20 as opposed to %10 before. Here, it's worse sans real numbers.

The market crash is due to unemployment. You don't get it.


John Boehner, WHERE ARE THE JOBS!?

[guido911]

Guido, you are too slow. This is all about global unemployment.

How many people does it take to produce today?

Unemployment in Spain is %20 as opposed to %10 before. Here, it's worse sans real numbers.

The market crash is due to unemployment. You don't get it.


John Boehner, WHERE ARE THE JOBS!?

And the inevitable subject change.

[Teatownclown]

And the inevitable subject change.

Not really. Linking the Teabagger/GOP economy to the drop in the market vis a vie no money circulating is the real story here. I mean, what have the GOP/Teabaggers done to help the employment situation?

[nathanm]

Where was Obama's compromise with the GOP on stimulus

Did you already forget that half the stimulus was tax cuts?

[guido911]

Did you already forget that half the stimulus was tax cuts?

Source please that half of stimulus were tax cuts. I hate wiki, but I am not interested in spending a lot of time on taxation aspect in stimulus. From wiki re: taxes

Tax incentives

Total: $288 billion
[edit] Tax incentives for individuals

Total: $237 billion

   * $116 billion: New payroll tax credit of $400 per worker and $800 per couple in 2009 and 2010. Phaseout begins at $75,000 for individuals and $150,000 for joint filers.[24]
   * $70 billion: Alternative minimum tax: a one year increase in AMT floor to $70,950 for joint filers for 2009.[24]
   * $15 billion: Expansion of child tax credit: A $1,000 credit to more families (even those that do not make enough money to pay income taxes).
   * $14 billion: Expanded college credit to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than $160,000.
   * $6.6 billion: Homebuyer credit: $8,000 refundable credit for all homes bought between 1/1/2009 and 12/1/2009 and repayment provision repealed for homes purchased in 2009 and held more than three years. This only applies to first-time homebuyers.[37]
   * $4.7 billion: Excluding from taxation the first $2,400 a person receives in unemployment compensation benefits in 2009.
   * $4.7 billion: Expanded earned income tax credit to increase the earned income tax credit — which provides money to low income workers — for families with at least three children.
   * $4.3 billion: Home energy credit to provide an expanded credit to homeowners who make their homes more energy-efficient in 2009 and 2010. Homeowners could recoup 30 percent of the cost up to $1,500 of numerous projects, such as installing energy-efficient windows, doors, furnaces and air conditioners.
   * $1.7 billion: for deduction of sales tax from car purchases, not interest payments phased out for incomes above $250,000.

[edit] Tax incentives for companies

Total: $51 billion

   * $15 billion: Allowing companies to use current losses to offset profits made in the previous five years, instead of two, making them eligible for tax refunds.
   * $13 billion: to extend tax credits for renewable energy production (until 2014).
   * $11 billion: Government contractors: Repeal a law that takes effect in 2012, requiring government agencies to withhold three percent of payments to contractors to help ensure they pay their tax bills. Repealing the law would cost $11 billion over 10 years, in part because the government could not earn interest by holding the money throughout the year.
   * $7 billion: Repeal bank credit: Repeal a Treasury provision that allowed firms that buy money-losing banks to use more of the losses as tax credits to offset the profits of the merged banks for tax purposes. The change would increase taxes on the merged banks by $7 billion over 10 years.
   * $5 billion: Bonus depreciation which extends a provision allowing businesses buying equipment such as computers to speed up its depreciation through 2009.

http://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009

Here's another source. http://projects.nytimes.com/44th_president/stimulus. From the latter source, here was the lion share of tax related stimulus (remember the checks):

Tax Cuts for Individuals $116.2 billion   

Provide a tax credit at a rate of 6.2 percent of earned income (after federal taxes are taken out), up to $400 for individuals and up to $800 for couples, in 2009 and 2010. The credit begins to phase out at income levels of $75,000 for individuals and $150,000 for married couples filing jointly. Since the credit is "refundable," people with no federal income-tax liability will get money back.   

Those really do not appear to be GOP-principled tax refunds, but I will wait for your source.

[nathanm]

You're right, it was only 42% tax cuts, not 50%.

[Conan71]

Edited for accuracy:

Democrats are ready to take responsibility for the state of the economy and they deserve credit for putting it on the right track, the party's chairwoman, Rep. Debbie Wasserman Schultz, said on Wednesday.

"We own the economy. We own the beginning of the turnaround and we want to make sure that we continue that pace of recovery, not go back to the policies of the past under the Bush administration that put us in the ditch in the first place,"

"But be assured, if we wind up with a double-dip ice cream cone, um I mean well if the economy gets badder, we will abdi-, abde-, um like what's that word?  Oh yeah give that economy thingy back to the tea baggers." Wasserman Schultz told Mike Allen at POLITICO's 'Playbook Breakfast.'

Read more: http://www.politico.com/news/stories/0611/57025.html#ixzz1U5muhHDQ

[guido911]

You're right, it was only 42% tax cuts, not 50%.

Nate. Here's the exchange at issue.

GUIDO:    "Where was Obama's compromise with the GOP on stimulus?"
NATE:      "Did you already forget that half the stimulus was tax cuts?"

Then later...

GUIDO:    "...[t]hose really do not appear to be GOP-principled tax refunds, but I will wait for your source."

And I got the above response. Nate sticks to this "tax cuts" compromise Obama made with apparently the "air". No source on an Obama compromise.

Everyone. I advise that anything Nate posts be taken with less than the proverbial grain of salt. He makes sh!t up as he goes.

[Breadburner]

Nate. Here's the exchange at issue.

GUIDO:    "Where was Obama's compromise with the GOP on stimulus?"
NATE:      "Did you already forget that half the stimulus was tax cuts?"

Then later...

GUIDO:    "...[t]hose really do not appear to be GOP-principled tax refunds, but I will wait for your source."

And I got the above response. Nate sticks to this "tax cuts" compromise Obama made with apparently the "air". No source on an Obama compromise.

Everyone. I advise that anything Nate posts be taken with less than the proverbial grain of salt. He makes sh!t up as he goes.

Yes he does.....

[Conan71]

Nate. Here's the exchange at issue.

GUIDO:    "Where was Obama's compromise with the GOP on stimulus?"
NATE:      "Did you already forget that half the stimulus was tax cuts?"

Then later...

GUIDO:    "...[t]hose really do not appear to be GOP-principled tax refunds, but I will wait for your source."

And I got the above response. Nate sticks to this "tax cuts" compromise Obama made with apparently the "air". No source on an Obama compromise.

Everyone. I advise that anything Nate posts be taken with less than the proverbial grain of salt. He makes sh!t up as he goes.

B..bu...but what about his graphs?

[guido911]

B..bu...but what about his graphs?

Well there's THOSE obviously.