By Patrick O’Connor, Bloomberg - Oct 1, 2010 12:01 AM ET
Representative Paul Ryan is likely be chairman of the Budget Committee if his party regained its majority in the Nov. 2 elections.
Oct. 1 (Bloomberg) -- Stanley Collender, managing director of Qorvis Communications, discusses the outlook for the U.S. budget deficit and the prospects of inflation. Collender speaks with Betty Liu on Bloomberg Television’s “In the Loop.”
U.S. House Republicans’ pledge to cut $100 billion from the federal budget next year would slash spending for education, cancer research and aid to local police and firefighters.
Keeping the midterm-campaign promise would require a Republican-led Congress to cut 21 percent of the $477 billion lawmakers have earmarked for domestic discretionary spending.
“That’s where you get the savings,” said Representative Paul Ryan, a Wisconsin Republican who would likely be chairman of the Budget Committee if his party regained its majority in the Nov. 2 elections.
A cut of that magnitude would require major reductions in spending likely to spur protests across many fronts, and Republican leaders have refused to specify any major targets before Election Day.
Most of the proposals Republicans have offered so far provide minimal savings, like shaving $2 billion from the budget by capping federal salaries next year.
Still, Republicans argue that spending cuts trump tax increases as the best way to start balancing the budget in the wake of the worst recession since the Great Depression.
“To balance the budget, Congress has to get its arms around the spending here in Washington, and we have to have a healthy economy that gets Americans working again,” House Republican Leader John Boehner told an audience yesterday at the American Enterprise Institute, a Washington-based group that favors smaller government. “You can’t have a healthy economy if you raise taxes on those that you expect to reinvest in the economy and hire more people.”
Social Services
Democrats warn that the promised cuts would lead to dramatic reductions in social services across the board.
“This would have significant real-world consequences,” said Representative Rob Andrews, a New Jersey Democrat on the Budget Committee. “I don’t see any way there isn’t a hit on college students,” he said. “I don’t see any way there isn’t some hit on local police and fire.
Rightardia suspects the GOP will cut money out of social programs but also increase defence spending. If the Republicans are able to extend the Bush tax cuts, the GOP budget will end up being a shell game in which middle class Peter is robbed to pay Paul, the millionaire, with a $100,000 annual tax cut that will have a minimal effect on the economic recovery.
Moody Economics already stated that the Bush tax cuts were hardly stimulative. But it is hard to confuse the Republicans with facts when their conservative Weltauschung is based on right wing ideology.
If the GOP retakes the House, it will hasten their decline in the 2012 elections. A well known advertising principal is that if you advertise a bad product, it will initially stimulate sales, but once the public realizes the product sucks, the public will abandon it quickly.
Rightardia sees little in the right wing arsenal that will lead the US out of the tunnel. At least with Democrats in power, we could see the light at the end of the tunnel.
See the rest of the article at http://www.bloomberg.com/news/2010-10-01/republican-pledge-on-spending-freeze-would-slash-budget-by-100-billion.html
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clueless Frat boy Paul Ryan
Representative Paul Ryan is likely be chairman of the Budget Committee if his party regained its majority in the Nov. 2 elections.
Oct. 1 (Bloomberg) -- Stanley Collender, managing director of Qorvis Communications, discusses the outlook for the U.S. budget deficit and the prospects of inflation. Collender speaks with Betty Liu on Bloomberg Television’s “In the Loop.”
U.S. House Republicans’ pledge to cut $100 billion from the federal budget next year would slash spending for education, cancer research and aid to local police and firefighters.
Keeping the midterm-campaign promise would require a Republican-led Congress to cut 21 percent of the $477 billion lawmakers have earmarked for domestic discretionary spending.
“That’s where you get the savings,” said Representative Paul Ryan, a Wisconsin Republican who would likely be chairman of the Budget Committee if his party regained its majority in the Nov. 2 elections.
A cut of that magnitude would require major reductions in spending likely to spur protests across many fronts, and Republican leaders have refused to specify any major targets before Election Day.
Most of the proposals Republicans have offered so far provide minimal savings, like shaving $2 billion from the budget by capping federal salaries next year.
Still, Republicans argue that spending cuts trump tax increases as the best way to start balancing the budget in the wake of the worst recession since the Great Depression.
“To balance the budget, Congress has to get its arms around the spending here in Washington, and we have to have a healthy economy that gets Americans working again,” House Republican Leader John Boehner told an audience yesterday at the American Enterprise Institute, a Washington-based group that favors smaller government. “You can’t have a healthy economy if you raise taxes on those that you expect to reinvest in the economy and hire more people.”
Social Services
Democrats warn that the promised cuts would lead to dramatic reductions in social services across the board.
“This would have significant real-world consequences,” said Representative Rob Andrews, a New Jersey Democrat on the Budget Committee. “I don’t see any way there isn’t a hit on college students,” he said. “I don’t see any way there isn’t some hit on local police and fire.
Rightardia suspects the GOP will cut money out of social programs but also increase defence spending. If the Republicans are able to extend the Bush tax cuts, the GOP budget will end up being a shell game in which middle class Peter is robbed to pay Paul, the millionaire, with a $100,000 annual tax cut that will have a minimal effect on the economic recovery.
Moody Economics already stated that the Bush tax cuts were hardly stimulative. But it is hard to confuse the Republicans with facts when their conservative Weltauschung is based on right wing ideology.
If the GOP retakes the House, it will hasten their decline in the 2012 elections. A well known advertising principal is that if you advertise a bad product, it will initially stimulate sales, but once the public realizes the product sucks, the public will abandon it quickly.
Rightardia sees little in the right wing arsenal that will lead the US out of the tunnel. At least with Democrats in power, we could see the light at the end of the tunnel.
See the rest of the article at http://www.bloomberg.com/news/2010-10-01/republican-pledge-on-spending-freeze-would-slash-budget-by-100-billion.html
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
Netcraft rank: 8363
http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com
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