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Old 10-01-2011, 07:39 AM   #261
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U.S. Economy Tipping into Recession | All Reports | Reports and Indexes | ECRI

An economic thinktank that has correctly predicted the last three recessions has just released a report detailing that we're tipping over into another one to make it a double-dip.

Hope you guys have your K-rations and shotguns in the basement.
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Old 10-01-2011, 04:39 PM   #262
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Hope you guys have your K-rations and shotguns in the basement.
Don't forget your silver coins and 55 gallon drums of potable water.
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Old 11-17-2011, 03:53 PM   #263
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Washington Post, Nov. 16
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Growing Republican support for raising taxes to help reduce the deficit has prompted a GOP identity crisis, sparking a clash within the party over whether to abandon its bedrock anti-tax doctrine. Tensions have mounted in recent days as two of the GOP’s most fervent anti-tax stalwarts on Capitol Hill—Sen. Patrick J. Toomey (PA) and Rep. Jeb Hensarling (TX)—have lobbied party colleagues behind the scenes to forgo their old allegiances and even break campaign promises by embracing hundreds of billions of dollars in tax hikes. The two conservative lawmakers have pushed the increases as part of their work on the bipartisan congressional “supercommittee” tasked with finding at least $1.2 trillion in deficit reductions by a Thanksgiving deadline. Their plan, which also addresses entitlement spending, would generate at least $300 billion in new tax revenue over the next decade by overhauling the tax code to lower rates but also eliminate deductions and loopholes.
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Their work has been met with a furious backlash as fellow conservatives inside and outside Congress expressed amazement that two of their biggest allies appear now to be foes. “We’ve not had a conversation like this within the party in two decades,” said Rep. Patrick T. McHenry (NC), who on Wednesday gathered signatures from about 70 House Republican colleagues for a letter to the supercommittee leadership, calling any tax increase “irresponsible and dangerous to the health of the United States.” Describing Hensarling as a “mentor,” McHenry added: “It’s a very tough situation.”

The conservative group Americans for Prosperity, which has fought taxes, began a campaign targeting 40 House Republicans who have expressed an openness to new taxes. The group invited constituents in Virginia and Florida to call in to telephone town hall meetings Wednesday night and purchased radio ads in five states charging that the members “don’t get it” when it comes to tax policy. Critics say that giving any ground on taxes would violate party doctrine that has not been challenged since President George H.W. Bush broke his “read my lips” pledge as part of a 1990 budget deal.
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Although it’s not clear how many Republicans are willing to raise taxes, the numbers have been growing in the House and Senate. Activists say they fear that the presence of rock-ribbed conservatives in that camp and support in the business community for a deal of some sort could be spurring widespread defections. More Republicans moved Wednesday to push their party toward accepting new taxes—putting the issue in historic terms. “This is about more than money,” said Sen. Lamar Alexander (TN), a member of the Senate’s GOP leadership team. “It’s about whether the president and the Congress can competently govern, about whether we can face up to the biggest problem facing our country and, working together, can we solve that problem?” He added that both parties “need to put more on the table and get a result.”
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Party leaders wary of Congress’s dismal approval ratings are loath to appear incapable of deficit reduction. Moreover, Republicans are worried about the deep automatic spending cuts to defense programs that would be triggered if the committee fails to reach a deal. Still, officials and leading activists conceded Wednesday that even in this unusual context, the willingness of conservatives to compromise on taxes could forever change the debate within the party. After all, it was Toomey, who, before his 2010 campaign for Senate, headed the Club for Growth, a pro-business group and pillar of the conservative economic movement. He has been one of Washington’s leading advocates of tax cuts. “You’ve got Toomey, the most conservative member of the supercommittee, saying that under certain circumstances he’d be willing to raise taxes. That’s a big deal,” said Phil Kerpen, vice president of Americans for Prosperity. “The most important part of the Republican brand is that they won’t raise taxes,” Kerpen added. “Some say this is a unique situation. Well, people won’t get the nuances. They’ll just see both parties are willing to raise taxes.”

...Any loosening of the GOP’s firm stance on taxes would sharply alter the political dynamics of the party. This change would mark a turnaround, just a year after the rise of the staunchly anti-tax tea party movement propelled Republicans into the House majority. Party activists note that Bush’s 1990 tax deal depressed conservative voter turnout in the next election, contributing to his defeat. They warn that a similar transgression could again deflate the party base, leading to President Obama’s reelection next year and costing Republicans the House.

A GOP aide, speaking on the condition of anonymity to discuss internal party deliberations, said the openness to tax increases would not “wipe away” the “very strong fundamental view about taxes.” And yet, the aide added, “It does change the conversation within the context of deficit reduction, and it will have implications.”

Adding to the dilemma facing many Republicans is their party’s long embrace of the Taxpayer Protection Pledge, which was created 25 years ago by anti-tax activist Grover Norquist and remains a rite of passage for Republican candidates at all levels. The GOP supercommittee plan appears to violate the pledge’s requirement that members oppose “any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.” Norquist said GOP leaders have assured him that they will not support a tax increase. But some in the party say they no longer feel bound by the Norquist pledge. “I want my constituents to know that I am not in favor of raising taxes. That’s why I signed that pledge,” said Rep. Charles F. Bass (NH). “And I if I have to break that pledge for some reason, it would be because I think there’s a far greater good associated with it, and I’m willing to bear the consequences of that.” Rep. Steven C. LaTourette (OH) signed the pledge in 1994, long before he said he could envision today’s economic turmoil. “Circumstances change,” he said.
Yep, still fucked.
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Old 11-17-2011, 06:40 PM   #264
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US Debt Hits $15 Trillion; Will Super Committee Save Us? - Forbes

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The U.S. national debt hit a record $15 trillion on Wednesday, the Treasury Department said, but at this point, any penny higher than the $14.3 trillion that forced Congress to a made-for-Jersey Shore debt ceiling debate in the summer is going to be a record breaker.

Judging by the roughly six months it took the U.S. to add just $700 billion to the debt, it is likely that the U.S. will hit the debt ceiling again by the summer of 2012, just in time for a new round of political follies as presidential campaign season goes into overdrive.
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Old 11-17-2011, 09:47 PM   #265
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I'm legitimately surprised that Toomey of all people is on board with the idea.
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Old 11-18-2011, 08:03 AM   #266
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this angers me so much. i think i will go sit in a park and play drums. that will raise awareness to my anger, thus accomplishing something.
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Old 11-18-2011, 02:00 PM   #267
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perhaps standing up to this man (and the unfathomable, irrational hold he has on the GOP) might save us:





the American people know it. why don't the Republicans?
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Old 11-18-2011, 02:15 PM   #268
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Both Ds and Rs on the super(shitty)committee have agreed to extend over $ 3 trillion of Bush tax cuts to the wealthiest of Americans.

Where are these jobs coming from those job-creatin' folks, WHERE ARE THEY?
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Old 11-18-2011, 02:52 PM   #269
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Where are these jobs coming from those job-creatin' folks, WHERE ARE THEY?


the one thing we cannot do is go back to the job-crushing, oppressive, tyrannical, freedom-hating tax rates of the brutal, nightmarish Clinton era.

some say Bush liberated Iraq. i say, he liberated our wealthy.
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Old 11-18-2011, 06:12 PM   #270
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perhaps standing up to this man (and the unfathomable, irrational hold he has on the GOP) might save us:

the American people know it. why don't the Republicans?
Federal Spending Is Growing Faster Than Federal Revenue

I see revenue that was raising about the same rate as spending until 2007. I then see spending EXPLODING since 2007 and revenues dropping due to the recession.

Restore spending to 2007 levels and I'd more than support raising tax revenues to begin paying down the debt. I don't support raising anyone's taxes to fund the frivolous spending of the past 5 years.
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Old 11-18-2011, 06:28 PM   #271
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Federal Spending Is Growing Faster Than Federal Revenue

I see revenue that was raising about the same rate as spending until 2007. I then see spending EXPLODING since 2007 and revenues dropping due to the recession.

Restore spending to 2007 levels and I'd more than support raising tax revenues to begin paying down the debt. I don't support raising anyone's taxes to fund the frivolous spending of the past 5 years.
The Heritage Foundation? That's your source? What happened, did all the other sources actually include the wars and not support your theory?
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Old 11-18-2011, 08:22 PM   #272
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If you make the argument that we need to give the rich tax breaks so that they can invest in the economy ... then they damn well better invest in the economy.

They have not. Thus, their tax breaks should end.
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Old 11-19-2011, 04:46 PM   #273
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Restore spending to 2007 levels and I'd more than support raising tax revenues to begin paying down the debt.


i think it's great you'd support raising tax revenues. i also think that a massive simplification of the tax code would raise more revenues, and i think this is an idea popular with everyone.

however, this also means you don't get your war with Iran.
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Old 11-19-2011, 06:44 PM   #274
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however, this also means you don't get your war with Iran.
Suppose Iran procures a nuclear weapon. What other options are there?
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Old 11-19-2011, 09:05 PM   #275
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some say bush liberated iraq. I say, he liberated our wealthy.
+1
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Old 11-19-2011, 09:20 PM   #276
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Suppose Iran procures a nuclear weapon. What other options are there?

http://www.nytimes.com/2011/11/15/op...nuclearprogram
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Old 11-19-2011, 09:32 PM   #277
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I'd be supportive of this
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Old 11-20-2011, 05:38 AM   #278
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Contain/constrain. They're not going to use the fucking thing. An attack/war is by far the dumbest way to handle it. Don't believe the hype - Iran, for all their bluster, are supremely rational. Containment and a mini-MAD will work just fine.
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Old 11-21-2011, 05:01 PM   #279
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Christian Science Monitor, Nov. 21
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The Dow Jones industrial average lost almost 250 points after the special committee of Congress assigned to come up with $1.2 trillion in deficit cuts over 10 years indicated that there would be no deal.

The supercommittee stalemate is supposed to trigger automatic spending cuts across the government, but there were already hints that Congress would find a way around them. Analysts say that could lead to another downgrade of the US credit rating.
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Old 11-21-2011, 05:01 PM   #280
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Argh.
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