General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHuffPo: 10 ways to Trim Budget Without New Income Taxes or Entitlement Cuts
Fiscal Cliff: 10 ways Obama, Congress Could Trim Without New Income Taxes, Entitlement CutsWASHINGTON -- Just about every policy lawmakers are considering for a deal to avert the so-called fiscal cliff would involve either raising individual income taxes, or cutting benefits in Medicare and Social Security. But there are a host of other avenues available for reducing the federal budget deficit that are rarely talked about, despite their mathematical merit.
There's an old axiom in the investment business that applies to the federal government, as well: You have to spend money to make money. Paradoxically, the U.S. fiscal position would likely be better off if the government simply spent more money. When the economy is booming, government spending can easily be wasteful. But when the economy is not meeting its capacity, the government needs to step in to give it a boost, according to several schools of economic thought. At a time when there are more than four job applicants for every job opening, the economy is clearly not meeting the demand for work, and the government can productively step in by spending money to hire people and get things back on track. By boosting long-term economic growth through short-term spending, the government could actually ease the deficit by ponying up money right now.
That's probably not going to happen, because most lawmakers and think-tankers in Washington are more interested in cutting various social insurance programs than in stabilizing the nation's fiscal position. Nevertheless, even if the government abandons the "spend more" approach, there are at least 10 ways to cut the deficit without raising income taxes or slashing important programs for senior citizens.
http://www.huffingtonpost.com/2012/11/30/fiscal-cliff-10-ways-obama-congress-_n_2215099.html
riverbendviewgal
(4,253 posts)That there is not much of a response from DUrs on this post. All the points are very good.
Tx4obama
(36,974 posts)99th_Monkey
(19,326 posts)Sometimes it just depends on who's logged on at the time.
But thanks for the rec.
LeftInTX
(25,391 posts)4. Offshore Tax Havens.
The U.S. Treasury Department estimates that it loses about $100 billion a year in revenue due to offshore tax haven abuses. Sen. Carl Levin (D-Mich.) has been pushing legislation for years to rein in this absurd tax maneuvering, but corporate lobbying on Capitol Hill has prevented the bill from becoming law.
99th_Monkey
(19,326 posts)TheKentuckian
(25,026 posts)99th_Monkey
(19,326 posts)http://www.democraticunderground.com/?com=view_post&forum=1002&pid=1887316
ProSense
(116,464 posts)Make the rich pay their fair share.
"Without New Income Taxes"?
Does this mean keeping the Bush tax cuts for the rich?
I like President Obama's proposal.
Obama offers GOP an ambitious, progressive debt-reduction plan
http://www.democraticunderground.com/10021905787
Doesn't mean those things on the list aren't needed to help "trim" the budget even more and provide more money to fund rebuilding America's infrastructure. Jobs, stimulus, joy!
99th_Monkey
(19,326 posts)I had that same thought as I was posting this. Like "wait a
minute. what ever happened to taxing the rich?"