fact check on tax rate hike funding 8 days ????
this seems to be the latest republican talking point, and I wonder if there is a fact check on it? And if so, why is that an excuse NOT to do it? It seems like a double negative to use as a reason because it 'only pays for 8 days'. But then how can they claim it is going to cause such irreparable harm to the economy? Something doesn't seem right, and I don't trust their math regardless.
I feel like Obama needs to go back to the whole MATH doesn't add up. And the reason that he wants the tax hikes (other than fairness) is so they can continue investments in targeted areas instead of only cuts to everything.
= new reply since forum marked as read
it's to provide a stimulus by putting people to work. Which will provide revenues which will fund the government.
And I guess it caused so much irreparable harm back in the 90's that we should try and avoid that?
Allowing the Bush tax cuts for higher income Americans to expire is estimated to raise and save roughly $950 billion
over 10 years (about $95 billion/year)
See
The federal government budget last fiscal year (2011-12) was about $3.5 trillion ( /365 =~ $9.6 billion/day).
( http://www.nytimes.com/2012/10/13/business/federal-deficit-for-2012-fiscal-year-falls-to-1-1-trillion.html )
So the extra $95 billion/year =~ 95/9.6 =~ 9.9 days of expenditure.
As far as deficit which was about $ 1.1 trillion ( /365 =~ $ 3.01 billion/day) the $95 billion/year would cover
95/3.01 =~ 31.6 days.
