WELL BILL HERE IS A COUNTER TO YOUR DOOM AND GLOOM??
I generally find that the CBO counters most facts or lack there of put out by the GOP (Government OOber Party)
· CBO: higher taxeson rich won't harm economy
By Steve Benen
FriNov 9, 2012 1:28 PM EST
Justyesterday, as talks over taxes and spending grew a little louder in Washington,House Speaker John Boehner (R-Ohio) citedan "independent" report that found tax increases on the wealthy would"cost our economy more than 700,000 jobs."
Theargument, not surprisingly, was debunkedmonths ago. But the rhetoric raises a worthwhile question: what wouldhappen if a bipartisan agreement fails to materialize, and tax increasesautomatically kick in on Jan. 1?
Yesterday,the non-partisan Congressional Budget Office reportedthe looming tax hikes and spending cuts would undermine the economy in 2013, butthe "least harmful component of the coming fiscal consolidation isprecisely what Democrats are demanding: the expiration of the Bush tax cuts forhigh earners."
CBO doesn't examine the topbracket Bush tax cuts directly. But it does look at two competing scenarios:One where all of the expiring tax cuts except for the payroll tax cut areextended; another where all of the expiring tax cuts except for the payroll taxcut and the Bush tax cuts for top earners are extended.
The former, CBO says, wouldincrease employment by 1.8 million full time equivalent employees in 2013relative to allowing everything to lapse. The latter would increase employmentby 1.6 million. The difference, 200,000 full time equivalent jobs, isattributable to the expiration of the top bracket Bush tax cuts alone.
By comparison, other layersof the fiscal cliff save less money and have far greater economic consequences.Failing to extend the expiring payroll tax cut and expiring emergencyunemployment benefits through 2014 would cost the economy about 800,000 jobs,according to CBO. The two halves of the sequester -- the defense cuts and thedomestic cuts -- would each cost the economy about 400,000 full time equivalentjobs.
So,according to the CBO, the Democratic priorities do more to help the economy,and the Republican priorities do less. The 700,000 figure cited by the HouseSpeaker has no basis in reality at all.
MaybeRepublicans will try to suppressthis, too?
I generally find that the CBO counters most facts or lack there of put out by the GOP (Government OOber Party)
· CBO: higher taxeson rich won't harm economy
By Steve Benen
FriNov 9, 2012 1:28 PM EST
Justyesterday, as talks over taxes and spending grew a little louder in Washington,House Speaker John Boehner (R-Ohio) citedan "independent" report that found tax increases on the wealthy would"cost our economy more than 700,000 jobs."
Theargument, not surprisingly, was debunkedmonths ago. But the rhetoric raises a worthwhile question: what wouldhappen if a bipartisan agreement fails to materialize, and tax increasesautomatically kick in on Jan. 1?
Yesterday,the non-partisan Congressional Budget Office reportedthe looming tax hikes and spending cuts would undermine the economy in 2013, butthe "least harmful component of the coming fiscal consolidation isprecisely what Democrats are demanding: the expiration of the Bush tax cuts forhigh earners."
CBO doesn't examine the topbracket Bush tax cuts directly. But it does look at two competing scenarios:One where all of the expiring tax cuts except for the payroll tax cut areextended; another where all of the expiring tax cuts except for the payroll taxcut and the Bush tax cuts for top earners are extended.
The former, CBO says, wouldincrease employment by 1.8 million full time equivalent employees in 2013relative to allowing everything to lapse. The latter would increase employmentby 1.6 million. The difference, 200,000 full time equivalent jobs, isattributable to the expiration of the top bracket Bush tax cuts alone.
By comparison, other layersof the fiscal cliff save less money and have far greater economic consequences.Failing to extend the expiring payroll tax cut and expiring emergencyunemployment benefits through 2014 would cost the economy about 800,000 jobs,according to CBO. The two halves of the sequester -- the defense cuts and thedomestic cuts -- would each cost the economy about 400,000 full time equivalentjobs.
So,according to the CBO, the Democratic priorities do more to help the economy,and the Republican priorities do less. The 700,000 figure cited by the HouseSpeaker has no basis in reality at all.
MaybeRepublicans will try to suppressthis, too?