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CBO: Republican Tax Scam Would Blow $1.7 Trillion Hole in the National Debt


#1

CBO: Republican Tax Scam Would Blow $1.7 Trillion Hole in the National Debt

Jake Johnson, staff writer

The Congressional Budget Office analysis exposes party's expressed concerns about "fiscal responsibility" as a sham


#2

We also need to end the reign of the Federal Reserve Bank.


#3

The stories of the Ryan-Trump tax scam is not the pittance that middle class Americans might (but many probably won’t) see in reduced taxes, but the giant tax cuts for the wealthy and corporations connected with the huge hole created in the national debt that the cuts will cause.

The next step for repubs will be to cry about how government programs supporting the poor, elderly, children, etc. need to be slashed. Let’s not let this thing pass and it starts by calling out repubs and getting Dems to have a backbone.


#4

Why exactly should we end the Federal Reserve Bank?


#5

How do Right politicians live with themselves when they’re so heartless? I always wonder how the majority of Christians vote for these politicians who fight to make the rich richer. Christians care so much about abortion that they support not helping the less fortunate, killing “terrorists” around the world, selling weapons to despicable countries, torture, cruel mass incarceration, etc.?


#6

It would wonderful if each of us could run up unlimited debts without any consequences. But of course when we do it, we are prosecuted and thrown in jail. How about doing the same to all the politicians who do it at our expense.


#7

The history of central banking in the US is long and complex, but to boil it down, the oligarchs won. A central bank is probably necessary, but there’s no reason, other than political, why it has to be privately owned, opaquely operated, unaudited and for-profit.


#8

I’m for auditing the Fed. But there are reasons for it being independent, at least if you ask economists. The Fed deals with monetary policy, while leaving fiscal policy and all that mess to Congress. I’m not well-read in these matters, but what do European countries do in general? They seem to be ahead of us in other matters, like health care, worker rights, etc.


#9

What a revealing accompanying photo of Paul “prayer works” Ryan and the other delusional R’Con swine - the simpering vapid soulless smiles of the ignorant, uninformed, and unconcerned - only their hyper-partisan stupidity and "I don’t really give a shite about fiscal or societal responsibility mindset - its enough to make a body boil with anger at their arrogant incompetence and stupidity in serving the 1% and belief in supernatural religion at the very real expense of everything else - what do these people really think (if at all) about what they are doing and supporting and its consequences?.. MoFo’s!


#10

This is a misleading characterization.

The Fed was created by Congress and it’s Board of Governors are appointed by the President, but they are independent from the Executive and Congressional branches of government – a useful attribute that keeps the mischief of politicians out of the Fed’s business.

The regional Federal Reserve Banks are technically owned by the banks in their region, who receive a fixed 6% dividend on their stock. However, of the $90 billion or so of annual “profits” in the Fed system, only about $1.6 billion goes to those owner banks. The rest is paid over to the US Treasury. Thus, the Fed is much more public than private and to the extent it makes money, it is doing so far more for the US taxpayer than private individuals or entities.

All of the Federal Reserve Banks are audited, so this assertion is simply untrue.

I suppose opaqueness is in the eye of the beholder.

The Fed’s mandate, defined by Congress, is to maximize sustainable employment, stabilize prices, and moderate long-term interest rates, and they have done fairly well this mandate over the last few decades, although some might argue they could have done more on the employment front. In addition, the Fed acts as a clearinghouse for inter-bank payments – a rather mundane but exceedingly important function.


#11

re “…independent from the Executive and Congressional branches of government – a useful attribute that keeps the mischief of politicians out of the Fed’s business:”

I’d much prefer a publicly-owned banking system, like the Bank of North Dakota, that kept the mischief of bankers out of the people’s business. Monetary policy is simply too important to be left to self-interested individuals.


#12

I don’t disagree, but would point out that the Board of Governors are, in fact, public servants and are charged with protecting the public interest. But I wouldn’t object to a wholly-public structure for the Fed.


#13

I’d say they’re doing a damn poor job of it, and apparently face no meaningful consequences.


#14

They’re sociopaths, they couldn’t care less as long as they get theirs. And they’re really not ‘real’ Christens, fake at best.


#15

The real issue is borrowing money from normal people to give to rich people.

National debt is a side issue.


#16

They are Not christians.


#17

Here is an excellent article about why the GOP holds such disdain and disregard for struggling poor and sick people:

These Cheshire-cat-smiling cossetted creeps have no sense of what struggle means because they and the people with whom they socialize and surround themselves are living large with no restrictions on how they spend their mounds of disposable income. “Doesn’t everybody live this way,” they think and say. Besides, they have to take care of their benefactors, donors, bloated corporate cronies with promised tax breaks and loopholes.


#18

This is one good reason to stop gifting these reactionaries with the adjective “radical”.


#19

Yep and the one Christian, a Jewish radical, died centuries ago.


#20

Not sure they think that. I do get the sense that if the rest of us are not wealthy as they are it is our own “fault”. They may conceive of themselves as the new aristocrats that do not have to earn their livelihood and do not have to contribute taxes for the general welfare. Then there is the presumption that we all aspire to be materially “rich”.

Thanks for the link.

Good article:

My understanding is that [the new proposal] will allow insurance companies to require people who have higher health care costs to contribute more to the insurance pool. That helps offset all these costs, thereby reducing the cost to those people who lead good lives, they’re healthy, they’ve done the things to keep their bodies healthy. And right now, those are the people — who’ve done things the right way — that are seeing their costs skyrocketing.

The fundamental flaw in the reactionary argument is that we are separate beings. If the premise is wrong then no amount of logic will make it correct.