Amid the debate over whether the United States is in a recovery or a recession, the nonpartisan Congressional Budget Office has made a grim prediction about unemployment. The CBO said unemployment is unlikely to drop to a manageable rate of 5 percent before the end of 2014. That’s more than four years away!
Wherever you stand on the recession debate, the indicator that probably most Americans consider the clearest gauge of how the economy is doing is unemployment. Official unemployment is 9.5 percent. Millions more Americans have given up the job hunt in frustration, and millions can get only part-time employment.
With so many already hurting badly in this economy, it is alarming that it could be nearly half a decade before unemployment falls to a reasonable level.
Interestingly, the CBO said retaining at least some existing tax relief would shave 1 percentage point off the unemployment rate, though it said that would come at the cost of more debt. But that doesn’t have to be the case. Congress can keep lower taxes and reduce debt if it will slash wasteful, unconstitutional spending.
Tax relief can spur job creation and ultimately boost government revenue. It certainly should not be blamed for the debt problems brought on by reckless spending.
Wasteful, unconstitutional spending reduced, now there is an idea. Too bad our leaders hear only how they can do things to make the economy better(ie higher taxes and more spending). As long as current elected D. C. officials are allowed to blame everything on former administrations and are supported in that effort by the media, we will see no progress only more political rhetoric. Also, we will not see jobs for the growing numbers who are without.
Fact: 96% of the tax cuts went to the top 15% of tax payers. Fact: 86% of that went to the top 1% of tax payers. lets try this. Keep the meager tax cuts for the lower 85% and give the tax cuts back to small buisness only after they can document they have created jobs.
Economic Stimulus o Eliminate all local, state and federal taxes and legislatively imposed cost to businesses. o Eliminate all local, state and federal individual income taxes. o Eliminate all deductions, incentives and other government manipulation using the tax system. o Include in each purchase of goods and services a consumption tax of 25%. o Return to every man woman and child $250 each quarter regardless of income.
What does this do? o Creates good paying jobs in America. o American companies become competitive in world markets with American produced products. o Anyone making a purchase pays their fair share of taxes regardless of income level and source, including illegal gains, illegal workers, work for cash or other black market gains. The additional revenue would be shocking even to those estimating high. o Removes the 25% or more of embedded cost in all goods and services. o The rebate returns taxes paid to those with lower incomes and provides some assistance to those with no income while becoming progressively less benefical to higher incomes. o Reduces government cost. Eliminates the need for the IRS and other government departments and administrative cost. o Provides transparency and avoids government manipulation. o Eliminates annual tax filing.
Politicans and the wealthy oppose this concept because it reduces their power and the ability of the wealthy to avoid taxes. Politicans know the consumer pays any taxes or other government imposed cost paid by any business but it is a hidden cost that voters don't blame them for.
Several members of the congress and senate support this concept through bills that are in committee but the power brokers will not act on them. They say the transition to this system would be too difficult.
As long as current elected D. C. officials are allowed to blame "everything" on former administrations and are supported in that effort by the media, we will see no progress only more political rhetoric. Also, we will not see jobs for the growing numbers who are without. Livn4life | On: September 1, 2010 at 5:39 a.m.
Reply: Why don't you list those "everything" and explain how these "everything" happened, while telling us how you would correct these "everything" conditions?
Good call, hambone. The president and congress should put those small business owners in their place by telling them to create their own jobs, and only then will they give any assistance with tax breaks. Afterall, Obama does love chaos. If he didn't, he would have focused on creating jobs from the beginning rather than filing lawsuits instead of upholding the constitution, creating a new health care law the majority of the citizens disagree with, etc.
Economic Stimulus o Eliminate all local, state and federal taxes and legislatively imposed cost to businesses. o Eliminate all local, state and federal individual income taxes. o Eliminate all deductions, incentives and other government manipulation using the tax system. o Include in each purchase of goods and services a consumption tax of 25%. o Return to every man woman and child $250 each quarter regardless of income.
o American companies become competitive in world markets with American produced products Username: harp3339 | On: September 1, 2010 at 7:41 a.m.
Reply: Would you "phase" this extreme change in or put it in affect all at once? You still did not mention anything about the global corporate monopolies and what their effect has been on our economy.
When our American companies/corporations "went global" and raced to the lower monetary value countries for lower labor rates to get their goods manufactured, they did become competitive globally. When these global companies sell their goods within these countries, then we don't export these manufactured goods.
It appears to have worked out just fine for the global companies and the countries that they have invested in, but for the US workers to compete, all of the developed countries are paying the price while "racing to the bottom."
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