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(Some Guy)   Everybody chill - Obama does have a secret plan to deal with a US debt crisis, and you'll be pleased to know it was drawn up by now-former key adviser Peter Orszag (D-Citigroup)   (blog.american.com) divider line 94
    More: Asinine, Peter Orszag, How Obama, United States, Independent Payment Advisory Board, tax reforms, debt crisis, social insurances, Treasury Secretary Tim Geithner  
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1030 clicks; posted to Politics » on 13 Mar 2012 at 1:04 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-13 10:51:00 AM
Considering the Bush tax cuts put us in the debt hole in the first place (with some additional complete wastes of money being two military conflicts paid for by emergency appropriations and left off of the nation's ledgers), I see nothing wrong with letting the Bush tax cuts completely expire once the recovery has built up a sufficient level of momentum.
 
2012-03-13 10:53:03 AM
Also, it's not surprising that the AEI's entire article was largely based on speculation. For a think tank, they're less into the former and more into the latter.
 
2012-03-13 12:52:38 PM
Wow, I'm really impressed, subby, that your blog managed to uncover a secret plot so well hidden that only one person knew about it.


/your blog sucks
//oh, and once more for the cheap seats, a repeal of a tax break is not a tax hike.
 
2012-03-13 12:57:42 PM
Repealing the Bush tax cuts seems reasonable. The "outrageously high" taxes during the Clinton administration didn't exactly stifle growth.

Adding a VAT seems pretty goddamn reasonable to me as well, and it's not really a liberal idea, since it's a consumption tax, which impacts the rich less than the poor. I think it's necessary because only federal consumption-based tax is fuel, and that's an extremely narrow base.
 
2012-03-13 01:06:43 PM
wow, that was a really concentrated shot of stupid juice.
 
2012-03-13 01:07:09 PM
Your blog sucks.
 
2012-03-13 01:07:20 PM

Babwa Wawa: Repealing the Bush tax cuts seems reasonable. The "outrageously high" taxes during the Clinton administration didn't exactly stifle growth.

Adding a VAT seems pretty goddamn reasonable to me as well, and it's not really a liberal idea, since it's a consumption tax, which impacts the rich less than the poor. I think it's necessary because only federal consumption-based tax is fuel, and that's an extremely narrow base.


Talks of vat usually are dine with lowering income rates as a means to increase saving rates. Raising both would be moronic.
 
2012-03-13 01:08:22 PM

Babwa Wawa: The "outrageously high" taxes during the Clinton administration didn't exactly stifle growth.


Zombie Eisenhower laughs at your petty tax rates.
 
2012-03-13 01:08:23 PM
Peter Orszag wears a toupee - he can't be trusted.
 
2012-03-13 01:09:50 PM

Babwa Wawa: The "outrageously high" taxes during the Clinton administration didn't exactly stifle growth.


In before "but but bubble" or whatever the fark
 
2012-03-13 01:10:19 PM
Oh yes, the debt "crisis".

/makes jerkoff motion
 
2012-03-13 01:10:59 PM
Yet, apparently, the White House does have a secret plan to deal with a sudden debt crisis. So instead of developing a long-term plan to avoid the worst-case scenario, it has chosen to plan for the worst-case scenario.

WHAAAAAAAAAAAAHAAAAA! They're making contingency plans!11!!
 
2012-03-13 01:11:51 PM
(looks at Treasury yields)

What debt crisis?
 
2012-03-13 01:12:41 PM

RexTalionis: Considering the Bush tax cuts put us in the debt hole in the first place


Not the complete reason. One of the reason, yes.

Don't forget that after the Tax Cuts were fully enacted in 2003, revenue grew by a large percentage till 2007. The debt hole is much more the result of the enonomic downturns.
 
2012-03-13 01:14:01 PM

RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?


This one.

theeconomiccollapseblog.com
 
2012-03-13 01:14:36 PM
We also have plans on hand to invade Canada. Does that mean we'll be seeing US soldiers razing Toronto and taking all the poutine anytime soon? Probably not.
 
2012-03-13 01:14:51 PM

Eddie Adams from Torrance: Yet, apparently, the White House does have a secret plan to deal with a sudden debt crisis. So instead of developing a long-term plan to avoid the worst-case scenario, it has chosen to plan for the worst-case scenario.

WHAAAAAAAAAAAAHAAAAA! They're making contingency plans!11!!


I know, right? Merely planning for the worst is a bad thing now?

As I understand it, we have contingency plans on file for the invasion of 'Canada'. You know. Just in case.
 
2012-03-13 01:15:32 PM

MyRandomName: Talks of vat usually are dine with lowering income rates as a means to increase saving rates. Raising both would be moronic.


well no, not if your goal is to get the entire economy into gov't hands, ala best korea...
 
2012-03-13 01:17:41 PM

HeadLever: RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?

This one.

[theeconomiccollapseblog.com image 640x466]


For those just joining us, HeadLever does not understand economics or finance, but parrots stuff he pulls from Ayn Rand fansites. Please take that into consideration.
 
2012-03-13 01:18:41 PM
Has anyone pointed out yet that Subby's blog sucks?
 
2012-03-13 01:19:58 PM
Obama should threaten to go nuclear on the GOP's dumb ass. Raise taxes to 18% of GDP (and spending cuts to 20% GDP) or the Federal government will inflate the currency to minimize the debt crisis. Everybody hates inflation, especially the rich, so maybe some actual threats will get Congress to do their damn job.
 
2012-03-13 01:20:11 PM

El Pachuco: HeadLever: RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?

This one.

[theeconomiccollapseblog.com image 640x466]

For those just joining us, HeadLever does not understand economics or finance, but parrots stuff he pulls from Ayn Rand fansites. Please take that into consideration.


So the report issued by the GAO is now a Ayn Rand fantasy?

Great to know that you have no idea what you are talking about.
 
2012-03-13 01:20:25 PM

RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?


See, you're just looking at current, real-world treasury rates, as set by the Fed and supported by actual buyers worldwide. They do not think rates will rise any time soon, but HeadLever has access to charts - CHARTS! - that show interest rates skyrocketing in the future, because socialism.
 
2012-03-13 01:21:34 PM
Government debt is just deferred taxes. Higher taxes are coming.
 
2012-03-13 01:21:59 PM

Infernalist: As I understand it, we have contingency plans on file for the invasion of 'Canada'. You know. Just in case.


"Amended in 1815. The calligraphy is beautiful."
 
2012-03-13 01:22:12 PM

HeadLever: El Pachuco: HeadLever: RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?

This one.

[theeconomiccollapseblog.com image 640x466]

For those just joining us, HeadLever does not understand economics or finance, but parrots stuff he pulls from Ayn Rand fansites. Please take that into consideration.

So the report issued by the GAO is now a Ayn Rand fantasy?

Great to know that you have no idea what you are talking about.


Well, I stand corrected, since you cited THE REPORT.
 
2012-03-13 01:22:55 PM
yeah and nixon had a secret plan to end the vietnam war

/drtfa
 
2012-03-13 01:23:14 PM
But what about his secret plan to fight inflation (new window)?
 
2012-03-13 01:25:57 PM
FTA: The Obama administration has already conceded it has no long-term plan to deal with rising U.S. debt, driven for the most part by social insurance spending.


This is where I stopped reading.
 
2012-03-13 01:28:00 PM

Sock Ruh Tease: We also have plans on hand to invade Canada.


Infernalist: we have contingency plans on file for the invasion of 'Canada'.


I guess more and more people are drooling over Canada's sweet sweet oil.

And why not, small population, fantastic resources, no military to speak of, and the longest unprotected border on the earth. Hell, there wouldn't even be much in the way of language or culture issues.

/they'd welcome us as liberators!
 
2012-03-13 01:30:23 PM

El Pachuco: HeadLever: El Pachuco: HeadLever: RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?

This one.

[theeconomiccollapseblog.com image 640x466]

For those just joining us, HeadLever does not understand economics or finance, but parrots stuff he pulls from Ayn Rand fansites. Please take that into consideration.

So the report issued by the GAO is now a Ayn Rand fantasy?

Great to know that you have no idea what you are talking about.

Well, I stand corrected, since you cited THE REPORT.


Here you go. See Page xi (17). (new window, pdf)
 
2012-03-13 01:31:47 PM

BigBooper: Sock Ruh Tease: We also have plans on hand to invade Canada.

Infernalist: we have contingency plans on file for the invasion of 'Canada'.

I guess more and more people are drooling over Canada's sweet sweet oil.

And why not, small population, fantastic resources, no military to speak of, and the longest unprotected border on the earth. Hell, there wouldn't even be much in the way of language or culture issues.

/they'd welcome us as liberators!


More interesting is(was) Defence Scheme #1 (new window)
 
2012-03-13 01:32:43 PM

MyRandomName: Talks of vat usually are dine with lowering income rates as a means to increase saving rates. Raising both would be moronic.


I'll just say that massive tax reform is required to fix the corporate tax situation and broaden our consumption-based revenues (both achievable with VAT), and make the personal income/gains tax rates more equitable and consistent.

It's looking more and more like a crisis far larger than the credit crunch is required to effect that change. And I didn't see anything in the sekrit memo that was hella crazy or anything.
 
2012-03-13 01:32:51 PM

El Pachuco: because socialism


Not because of socalism, but because of an inability to spend within our means. If you know nothing about the problems we face, it may be best not to say anything about them. As the saying goes, It is always better to keep your mouth closed and thought a fool than to speak up and remove all doubt.
 
2012-03-13 01:32:56 PM
does he also have a secret plan to fight inflation?
 
2012-03-13 01:33:40 PM

HeadLever: RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?

This one.

[theeconomiccollapseblog.com image 640x466]


ZOMG! A site called The Economic Collapse Blog thinks there's a collapse coming based on a years-old report that makes absurd assumptions on interest payments and revenues.

Well, I'm convinced.
 
2012-03-13 01:34:48 PM

Infernalist: Has anyone pointed out yet that Subby's blog sucks?


yes, but please continue
 
2012-03-13 01:35:46 PM

dalovindj: Government debt is just deferred taxes. Higher taxes are coming.


[nedstark.jpg]
 
2012-03-13 01:36:12 PM

Terlis: Infernalist: As I understand it, we have contingency plans on file for the invasion of 'Canada'. You know. Just in case.

"Amended in 1815. The calligraphy is beautiful."


Also, I thought that I had bookmarked a clip of this particular scene, but I guess not. Alas.
 
2012-03-13 01:36:39 PM

dalovindj: Government debt is just deferred taxes. Higher taxes are coming.




I've been saying this for the last 10 years. A tax cut without a spending cut is not really a tax cut. Its a tax deferrment.

"We don't feel like paying higher taxes, so we'll just dine-and-dash and make our kids pay for our laziness instead."
 
2012-03-13 01:36:48 PM

El Pachuco: RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?

See, you're just looking at current, real-world treasury rates, as set by the Fed and supported by actual buyers worldwide. They do not think rates will rise any time soon, but HeadLever has access to charts - CHARTS! - that show interest rates skyrocketing in the future, because socialism.


If you believe that interest rates are going to stay at close to zero for the next decade + then I have a bridge to sell you. The only way to make higher rates not hurt would be to shrink the debt to gdp ratio... but the kicker is that once we get faster gdp growth money will move out of treasuries and increase the interest rates. So we will be seeing 300b+ more in interest payments once the economy starts chugging along.

FYI the fed does not set the treasury rates. Supply and demand sets it.
 
2012-03-13 01:37:08 PM

tomWright: yeah and nixon had a secret plan to end the vietnam war

/drtfa


Watchmen is a comic book graphic novel, not an actual account from an alternate history
 
2012-03-13 01:37:14 PM
"American Enterprise Institute"

Manages to be not one of those words.

/your blog sucks is for tards
 
2012-03-13 01:37:18 PM

madgonad: Obama should threaten to go nuclear on the GOP's dumb ass. Raise taxes to 18% of GDP (and spending cuts to 20% GDP) or the Federal government will inflate the currency to minimize the debt crisis. Everybody hates inflation, especially the rich, so maybe some actual threats will get Congress to do their damn job.


this is why I'm thankful that the Federal Reserve has a great degree of political independence.
 
2012-03-13 01:37:26 PM

HeadLever: RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?

This one.

[theeconomiccollapseblog.com image 640x466]


Ah yes, the potentialCRISIS 20-30 years from now
 
2012-03-13 01:40:24 PM
americanextremists.thecomicseries.com
 
2012-03-13 01:41:04 PM

madgonad: Obama should threaten to go nuclear on the GOP's dumb ass. Raise taxes to 18% of GDP (and spending cuts to 20% GDP) or the Federal government will inflate the currency to minimize the debt crisis. Everybody hates inflation, especially the rich, so maybe some actual threats will get Congress to do their damn job.


He doesnt have to go nuclear though. All he has to do is not sign any legislation that reups the cuts. They will sunset the end of this year.
 
2012-03-13 01:42:20 PM
 
2012-03-13 01:42:29 PM
FTFA: Like most left-of-center economists, Orszag loves the idea of a VAT:

Are you f*cking kidding me? Wasn't the idea of a VAT one of the "flavor of the week" Republican nominee's central tax idea? The overwhelming buttf*cking stupid in this article is just mindblowing.
 
2012-03-13 01:42:56 PM

HeadLever: El Pachuco: HeadLever: El Pachuco: HeadLever: RickyWilliams'sBong: (looks at Treasury yields)

What debt crisis?

This one.

[theeconomiccollapseblog.com image 640x466]

For those just joining us, HeadLever does not understand economics or finance, but parrots stuff he pulls from Ayn Rand fansites. Please take that into consideration.

So the report issued by the GAO is now a Ayn Rand fantasy?

Great to know that you have no idea what you are talking about.

Well, I stand corrected, since you cited THE REPORT.

Here you go. See Page xi (17). (new window, pdf)


Evidently you missed the caveat, "in the absence of policy changes."

In other words, you expect interest rates to skyrocket over rising spending over the next 75 years, in the absence of policy changes.

filipspagnoli.files.wordpress.com

Hey, xkcd's chart looks a lot like yours! Because there's no reason to think policy will change over the next 75 years. None. Nope.

/ooga booga inflation interest rates
 
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