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Originally posted by RainCloud
End result is one will be heavy in debt but max production and another will be...winning. In my case CEO siphon everything from the country. Money transaction between both is high, but seldom leak outside, except when the country need raw materials.
USA is screwed.
Alan Greenspan and others say, Raise taxes now
First it was Greenspan. Now one by one other elders of the economy are speaking out against deficits, and they're making the surprising argument for higher taxes.
Former Federal Reserve chairman Alan Greenspan was first and has taken the most extreme position, arguing that all of the Bush tax cuts of 2001 and 2003 should be allowed to expire.
Greenspan, no fan of big government and an initial backer of the Bush tax cuts, allows that higher taxes now could lead to slower economic growth, but has said that chipping away at the deficit is more important.
David Stockman joins Greenspan at the far end, saying the nation can't afford to extend the tax cuts now. "You have to pay your bills. I say we can't afford the Bush tax cuts," Stockman told NPR this weekend.
On CNN's Fareed Zakaria GPS this weekend, Rubin who worked in the Clinton White House, and Paul O'Neil, who worked for George W. Bush, also talked about the need for higher taxes.
Said Rubin: "I would put an estate tax in place right now, immediately. I would increase the tax on the higher brackets."
O'Neil said one reason he was fired as Treasury Secretary was his take on tax cuts: "I was strongly opposed to the Bush tax cuts in 2003. I didn't think we could afford another tax cut."
yada..yada biz news.... The main reason behind the expectation for a below ceiling deficit is the tax revenue collection, that exceeded estimates at the beginning of the year.--rttnews.com