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WH warns tax defeat could trigger new recession

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posted on Dec, 8 2010 @ 10:11 PM

WASHINGTON – Raising the direst alarm yet, the Obama administration warned fellow Democrats on Wednesday that if they defeat the big tax-cut compromise detested by many liberals, they could jolt the nation back into recession.

President Barack Obama appealed anew for Congress to "get this done" and insisted that more congressional Democrats would climb aboard as they studied details of the $900 billion year-end measure. Several did announce support on Wednesday, but at least one said there still was "a mood to resist."

The deal Obama crafted with Senate Republican leaders would prevent the scheduled Dec. 31 expiration of all the Bush administration's tax cuts enacted in 2001 and 2003, even though Obama had often promised to end the cuts for the highest earners.

Back into another recession? I still think we are in a recession, with unemployment going up to 9.8% recently, even though we were told the recession ended in 2009.

If this does pass, im not sure how longer the cuts will be extended. I wonder how long its going to take congress to vote on this?

posted on Dec, 8 2010 @ 10:34 PM
Excessive printing of money is what a banana republic does right before it crumbles. The fact that the problem isn't even being viewed realistically, means we're/USA is doomed. This will never be fixed unless much of the public's debt is forgiven and/or the top 5% of income earners give a GOOD CHUNK of that money back (Not pennies), after their taxes came down to a FRACTION of what they paid in the 1950's... when we used to build roads and bridges. Now we can't even REPAIR them because the top 5% accumulated too much wealth in too short of a period of time. I'm okay with their pyramid/ponzi scheme, but it won't benefit them AT ALL if there's no one or no money source to feed the bottom of it anymore.

The clock is ticking. It's basic math, it's not politics.

We also need to abolish the entire tax code and just have a flat tax every time money changes hands. The problem with that is, the Shocking Truth would come out when the IRS tells us the small percentage number that we would only have to pay in that system, and everyone would realize that all along, the top 5% weren't really paying anything and were using tax shelters all along. (Further putting pressure on the problems in paragraph #1 above)


Edward Slayton

posted on Dec, 8 2010 @ 10:39 PM
Yup....that's what I thought, we were still in the recession.... Or are we in the process of emerging from it

I'm confused
where's all this money coming from

You better hold me, cause I'm afraid

posted on Dec, 8 2010 @ 11:04 PM
This is all we are going to hear now. Gimme what I want or you are causing the economy to fail!

We never got out of the recession! Unemployment is going up. We are in National debt like never before and looking are more than anyone can imagine. We bailed out the banksters who caused the real estate market to crash with crazy loans and left home owners to lose all in their scheme and taxpayers to eat their losses. And I could go on and on and on!

posted on Dec, 9 2010 @ 10:21 AM
I don't understand how the US government still seems to be thinking they're going to spend their way out of debt. I heard last night they're looking for a higher debt ceiling, to avoid bankruptcy. I saw how fast the debt clock turns over, the interest alone is insane. All of us who have debt, know that the number due payable today, isn't anywhere near what debt actually has to be paid, with the interest and the years it takes to pay added on.

They're so worried about taxing the rich, who can afford it, but when all the tax brought in goes to the debt, where is the money for infrastructure - roads, bridges, water treatment, etc

I agree with the flat tax system. That way the people with the money are actually paying taxes, the way it's set up now, the rich have too many ways out of paying their fair share.

Right now, it seems as though the entire economy is being crumbled on purpose. I wonder how long it's going to last.

posted on Dec, 9 2010 @ 10:29 AM
Maybe somebody can pass this on to the elected officials.

How to End th Recession

It is a blog that is done by accountants.

Summarizes pretty nicely in this excerpt:

"So the way to end the recession is summarized as follows:

1. Direct incentives and tax credits to increase business investment.
2 .Repeal the huge income tax increases scheduled for 2011.
3. Cut Federal spending back to 2007 levels."

posted on Dec, 9 2010 @ 10:37 AM
Hairless cats are going to cause the next recession...they are ungodly and disturbing...

Thus, when the next recession occurs, I will say "I sounded a word of warning...but you kept your hairless look at this recession."

Now if there is no next recession, I will say "I spoke of the hairless cat menace...and while hairless cats are still present to an alarming degree, thanks to the basic goodness and wisdom of the American people, together we have prevented those diabolical hairless cats from dragging us back into another recession."

(And don't scoff or I'll post you some hairless cat videos that'll really upset you.)
edit on 9-12-2010 by LeonDBelfort because: typo

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