Geithner: Tax cuts for rich a '$700 billion mistake'

[Peacetrain]

Yah Think???? Talk about being the master of the understatement!


http://money.cnn.com/2010/08/04/news/economy/Geithner_Speech/index.htm?source=cnn_bin&hpt=Sbin



WASHINGTON (CNNMoney.com) -- Treasury Secretary Tim Geithner made a case Wednesday for letting tax cuts for the wealthiest Americans lapse as a step toward getting the nation's fiscal house in order.

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake," Geithner said before the Center for American Progress in Washington, alongside deficit hawk Douglas Holtz-Eakin, president of the American Action Forum. "It's not the prescription the economy needs right now, and the country can't afford it."

[Me.]

1. A Miracle Is Upon Us

Geithner has finally said something which makes sense.

[Peacetrain]

2. Wonders never cease do they!

[DFLforever]

3. I hardly think so.

These additional revenues have been part of the administrations calculations since they took office.

There will be dead bodies before they part with them.

[Me.]

10. Good

However it gets done. let it be

[CLANG]

4. Didn't he say something that made sense a week or so ago?

[Me.]

9. Really?

Damn, you mean I missed the first miracle? If this keeps up we'll have to alert the pope.

[dionysus]

7. lol

[bigwillq]

8. ha ha

:thumbsup:

:rofl:

[eridani]

5. Stopped clocks and all n/t

[flpoljunkie]

6. Make that $830 billion when we add in the additional debt service

The cost of those tax cuts is going to go straight onto our national credit card unless we raise taxes from everyone else to pay for the $690 billion in tax breaks for the rich or we find $690 billion in spending cuts. And that means increased interest payments on the debt. When we add in the costs of additional debt service, the true price of maintaining the tax cuts for the wealthy jumps by almost $140 billion.** In total, keeping those cuts for the rich will cost almost $830 billion over the next 10 years.

http://www.americanprogress.org/issues/2010/07/let_cuts_expire.html

[LatteLibertine]

11. Better late than never I 'spose

Don't worry the most wealthy are working overtime to undo what little is good about the new Wall Street reform measures.

The intensity of their effort is just remarkable.

[Merlot]

12. $700 billion...why does that amount sound familiar?

Could it be that was the amount on the "ransom (TARP) note" delivered to gwb right before the election when it was apparent to those in the know that Obama was going to win?