December 12, 2012

Eliot Spitzer: Republicans Devoid Of Consistency And Logic

Remember when Mitt Romney, Paul Ryan and the rest of the Republican clown show were dumping on Obamacare because it cuts $716 billion from Medicare? Well, never mind that the cuts are actually cost savings that don’t affect benefits, the point is that Republicans wanted to look like the great defenders of Medicare. Now as part of a fiscal cliff deal Republicans are looking to do what? Cut Medicare spending. Wow, that didn’t take long.

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December 9, 2012

The Moment You Realize Medicare Is Preferable To Obamacare

On Friday we learned of a rumor that a possible “fiscal cliff” deal was emerging behind closed doors. The deal would raise the top tax rate to from 35 to 37% (not 39.6%) in exchange for the Medicare eligibility age rising from 65 to 67. Let me go on the record and say I think this is a bad deal. Not only does the top tax rate not return to pre-“Bush tax cut” level, but in the bargain we throw seniors under the bus.

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December 3, 2012

Tax Revenue, Post-WWII, Averages 17.7 Percent Of GDP

In the years since World War II (1946-2011), federal tax receipts have averaged 17.7% of Gross Domestic Product (GDP). This is probably the best way to gauge the federal tax burden because it compares it to economic output. Since there are many arguments in and out of Washington D.C. about the effects of taxation on economic growth, it makes sense to directly compare the measure of taxation (total federal tax receipts) with the measure of economic output (GDP).

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November 11, 2012

The ‘Fiscal Cliff’ That Isn’t

On today’s Up on MSNBC, Chris Hayes said if the debt and deficit were really a major concern in Washington, we would not have a debate framed around a fictional “fiscal cliff.” Hayes said that it is neither fiscal or a cliff. At best it’s a fiscal curb, but even that isn’t correct because on the fiscal side, the “fiscal cliff’ is actually a major dose of austerity.

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