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The Debt Commission Report
Posted by Erick Erickson (Profile)
Thursday, November 11th at 5:00AM EST
As you wake up this morning, there is a lot of talk about the leaked report of the Debt Commission. Keep in mind that this is not the final report, but a draft passed out by the co-chairs.
What you need to know is pretty straight forward.
Yes, the plan ends the deficit. It does so with lots and lots of spending cuts across the board. There are actually some good suggestions in the plan, but there is one inescapable fact — the proposal has buried in it one trillion dollars in tax increases.
Some of what are defined as tax increases are, in fact, closing loopholes in the tax code that lobbyists have inserted on behalf of clients. But also included is getting rid of the home mortgage deduction. That would amount to a massive, massive tax increase on the middle class.
The reforms suggested for social security are out and out garbage. It is not means tested. It is not “lock boxed”. Payments are cut. Retirement is increased.
This proposal is dead on arrival.
But there is another point that must be made — even were all the proposals, plans, and points adopted it would do no good. Why?
Because until Washington admits that it has exceeded the powers given to it under the constitution the same problems will continue to occur over and over.
The Leviathan knows no bounds and, left to itself to check its own growth it will continue growing. Until we are willing to admit that Article I, Section 8 of the U.S. Constitution gives limited powers to Congress, we are wasting our time.
Reporting from Washington and Los Angeles — President Obama proposed a compromise on the thorny political issue of tax cuts on Monday, describing a tentative agreement that would extend all of the George W. Bush-era reductions set to expire the end of this year and continue unemployment benefits for 13 months. In a televised statement, Obama announced what he called "a framework for a bipartisan agreement" that would temporarily extend the tax cuts for the middle class and for the rich alike. The tentative agreement reached Monday likely means that taxes will not increase on Jan. 1 as originally scheduled. Such a tax increase, “would be a chilling prospect for the American people,” Obama said “I am not willing to let that happen.” Obama defended his decision to compromise as needed for the economic recovery. Recognizing that the agreement could cause problems with some Democrats, who have urged him to stand firm against the Republicans, Obama insisted that it “would be a grave injustice to allow these” tax cuts to expire. ‘We cannot play politics,” Obama said. According to White House officials, the elements of agreement include a payroll tax cut designed to put more money into workers’ pockets in the hope that it will stimulate spending and the economic recovery. The cut would total $120 billion in 2011, about a 2 percentage point drop for a typical worker. Other parts of the agreement include extending jobless benefits for 13 months. About 2 million workers in December and 7 million over the next year would have lost benefits without the agreement. Officials argued that the benefit extension will not only help the millions of families for whom unemployment insurance is a key lifeline, but it will also create more than 600,000 jobs over the next year. The agreement also protects the earned income tax credit, child credit, and the American Opportunity tax credit increases from the Recovery Act, officials said. This represents about $40 billion in tax cuts for the hardest-hit families and students that would have been virtually impossible to achieve outside the context of this deal. Obama met with Democratic congressional leaders on Monday seeking a common position on how to extend the Bush-era tax cuts, an issue that has paralyzed the lame-duck congressional session. Obama has been under pressure from his liberal wing to stand firm against GOP pressure to extend the cuts to all, including the rich. Democrats have pushed to extend the cuts only for the middle class, defined as individuals earning no more than $200,000 a year or families earning no more than $250,000 annually. The White House and Republicans have signaled they are open to a compromise that would extend the cuts for all, at least temporarily. That would be coupled with an extension of unemployment benefits. Earlier in North Carolina, Obama repeated that the economic recovery required movement on the extensions, tax cuts and jobless benefits. He urged all parties to “make sure we're coming up with a solution, even if it's not 100% what I want or 100% what the Republicans want.” The payroll tax would drop from the current 6.2% to 4.2%. Such a cut in payroll taxes would put cash in people’s pockets because the withholding in paychecks would be reduced. Democrats have also discussed an extension of the estate tax so that $5 million could be inherited tax-free and anything more would be taxed at the rate of 35%. Republicans want to continue the current cuts that end estate taxes.
Last edited by Spark; 12-08-2010, 10:42 AM.
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All estate taxes should be eliminated. You have been taxed on that wealth accumulation all your life, it is a double tax. Of course Dems want to eliminate all millionaires.
  NBA is a jokeComment
An Ultimate Fighting Championship fighter has been placed on administrative leave from his job at a Minnesota high school after he insulted President Obama’s intelligence and challenged the commander in chief to a fight.
Jacob Volkmann told Fox News Radio that he is under investigation by White Bear Lake High School, where he has worked as a part-time assistant wrestling coach for three years. “They didn’t like how I was representing the school,” he said. “They said I was representing them bad because of what I said about the president and his policies.” Marisa Vette, the school district’s director of communications, confirmed to Fox News Radio that Volkmann is on paid leave. She refused to say if his comments about President Obama sparked the investigation. “We have an employee who is on leave and the district is investigating in accordance with the law,” Vette said. She declined to elaborate on the investigation or any complaints that were made against Volkmann. Volkmann’s comments came during a New Year’s Day interview after he had won a fight. A reporter asked who Volkmann would like to fight next and he replied, “Obama.” “He’s not too bright,” Volkmann told MMA Fighting. “Someone’s got to knock some sense into that idiot.” The comment prompted a visit by the U.S. Secret Service after they received several calls accusing the fighter of threatening the president. However, Volkmann said the comments were tongue-in-cheek. In addition to being a UFC fighter and assistant wrestling coach, Volkmann is a chiropractor and he said his comments were about the president’s health care reform policies. In a later interview, he backed off the “idiot comment,” telling The MMA Hour, “The only regret I have is calling him an idiot. I don’t think he’s an idiot, but I do think he’s making a lot of mistakes.” Volkmann was not arrested and he was not charged, but on Monday he was told to report to the school district’s human resources department. After a half-hour interview, he said he was put on paid administrative leave. Volkmann said several parents had called to complain that he was wearing a school shirt and a hat during one of his interviews. “It’s a little irritating to be honest,” he said. “I think it’s kind of ridiculous that the school is pretty much saying you can’t voice your opinion and if you do voice your opinion you definitely can’t voice it against the policies of the president.” Comment
He's a moron Spark. What country is he in now? I think he's getting all his vacations in while he can. 4 years and out I hope.
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Even the dems are coming out against him. Constitution grants Congress the exclusive power to declare war. Guess what boys. Obama did it without congress knowing. Impeach his ass!!!!!!!
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Originally posted by vols fan
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Keep in mind that Farrakhan once called Obama “the hope of the world” and “the messiah”. Comment
"Well, today our dear brother (Obama) has to be very, very careful in this decision that he and his Secretary of State, and [French President Nicolas] Sarkozy and [British] Prime Minister [David] Cameron and others are planning. They would love to go into Libya and kill Brother Gadhafi, and kill his children as they did with Saddam Hussein and his sons, Qusay and Uday. You must remember, dear people of America, that whenever government wants you to think and act in a certain way that would bring justification to an action that they are already planning to make, they must make the person that they hate a ‘boogey man,’ ” he said. Col. Gadhafi, who led a bloodless coup against a U.S. ally over 40 years ago, has seen constant negative publicity and was once called the “Mad Dog of the Middle East” by American leaders and analysts
People unhappy with government are not solely in Libya, he pointed out. Many are unhappy with Mr. Obama, he said. The U.S. government has a long history of deposing leaders of other nations in order to get natural resources, more specifically-oil, he continued, saying the imperialistic forces are not interested in saving those being killed, it is just a “noble motive to hide your (the U.S. government’s) wicked agenda!” “When George W. Bush was president, he said they wanted regime change in Iran, in (North) Korea regime change-how do you get regime change America? How do you do that? Congress, the Congress of the United States, voted to spend $150 million to replace the government in Iran that America doesn’t like, so they send their agents in to work among the dissatisfied. So when they had this election, and the people in Iran rose up, they have legitimate grievances, all right-but stimulated from the outside,” Minister Farrakhan continued. “Well, what about Libya? How much money is being spent to arm the so-called rebels? They’re dissatisfied! Well, what is their dissatisfaction about? Do they (Libyans) have jobs? Yes. Do they have food? Yes. Has Gadhafi used the oil money to build Libya? Yes. Did Gadhafi use oil money and discover water under the Sahara Desert, and brought that water to the surface; and brought water from Benghazi all the way to the border almost of Tunisia? Did he impose farming in the desert so that they could feed their own people? Yes. Are there billions of dollars that he’s spending building homes, building apartments for his people? Yes. So something is under this!” said Minister Farrakhan. “Is it that you’re (U.S. officials) so concerned over the blood that is being shed in Libya, when you looked the other way when the Israeli Defense Force was bombing the innocent people of Gaza, unarmed men, women and children? … You looked the other way when the Israeli Defense Force went into Lebanon thinking that they were going to have an easy victory, then you had to come out with your tail between your legs?” Minister Farrakhan said Col. Gadhafi has been investing money in Africa, enjoys international friendship, and should not be killed simply because he is not America’s friend. “Now, I want to warn you, in the Name of Allah, that this is more complex than what you think! Go into Libya if you want to. The Libyans do not want foreign occupation on their land. And when you make that kind of move, if you’re not careful, you’ll unite the Libyan people against you!” Inside America members of the Branch Davidian religious sect were killed in 1993 in Waco, Texas, by federal law enforcement, while men, women and children of the MOVE organization were killed when police bombed their home during a 1985 standoff in Philadelphia, he said. Current American outrage is nothing but hypocrisy, the Minister said. To President Obama, Minister Farrakhan delivered a pointed warning: “Don’t let these wicked demons move you in a direction that will absolutely ruin your future with your people in Africa and throughout the world. They don’t like the way you handled (former Egyptian President Hosni) Mubarak! They don’t like the way you’re handling the situation in the Arab world! So I would advise you to be careful-and move with wisdom and skill. And then, Minister Farrakhan offered President Obama some divine advice. “Why don’t you organize a group of respected Americans, and ask for a meeting with Gadhafi? You can’t order him to step down, and get out-who the hell do you think you are, that you can talk to a man that built a country over 42 years, and ask him step down and get out? Can anybody ask you? Well, well there’s a lot, now, [that are] going to ask you to step out of the White House, because they don’t want a Black face in the White House,” said Minister Farrakhan. “Be careful, brother, how you handle this situation because it is coming to America! It has already started. Look in Wisconsin! Look in Ohio! Look at what’s going on in your country! And remember your words because the American people are rising against their own government: It’s not Muslims; it’s not Black people! It’s White militias that are angry with their government, and they are well armed. Are you going to tell them-’Put your arms down, and let’s talk it over peacefully?’ I hope so. But if not, America will be bathed in blood, not because Farrakhan said so, but because the dissatisfaction in America has reached the boiling point. Be careful how you manipulate the dissatisfaction in Libya and other parts of the Muslim world,” he warned. Comment
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