Tuesday, March 20, 2012

Paul Ryan's Latest Budget Plan

Have to say, from what I've read through it looks pretty good to me. Of course, I'm not economist, but given how much those types have ruined capitalism in the last two decades I don't think being an economist is generally a good thing anymore. Too focused on static numbers rather than dynamic reality. Of course, that's the problem with most Liberal budgets and cost analysis for their various bills, they assume nothing will change, if they increase taxes they'll get more revenue rather than less, etc.

I'm still trying to figure out how lowering the tax rate for everyone outside of the top earners to 10%, while also lowering it to 25% for those top earners, is an assault on the middle and lower class.

“The House budget once again fails the test of balance, fairness, and shared responsibility. It would shower the wealthiest few Americans with an average tax cut of at least $150,000, while preserving taxpayer giveaways to oil companies and breaks for Wall Street hedge fund managers,” Pfeiffer said. “What’s worse is that all of these tax breaks would be paid for by undermining Medicare and the very things we need to grow our economy and the middle class – things like education, basic research, and new sources of energy. And instead of strengthening Medicare, the House budget would end Medicare as we know it, turning the guarantee of retirement security into a voucher that will shift higher and higher costs to seniors over time,” according to White House Communications Director Dan Pfeiffer.

So decreasing tax rates for all those non-rich people isn't fair because the higher earners also get a tax reduction? Did he not notice that the majority of small businesses file their taxes under personl income tax, and that $200k is NOTHING for a business? Maybe he doesn't realize, like most Liberal economics "professionals," that if you raise taxes on corporations they will just increase the cost of the product they sell... like gasoline in the case of those oil companies. Hedge fund managers deal with capital gains taxes, something not mentioned in the bill so far as I can tell. It lowers taxes for citizens and corporations (down to 25% from 35% for federal taxes), but says nothing of capital gains.

As for ending Medicare, Paul Ryan worked with a Democrat to come up with a compromise for block granting all funds to the states.

People need to start looking at what President Obama says versus what he does. He doesn't want Congress to pass anything so that he can run against a "do nothing Congress." If they actually pass something he has to veto it kills his argument, kind of like the Keystone pipeline he cannexed so his buddies Soros and Buffett could make billions on transporting the crude by train instead.

Ryan's budget also cuts government spending, rather than increasing taxes and then increasing spending by more than 2x what the increase would statically take in like Obama's "budget plan" does.

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