New York Times (November 6)
“President Obama’s dramatic re-election victory was not a sign that a fractured nation had finally come together on Election Day. But it was a strong endorsement of economic policies that stress job growth, health care reform, tax increases and balanced deficit reduction — and of moderate policies on immigration, abortion and same-sex marriage.”
Tags: Economic policies, Health care, Jobs, Obama, Re-election, Taxes
Forbes (June 4)
“Japan’s political leaders are more obtuse and irresponsible than those found in Europe. They have completely forgotten the prescriptions of sound money and ever lower taxes that fueled their nation’s extraordinary postwar economic expansion. As if in the grips of a death wish, Japan has, since the late 1980s, repeatedly raised taxes, with new levies of all kinds imposed…. Unlike Greece, Japan still has immense assets. But the tremors foretelling an economic apocalypse are there: Its once vaunted individual savings rate, for example, has virtually disappeared.”
New York Times (February 13, 2012)
“The president’s budget calls for long-term deficit reduction, but its immediate priority is to encourage the fledgling economic recovery. Instead of trying to stabilize the budget on the backs of the poor, it would raise taxes on the wealthy and on big banks and eliminate many corporate tax loopholes.” Congress should pass this budget. Alas, Congress is “dysfunctional.” “The proposal will go nowhere, largely because of the Republican refusal to raise taxes on the wealthy and to spend money on vital programs.”
New York Times (February 1, 2012)
If implemented, a Buffet Rule that requires “million-dollar earners to pay at least 30 percent of their income in taxes” would lift the tax rates of about 94,500 millionaires and bring in an additional $50 billion. The New York Times calls the Buffet Rule a good start “toward making the rich pay a fairer share and reduce the mounting cuts to government programs that benefit the less fortunate.”
If implemented, a Buffet Rule that requires “million-dollar earners to pay at least 30 percent of their income in taxes” would lift the tax rates of about 94,500 millionaires and bring in an additional $50 billion. The New York Times calls the Buffet Rule a good start “toward making the rich pay a fairer share and reduce the mounting cuts to government programs that benefit the less fortunate.”
Tags: Buffet rule, Government, Millionaires, Taxes, U.S.
Washington Post (January 31, 2012)
The Post urges Congress to deal with the mounting long-term debt problem without jeopardizing the economy. “The smart path would deal with the debt in a way that is gradual, balanced between spending cuts and revenue increases and intelligently targeted rather than the current law’s bludgeon.” Trying to reduce the debt too quickly would be “dumb” and cause the economy to crash. Simply ignoring the debt problem, however, would be “dangerous.”
Wall Street Journal (January 20, 2012)
“Run up spending and debt, raise taxes in the naming of balancing the budget, but then watch as deficits rise and your credit-rating falls anyway.” The Journal describes not a European country, but the State of Illinois, which was just downgraded by Moody’s to A2, the worst rating of all 50 states. Among other problems, Illinois “has $6.8 billion in unpaid bills and unaddressed obligations” and a pension fund which covers less than half of its projected liabilities.
“Run up spending and debt, raise taxes in the naming of balancing the budget, but then watch as deficits rise and your credit-rating falls anyway.” The Journal describes not a European country, but the State of Illinois, which was just downgraded by Moody’s to A2, the worst rating of all 50 states. Among other problems, Illinois “has $6.8 billion in unpaid bills and unaddressed obligations” and a pension fund which covers less than half of its projected liabilities.
New York Times (July 7)
The U.S. risks default unless the debt ceiling is raised by early August. Negotiations leave the Times feeling “profoundly uneasy” because “vast changes are being discussed behind closed doors…and on a very tight deadline.” The vast changes include spending cuts for Medicare, Medicaid, Social Security, as well as overhauling the tax code.
Tags: Debt ceiling, Medicaid, Medicare, Social security, Spending, Taxes, U.S.
The Economist (June 30)
Markets breathed a sigh of relief when Greece passed recent austerity measures, but the “new plan to cut Greece’s debt looks doomed to fail.” The plan is both too draconian and too light on real reform. “It does too little to prevent the epic folly of Greece’s railways and other ruinous schemes. It will screw down too hard on ordinary Greeks, with new taxes, spending cuts and a rushed privatisation scheme. And it will almost certainly condemn Greece to recession, strife and an eventual debt default.”
Financial Times (April 17)
To close its budget shortfall, America needs to tackle tax reform. Tax simplification could eliminate “the lunatic complexity of the US tax code” and provide a “free lunch” to a nation stretched for dollars. “Gradually eliminating tax exemptions for mortgage interest, employer-provided healthcare, and myriad other expenditures…would raise so much money that tax rates could be deeply cut even as revenues were increased.”
Tags: Budget, Revenue, Tax reform, Taxes, U.S.
Washington Post (January 23)
President Obama will give his third State of the Union address on Tuesday. The speech is the right moment “for President Obama to pitch fiscal responsibility.” The Post calls on him to take a “bold” stance by supporting tax increases, cuts in spending and entitlement programs, and a higher retirement age.
Tags: Obama, Retirement, Spending, Taxes
