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Klein: Democrats Can Lose Debt Fight, Win Tax War

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-28-11 02:47 PM
Original message
Klein: Democrats Can Lose Debt Fight, Win Tax War
http://www.bloomberg.com/news/2011-07-28/democrats-can-...

Democrats are going to lose this one. Whatever deal emerges to raise the debt ceiling, we can be pretty sure it wont include revenue, it wont include stimulus, and it will let Republicans pocket a trillion dollars or more in cuts without offering anything to Democrats in return.

Its difficult to see how it could end otherwise. Virtually no Democrats are willing to go past Aug. 2 without raising the debt ceiling. Plenty of Republicans are prepared to blow through the deadline. Thats not a dynamic that lends itself to a deal. Thats a dynamic that lends itself to a ransom.

Yet Democrats will have their turn. On Dec. 31, 2012, three weeks before the end of President Barack Obamas current term in office, the Bush tax cuts expire. Income tax rates will return to their Clinton-era levels. That amounts to a $3.6 trillion tax increase over 10 years, three or four times the $800 billion to $1.2 trillion in revenue increases that Obama and Speaker John Boehner were kicking around. And all Democrats need to do to secure that deal is -- nothing.

In fact, Democrats can just let the Republicans stop them from doing anything. Imagine that Obama and the Democrats simply adopt the recommendations of the Simpson-Bowles/Gang of Six deficit reduction plan -- tax reform that raises $2 trillion over 10 years and cuts rates for everyone. Republicans will almost certainly refuse any plan that raises any taxes on anyone. But if Republicans wont budge, the Democrats can simply blame them for the gridlock that enables the Bush tax cuts to expire.




***boy -- that doesn't paint a very vibrant picture picture of dems and a win.
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vi5 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-28-11 02:53 PM
Response to Original message
1. So all we have to do basically...
Edited on Thu Jul-28-11 02:55 PM by vi5
..is count on the Dems to be strong, and unified, and not cave in to GOP demands under threat of painting them as socialists who want to raise their taxes and give it to people who don't work for it. And/or for Obama to be strong and stick to his previously stated promises. In an election year.

Yeah, THAT sounds like a can't lose scenario doesn't it?
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msongs Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-28-11 03:06 PM
Response to Original message
2. obama already had that opportunity and turned it down. past is prologue. nt
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vi5 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-28-11 03:28 PM
Response to Reply #2
3. But.....but.....EVERYONES TAXES WOULD HAVE GONE UP!!!
Edited on Thu Jul-28-11 03:29 PM by vi5
Please don't bother pointing out that there was nothing stopping the Dems or stopping Obama himself from passing another tax cut for the lower/middle class brackets that was the same or even better than what was there, while at the same time letting the wealthy tax cuts expire. And please don't point out that at the time this happened Dems still controlled both houses. Because oh no......you don't understand. Without a majority of 98.75 Dems in the Senate then it's just impossible to do anything. And please don't point out that nobody in the Dem leadership (definitely not Obama) pointed out that we'd simply be going back to the tax rates of the Clinton era, after which EVERYONE prospered and the economy was booming.

Please. Please don't point any of that out because we've really just got to look forward and not backwards. Trust them. NEXT time they'll do the right thing. Then they'll REALLY have the guts to do it. Just you wait.

Just in case it wasn't clear :sarcasm:

The only people more delusional than the ones that think Obama or the Dems will allow the wealthy tax cuts to expire were the Star Wars nerds who after every single shit sandwhich shoved down their throats by George Lucas still kept insisting "Just you wait....Episode 2 is REALLY going to be great.......just you wait....sure Episodes 1 and 2 sucked, but wait.....Episode 3 is where it's really going to come together.......oh sure all 3 Prequels sucked......but CLONE WARS......that's when the magic is all going to happen."

Idiots.
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Doctor_J Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-28-11 03:44 PM
Response to Original message
4. So the Dems might win
after next year's elections????

Holy shit, they really screwed this up. and by they I mean primarily the president.
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