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Tue Jan 8, 2013, 07:00 PM


Jerry Nadler Speaking in NYC 1-8-13

Last edited Tue Jan 8, 2013, 08:29 PM - Edit history (1)

He says the tax cuts leave us too little for discretionary spending.

By 2022, under the President's plan, non-Defense discretionary spending will sink from3.2% of GDP to 1.7% of GDP. That's too low. We have to fight for more non-Defense discretionary spending.

The Bush tax cuts, the wars and the recession are the main causes of
The deficit.

US is doing as well or better than other leading economies.

But, in 2010 Europe elected austerity conservatives who are stifling all economic growth, which Obama is not doing. Only unemployment insurance and food stamps have gone up.

We're coming out of the recession slowly, the deficit is decreasing as a percentage of GDP. From 10.7% to 7.1%, a 30% reduction in rate of deficit to GDP.

Getting out of the recession, in and of itself, Willl go a long way to solving the deficit problem.

The debt ceiling does not mean you're going to spend more money, it means you already spent the money. It's an arbitrary congressional law that say you cannot owe more than X dollars. You can't borrow more than X, though, according to a new law by congress.

The debt ceiling is silly. If the deficit is too high, raise taxes or cut spending.

The new Republicans have anew rule: There has to be a dollar in spending cuts for every dollar the debt ceiling is raised.

Sequestration will bring the recession back. Those cuts are brutal. GOP wants to spare defense the cuts and double the non-Defense cuts.

We also have to deal with the debt ceiling.

The GOP is going to say that they want more spending cuts and they will have to come from entitlements, because the sequester has already cut everything else to the bone.

The chained CPI is a bad idea, because the effect is cumulative.

It also affects tax rates, because your tax bracket no longer indexes to inflation.

CPI is how all tax brackets are calculated, along with SSI and Veterans Benefits.

The problem is you can't have a civil war over every issue. You can't say "If you don't agree with me I'll destroy the economy."

How do you stop the blackmail? The Pres says he won't negotiate the debt ceiling. There are two ways Out: the 14th amendment, and the law allowing the Treasury to print platinum coins in any denomination.

At first everybody said, "It's absurd!". But now I'm going to introduce a bill that says both the debt ceiling and the ability to mint platinum coins.

The government may be shut down by the Republicans, but that's not nearly as bad as defaulting on the debt.

If we cave in and cut entitlements, it will be the first step down a dark road.

Q: how about more revenue?

A: The President agrees with the GOP
That we have a deficit problem. We don't. We have a recession. Long term, we have a medical costs problem.

Q: What about financial transaction tax?

A: That's a good idea because of the revenue and because it's going to moderate a lot of excessive trading.

Q: Why doesn't the President cut the defense budget?

A: that may be why he appoints Hegel. Otherwise, the Hegel appointment doesn't make sense.

Q: What about the timetable for Afghan withdrawal?

A: We should have been out of there after three weeks. We've had mission creep. We have neither the ability, the right or the necessity to determine w

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