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Bernanke: Renew Bush Tax Cuts

Mike

Well-known member
Federal Reserve Chairman Ben S. Bernanke dropped a major bombshell on Democrats seeking massive new revenues to narrow the deficit, announcing Thursday that he favors preserving the Bush administration tax cuts in order to help a faltering U.S. economy.

“In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy,” Bernanke told the House Financial Services Committee. “There are many ways to do that. This is one way.”

Bernanke's statement put him directly at odds with White House officials and House Speaker Nancy Pelosi, who favors raising taxes on wealthy Americans by letting the tax cuts the Bush administration passed in 2001 and 2003 expire.

Bernanke's views also conflict with those of his predecessor, Alan Greenspan, who just last week told Bloomberg TV's Judy Woodruff that lawmakers should allow the Bush tax cuts to expire as scheduled at year's end.

Greenspan conceded however that doing so probably would slow growth.

Bernanke emphasized the importance of giving the economy a boost. But he also told the House that dealing with the deficit, which has ballooned during the Obama administration, remains a major consideration.

“We need to be taking steps to reassure the American people and the markets that our fiscal situation is going to be well controlled,” Bernanke told the committee members. “That means that if you extend the tax cuts, you need to find other ways to offset them.”
 

Larrry

Well-known member
Like the leftwingernuts will listen to anyone. After all the things they are doing, the majority of Americans disagree with them.
 

Whitewing

Well-known member
Larrry said:
Like the leftwingernuts will listen to anyone. After all the things they are doing, the majority of Americans disagree with them.

Check out this article by Krauthammer. If what I believe will happen this coming election day does indeed happen, we may well see what he discusses here:

Beware the lame duck

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/22/AR2010072204029.html
 

Faster horses

Well-known member
The American people have been the losers since the Big-O took
office. Hard to imagine we are at this point of damage that could
be done with a lame-duck Congress. What ever happened to doing
what's best for America? :x

I value Charles Kruthhammers point of view. And imagine, he's
a Conservative with a solution:

How then to prevent a runaway lame-duck Congress? Bring the issue up now -- applying the check-and-balance of the people's will before it disappears the morning after Election Day. Every current member should be publicly asked: In the event you lose in November -- a remote and deeply deplorable eventuality, but still not inconceivable -- do you pledge to adhere to the will of the electorate and, in any lame-duck session of Congress, refuse to approve anything but the most routine legislation required to keep the government functioning?
 

Whitewing

Well-known member
I recall a similar set of circumstances way back at the beginning of the year, FH.

After Scott Brown was swept into office taking Ted Kennedy's seat (with a campaign theme of being the 41st vote against Obamacare), Obama, Reid, & Pelosi proclaimed something to the effect, "we get the message, Americans are interested in jobs & the economy......health care reform will have to wait".

I couldn't believe what I was hearing. Honestly. Why? Because health care reform has long been something of a Holy Grail to donks. Here the donks held the White House, the Senate, and the House of Representatives. Would they really bend to the will of the people, focus on the economy, and forego what would likely be their only opportunity for years to come to take control over a significant portion of the US economy?

Well, as you recall, within a week or two, the Obamacare push was on again without so much as an apology or explanation of the earlier lie of "getting it".

My logic from the start was that even if they had to fall on their own swords to get it done, the donks would do it. Why? Because once enacted (in any form) the program would likely never go away, would only grow, and would become a means by which donks could buy/leverage more votes to keep themselves in power for generations to come.

A good example is England. Even though a 'conservative' government is elected now and then, all they really ever do while in office is play around the edges of what we in the US consider a socialist-leaning structure. Nothing of significance ever changes.

Depatment of Education, Department of Energy, Department of Housing and Urban Development.....yada yada yada. Ya think they'll ever go away? Ya think it'll ever be deemed that their usefulness has run its course and they'll be abolished?

The US, I'm afraid, is headed in the direction of European-style policies unless Americans put a stop to it.
 

hypocritexposer

Well-known member
“In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy,” Bernanke told the House Financial Services Committee. “There are many ways to do that. This is one way.”

Who would have thunk it.

didn't we have a discussion about tax cuts being a economic stimulus a week or so ago?

Jingo2 and Nonothing might remember it.
 

hopalong

Well-known member
hypocritexposer said:
“In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy,” Bernanke told the House Financial Services Committee. “There are many ways to do that. This is one way.”

Who would have thunk it.

didn't we have a discussion about tax cuts being a economic stimulus a week or so ago?

Jingo2 and Nonothing might remember it.[/quote]

Doubt it because that wasd over 3 minutes ago
:wink: :wink:
 

hypocritexposer

Well-known member
It was a little longer than a week ago, I guess.

http://ranchers.net/forum/viewtopic.php?t=45546&postdays=0&postorder=asc&start=0

Maybe Jingo2 will now call out Bernanke for his stupid plan of cutting taxes during 2 wars. :roll:
 

Tam

Well-known member
hypocritexposer said:
It was a little longer than a week ago, I guess.

http://ranchers.net/forum/viewtopic.php?t=45546&postdays=0&postorder=asc&start=0

Maybe Jingo2 will now call out Bernanke for his stupid plan of cutting taxes during 2 wars. :roll:

Somehow I doubt Jingo2 will be calling out the growing list of Democrat Congressmen that are requesting the tax cut be extended either. :wink:
 
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