, JohnAskew wrote

*snip*

It has been made clear that raising taxes on those who earn > $250,000 will not balance the budget. No one claims it will except for you. Personally, I think all the Bush era tax cuts should expire and everyone should pay taxes like we did in the 1990s. It balanced the budget. Other opinions are just irresponsible, even the 'tax the rich only' approach.

Liberals understand everything, at least I do. You must believe what conservative shock jocks tell you that Liberals believe, because that isn't coming from me. No one believes Obama's tax increases alone will balance the budget, that's stupid talk. Where did it come from? I laugh at it.

Obama is not a liar. Save your emotions for football games, please. I drink coffee, plenty.

Given that you work with the financial industry gives you exactly zero superhero powers of economic genius. Many of us have worked in the field. Why do you believe your opinions are somehow more genuine?

 

Au Contraire, you seem to be not listening to what Obama himself is saying. And more importantly the rhetoric coming out of Liberal echo chamber known as MSNBC. So far, Obama proposed raising the taxes on "those rich" and closing some tax loopholes (we don't know what those "some loopholes" are). All of this makes like *a dent* in his Trillion dollar per year deficits. It does make for a good talking point though...you gotta have a boogeyman and this time it's the rich.

Nope. 1990s taxes did not balance the budget. This tells me how misinformed you are on 1990s economy. You see, as it so happened, the tax revenues of 1990s are NOT because we all got taxed slightly higher rates. It was because, Fed Reserve artificially kept interest rates lower than what the actual market would have priced them. It fueled a fake boom in DotCom companies on one hand and also (and more importantly) the stock market bubble on the other hand.

When Government manipulates the economy through it's artificial financial engineering, the three main factors of Capitalist economy, namely Labor, Resources and Capital will get grossly misallocated. We all have seen how many DotCom companies got started on the Flimsiest of business cases. So much of capital moved in to the fake boom of stock market. At one point in time, Yahoo itself was valued at more than the entire GDP of New Zealand. That's right, Newzealand with it's rich mineral, timber, tourism, agriculture, fishing, etcetra was less than Yahoo. That is one incredible fake movement of capital in to stock market. The fakeness of Clinton era boom was fully brought to bear in the subsequent crash. And then Bush, with help from Greenspan and Bernanke, engineered even bigger boom called "housing" and we all know how it turned out. Again, everybody and their grandma was a real-estate agent...lol (labor allocation).