2 Obama officials: No guarantee taxes won't go up

[Geezah]

2 Obama administration officials can't guarantee middle-class Americans won't see tax hike

President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.

As the White House sought to balance campaign rhetoric with governing, officials appeared willing to extend unemployment benefits. With former Federal Reserve Chairman Alan Greenspan saying he is "pretty sure we've already seen the bottom" of the recession, Obama aides sought to defend the economic stimulus and calm a jittery public.

Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers both sidestepped questions on Obama's intentions about taxes. Geithner said the White House was not ready to rule out a tax hike to lower the federal deficit; Summers said Obama's proposed health care overhaul needs funding from somewhere.

"There is a lot that can happen over time," Summers said, adding that the administration believes "it is never a good idea to absolutely rule things out, no matter what."

During his presidential campaign, Obama repeatedly vowed "you will not see any of your taxes increase one single dime." But the simple reality remains that his ambitious overhaul of how Americans receive health care -- promised without increasing the federal deficit -- must be paid for.

"If we want an economy that's going to grow in the future, people have to understand we have to bring those deficits down. And it's going to be difficult, hard for us to do. And the path to that is through health care reform," Geithner said. "We're not at the point yet where we're going to make a judgment about what it's going to take."

Selling that proposal, however, has proved tricky.

On Friday, the government released a report that suggested the worst recession in the United States since World War II appears on the verge of ending. The economy dipped only slightly in the second quarter of this year -- falling at a 1 percent annual pace, better than expected.

The president cautioned against instant turnaround, though.

"Well, as I've said, I think we maybe are beginning to see the end of the recession, but it's still going to be some time before we are seeing companies hiring again. That's usually the last thing that happens," Obama said in an interview with Univision that aired on Sunday.

"So I think we are still going to have a tough remainder of the year -- probably until next year -- but, you know, at least what we are seeing -- we've pulled back from the possibility of a depression. That's not the danger."

Many analysts think the economy is starting to grow again in the current quarter, setting up a long-awaited recovery.

"Most private forecasters -- and let's use their judgment -- suggest you're going to see unemployment start to come down maybe beginning in the second half of next year," Geithner said, adding those same economists predict positive growth during the second half of this year.

At the same time, Geithner and other administration officials are contemplating how to ask Congress to extend -- again -- unemployment benefits for the millions of Americans who have lost their jobs in recent months. The proposal drew measured support from Sen. Jim DeMint, R-S.C., as long as the benefits are drawn from the already approved economic stimulus package.

"We need to take care of those who are unemployed, but we also need to make sure they get jobs," he said.

Those jobs, though, are still elusive. Greenspan said the economy is slowly coming back.

"Collapse, I think, is now off the table. We were teetering for a while," he said.

Greenspan said he doesn't think the Federal Reserve should be considering raising interest rates to ward off inflation, although he added that the Fed will have to rein in credit and raise rates at some point.

Obama's opponent for the presidency, Sen. John McCain, questioned whether the administration's actions will prove beneficial for the country.

"I think it's pretty clear, if you pump trillions of dollars into the economy, you will see some recovery," the Arizona Republican said while giving Obama credit for the improvement. "But the long-term consequences, I think, are going to be, unfortunately, devastating unless we do something about it."

Geithner and Greenspan appeared on ABC's "This Week." Summers appeared on NBC's "Meet the Press" and CBS's "Face the Nation." DeMint was interviewed on "Fox News Sunday." McCain spoke with CNN's "State of the Union."

Link (http://finance.yahoo.com/news/2-Obama-officials-No-apf-2491158742.html?x=0&.v=7)

................

[MaverickCowboy]

Another broken promise. when can we impeach? This is WAR on the middle class.

[HR24]

Shocker......

You could see this coming from miles away. They have no other way to pay for their proposed programs and out of control spending. I guess Obama doesn't mind torpedoing his presidency in the first year.

[Hilbert]

What a completely unexpected surprise. /sarcasm
Politics as usual.

[commanding]

where did everyone think the friggin money was gonna come from? another cash for cluckers in government program? The Feds spendeth and the Feds taketh away.

[CG51]

I am totally shocked! rofl

Hope and change!

Hope and change!

Hope and change!

[Power_serj]

Yeah, you better HOPE that you will have at least some pocket CHANGE by the end of the Presidency.

This is similiar to George H.W. Bush's "Read my lips, NO NEW TAXES!"

[JKD]

Repbublicans or Democrats. Borrow and spend or tax and spend.

[Hispeed1]

where did everyone think the friggin money was gonna come from? another cash for cluckers in government program? The Feds spendeth and the Feds taketh away.

Where? China. lol.

[TallGuy]

Meh, quit complaining. You should try living here or in Scandinavia and experience real taxes..







.

[JKD]

This is similiar to George H.W. Bush's "Read my lips, NO NEW TAXES!"

Had to pay for Reagan's deficits sooner or later.

[Geezah]

Repbublicans or Democrats. Borrow and spend or tax and spend.

From Obama lips....


Middle class tax cut helps offset rising cost of gas & food
These are challenging times. That’s why I spent last week talking about immediate steps we need to take to provide working Americans with relief. A broad-based, middle class tax cut, to help offset the rising cost of gas and food. A foreclosure prevention fund, to help stabilize the housing market. A health care plan that lowers costs and gives those without health insurance the same kind of coverage members of Congress have. A commitment to retirement security that stabilizes Social Security, and provides workers a means to increase savings. And a plan to crack down on unfair and sometimes deceptive lending in the credit card and housing markets, to help families climb out of crippling debt, and stay out of debt in the first place.
These steps are all paid for, and designed to restore balance and fairness to the American economy after years of Bush Administration policies that tilted the playing field in favor of the wealthy and the well-connected.

Might as well get used to it, as I think(and hope for change) he will not be around after the 2012 elections.
It's not just about peanuts...............

[JKD]

From Obama lips....


...and that has what to do with what I wrote?

[Mackie]

Might as well get used to it, as I think(and hope for change) he will not be around after the 2012 elections.
It's not just about peanuts...............

Who cares. The money of this spend orgy started by Nixon must be payed back. Even GWs lower taxes didn't create any important growth. Taxing down, taxing up brings nothing. There are structural problems. Where are the programs pushing education and especially science2business or young founders forward?
Most patents in the world and loosing it's export market?
Every US student I know asked for the same.

[Chulo]

you mean spending those trillions in the first few months now need to be paid back!?

[okiebugg]

you mean spending those trillions in the first few months now need to be paid back!?

This new set of taxes is in addition to the inflation that supposedly doesn't exist.

I've seen my groceries go up 15-20% in recent months. Same with gasoline, Propane, clothes, eating out, car prices, on and on.

I'm tired of being the scape goat as the rest of you are for a failed philosophy.

Indicators say no inflation--what a lie
No new taxes on the middle class--what a lie.

I'm sorry about scandanavia having high taxes, but it must not bother you much. You don't seem to want to do much about it.

Our wages here in the US for young people are not much better (adjusted for inflation) than they were 25 years ago.

The American people will rise up and throw many of these sonsabitches out of Congress and the Executive Branch hopefully.

[bono]

What follows is for those who want to change the world from what it is to what they believe it should be. The Prince was written by Machiavelli for the Haves on how to hold power. Rules for Radicals is written for the Have-Nots on how to take it away.

Saul Alinsky 1971 in "Rules for Radicals"

Outlining his strategy in organizing Alinsky writes:

"There's another reason for working inside the system. Dostoevski (http://en.wikipedia.org/wiki/Dostoevski) said that taking a new step is what people fear most. Any revolutionary change must be preceded by a passive, affirmative, non-challenging attitude toward change among the mass of our people. They must feel so frustrated, so defeated, so lost, so futureless in the prevailing system that they are willing to let go of the past and change the future. This acceptance is the reformation essential to any revolution.

Wikipedia (http://en.wikipedia.org/wiki/Rules_for_Radicals)


True revolutionaries do not flaunt their radicalism, Alinsky taught. They cut their hair, put on suits and infiltrate the system from within. Alinsky viewed revolution as a slow, patient process. The trick was to penetrate existing institutions such as churches, unions and political parties.

[okiebugg]

What follows is for those who want to change the world from what it is to what they believe it should be. The Prince was written by Machiavelli for the Haves on how to hold power. Rules for Radicals is written for the Have-Nots on how to take it away.

Saul Alinsky 1971 in "Rules for Radicals"

Outlining his strategy in organizing Alinsky writes:

"There's another reason for working inside the system. Dostoevski (http://en.wikipedia.org/wiki/Dostoevski) said that taking a new step is what people fear most. Any revolutionary change must be preceded by a passive, affirmative, non-challenging attitude toward change among the mass of our people. They must feel so frustrated, so defeated, so lost, so futureless in the prevailing system that they are willing to let go of the past and change the future. This acceptance is the reformation essential to any revolution.

Wikipedia (http://en.wikipedia.org/wiki/Rules_for_Radicals)


True revolutionaries do not flaunt their radicalism, Alinsky taught. They cut their hair, put on suits and infiltrate the system from within. Alinsky viewed revolution as a slow, patient process. The trick was to penetrate existing institutions such as churches, unions and political parties.


Much like my life in the past, I would rather wear my uniform and infiltrate with much prejudice.

[Mastermind]

But, but...but Obama the Great promised! He gave us his word!

hahhahhahhahhhhhhhah!

[willytee]

Im pretty sure taxes are gonna go up.. wouldnt be surprised... wouldnt be the first lie weve had since November...

[Elbs]

Keep taking my money to pay for dem Welfare checks and moar bailouts. After all, I don't "deserve" or "earn" my salary :|

[willytee]

think its time to take all but 500 dollas outa my bank account... cant be trusted with money... They should start paying ME to invest in OUR economy.

[Universal_Soldier]

think its time to take all but 500 dollas outa my bank account... cant be trusted with money... They should start paying ME to invest in OUR economy.

Yea put the money under your mattress or piggy bank.

[Holmes85]

All politicians lie, its a fact of life.

[MaverickCowboy]

So how do we stop this?

[Blue387]

As a liberal Democrat, I am going to be the odd man out and say that I support paying higher taxes. The United States would not be a superpower without higher taxes. Look at the work of former federal comptroller David Walker. We need to raise revenue badly because we can't keep borrowing from China and we need to tackle entitlement spending.

Let me quote this: (http://economix.blogs.nytimes.com/2009/07/07/club-wagner/)

At their current levels, taxes are too low to cover the kind of government that Americans have made clear they want — a government that includes Medicare, Social Security, a strong military and numerous other programs.

For forty years, we've had extremely high tax rates, from 1933 to 1973, and the economy grew and expanded to unprecedented levels. Those tax levels were far higher than today and yet the republic did not collapse. Even with the Kennedy/Johnson tax cuts of 1964, the optimal tax rate was reduced to around 70%. New investments in infrastructure, defense, education, health and the space program. In the past, we never had to borrow and were a major lender of cash. You don't like paying higher taxes? Neither do I but it is the responsibility of citizenship of a major country to be able to pay for expenditure. (At the same time, the world's major economies - Germany, Japan, etc. - were struggling with the end of World War Two while the US was untouched by the war; then the rest of the world recovered.)

If you really cared about eliminating the deficit, you'd increase taxes and tackle spending. Even Ronald Reagan raised taxes.

You economists who don't like spending - and never do apparently - always see the bad side of things. While I acknowledge unfettered spending is undesirable, it is the best way out of our current recession: to help stimulate the economy and get tax revenues back on track Keynesian style.

Don't get me wrong, I acknowledge there are imperfections and consequences with a European-style welfare state: corruption, waste, inefficiency and slower economic growth. I live in New York City and we had a massive fiscal crisis in the 1970s with excessive borrowing and spending until the banks refused to lend more; the city narrowly avoided default until we righted the ship.

If it were up to me, I'd institute something like a single-payer health care system or simply open up Medicare to everyone. Medicare is popular and it works. Paying for the costs would be simple: end the Bush tax cuts, raise the gas tax from 18 cents to 25 cents per gallon, make the tax system more progressive, charge a small fee under $20 from each patient, limit the number of tests, seek efficiencies such as digital records and reduce spending in other areas such as defense. There should be a five year transition period to allow the country to adjust so the program starts in 2013. You get a little red card that you carry so if you move, your health care moves with you instead of having to schlep it with your employer or HMO.

[MaverickCowboy]

"If we want an economy that's going to grow in the future, people have to understand we have to bring those deficits down. And it's going to be difficult, hard for us to do. And the path to that is through health care reform," Geithner said.

What the FVCK!?


Healthcare reform =Fixing the Economy

[Elbs]

Money is evil. Hence, throwing away money is good.

[willytee]

What the FVCK!?


Healthcare reform =Fixing the Economy


according to.. Biden.. we must spend our money so we dont go bankrupt!

[MaverickCowboy]

according to.. Biden.. we must spend our money so we dont go bankrupt!

DUDE. SOMEONE, send these people to a psychiatrist, and an Economist with no political ties.

http://img.lulz.net:8080/src/Obama-socialism_0.jpg

[Chulo]

As a liberal Democrat, I am going to be the odd man out and say that I support paying higher taxes. The United States would not be a superpower without higher taxes. Look at the work of former federal comptroller David Walker. We need to raise revenue badly because we can't keep borrowing from China and we need to tackle entitlement spending.

Let me quote this: (http://economix.blogs.nytimes.com/2009/07/07/club-wagner/)


For forty years, we've had extremely high tax rates, from 1933 to 1973, and the economy grew and expanded to unprecedented levels. Those tax levels were far higher than today and yet the republic did not collapse. Even with the Kennedy/Johnson tax cuts of 1964, the optimal tax rate was reduced to around 70%. New investments in infrastructure, defense, education, health and the space program. In the past, we never had to borrow and were a major lender of cash. You don't like paying higher taxes? Neither do I but it is the responsibility of citizenship of a major country to be able to pay for expenditure. (At the same time, the world's major economies - Germany, Japan, etc. - were struggling with the end of World War Two while the US was untouched by the war; then the rest of the world recovered.)

If you really cared about eliminating the deficit, you'd increase taxes and tackle spending. Even Ronald Reagan raised taxes.

You economists who don't like spending - and never do apparently - always see the bad side of things. While I acknowledge unfettered spending is undesirable, it is the best way out of our current recession: to help stimulate the economy and get tax revenues back on track Keynesian style.

Don't get me wrong, I acknowledge there are imperfections and consequences with a European-style welfare state: corruption, waste, inefficiency and slower economic growth. I live in New York City and we had a massive fiscal crisis in the 1970s with excessive borrowing and spending until the banks refused to lend more; the city narrowly avoided default until we righted the ship.

If it were up to me, I'd institute something like a single-payer health care system or simply open up Medicare to everyone. Medicare is popular and it works. Paying for the costs would be simple: end the Bush tax cuts, raise the gas tax from 18 cents to 25 cents per gallon, make the tax system more progressive, charge a small fee under $20 from each patient, limit the number of tests, seek efficiencies such as digital records and reduce spending in other areas such as defense. There should be a five year transition period to allow the country to adjust so the program starts in 2013. You get a little red card that you carry so if you move, your health care moves with you instead of having to schlep it with your employer or HMO.
Are you saying most Americans want a large government to take care of all their needs?
I dont agree, i believe most Americans still hold on to wanting a small government, power in the states and independence from oversight.

This era of greed and entitlement (which applies to both Main street and Wall street) has caused the out of control expansion of the government and the debt. And the only way out is to NOT keep on expanding.

[Bia]

Another broken promise. when can we impeach? This is WAR on the middle class.

Middleclass isnt making 250K a year... what planet you live on?


Tax the hell outta em... go go go!!!

[MaverickCowboy]

Middleclass isnt making 250K a year... what planet you live on?


Tax the hell outta em... go go go!!!

Whats middle class for you?

http://en.wikipedia.org/wiki/Lower_middle_class

"Semi-professionals and craftsman with some work autonomy; household incomes commonly range from $35,000 to $75,000. Typically, some college education."

[Jobu]

Middleclass isnt making 250K a year... what planet you live on?


Tax the hell outta em... go go go!!!

Are you still under the assumption that only people making $250k will see higher taxes?
I understand you're young but not THAT young. Time to grow up and smell the coffee because everyone who pays taxes will see them go up. Guaranteed.

Obama lied to get elected. It's not the first time a politician has done it and it won't be the last so you might as well accept the simple truth.

$250k? LOL

[hatchet_harry]

This new set of taxes is in addition to the inflation that supposedly doesn't exist.

I've seen my groceries go up 15-20% in recent months. Same with gasoline, Propane, clothes, eating out, car prices, on and on.
love the scheme.

tax cuts for everyone, the poor and the rich, equally in relative terms.
after that: raise costs for everyone, this time equally in absolute terms.

guess who gets screwed over.

[seraosha]

I guess from the bottom looking up, everyone is "rich".

We live within the middle class as refferenced by the link to wiki, closer to lower than higher, but we certainly expect to be mugged by uncle sugar before too long.

[Geezah]

Middleclass isnt making 250K a year... what planet you live on?


Tax the hell outta em... go go go!!!

To be young and.......well you know what I mean.

Taxes affect everyone at all levels, so when you leave college and get out into the real World you might understand it a little more.

[59Diesel]

To be young and.......well you know what I mean.

Taxes affect everyone at all levels, so when you leave college and get out into the real World you might understand it a little more.

Yes there will be more jobs cut. Or the payroll will be cut. Which then effect everything. Food Gas School whatever will be effected.

It's a shame cause we are in a economic dowfall and taxes wont do anything but hurt us more.

More jobs being shipped overseas while economy stays down.

[Mastermind]

Yes...tax us...watch the economy really tank..then stand up in 2011 (campaign season) and tell us how well that worked out for us....

God, I just love politicians...especially Democrats...they are so darn predictable....and agonizingly stupid.

[59Diesel]

Yes...tax us...watch the economy really tank..then stand up in 2011 (campaign season) and tell us how well that worked out for us....

God, I just love politicians...especially Democrats...they are so darn predictable....and agonizingly stupid.

With Demon Crat numbers declining faster than a top fuel dragster. One can only pray that he will be a one term president.

Bush SR. made promises that didn't come through and he did not last long. rofl

[Mastermind]

With Demon Crat numbers declining faster than a top fuel dragster. One can only pray that he will be a one term president.

Bush SR. made promises that didn't come through and he did not last long. rofl
That one issue is why Clinton became President...I know, I refused to vote for Bush on that one character flaw alone. Once he said, "Read my lips...no new taxes." and then almost immediately caved to a little Democrat pressure, he was toast in my world.

I was also highly pissed that he snatched defeat out of the jaws of victory in DSI...what an idiot!

...and look what I got for holding to my principles...pecker tracks in the Oval Office and a bunch of dead Rangers in Mogidishu...well, not all plans work according to plan..

but, that's true...

[59Diesel]

Media will fill the people where they need. Who knows one hopes the American people will start thinking outside of the media to make a judgement on who they are voting for.

[Chulo]

Middleclass isnt making 250K a year... what planet you live on?


Tax the hell outta em... go go go!!!
Well according to Obama, middle class was somewhere between $300,000 (at the start of his campaign) to $200,000 (at the middle) to about $125,000 (by the end).

But you are right. Lets tax these rich companies to the point they move as many jobs as they can overseas. And those that remain on the mainland raise prices to match those taxes.

[okiebugg]

That one issue is why Clinton became President...I know, I refused to vote for Bush on that one character flaw alone. Once he said, "Read my lips...no new taxes." and then almost immediately caved to a little Democrat pressure, he was toast in my world.

I was also highly pissed that he snatched defeat out of the jaws of victory in DSI...what an idiot!

...and look what I got for holding to my principles...pecker tracks in the Oval Office and a bunch of dead Rangers in Mogidishu...well, not all plans work according to plan..

but, that's true...

I like your style..........well said

[c62]

I seem to remember a lot of people were asking what all those "Tea Party" protesters where protesting in the first place. "But Obama will lower your taxes... " said Tea Party haters. It's weird how those Tea Party protesters had a feeling, a premonition, an instinct, like they knew something all along.... What they know and a lot of you didn't want to hear(b/c you were calling them rednecks or Fox affiliates or whatever), but are finally coming around to understanding a simple yet absolute truth. If you want to spend gigantic sums of money on government programs/services (that don't work anyway), then you have one of two choices, either print more money(leads to inflation), or raise taxes(cause the economy to slump). Either way B-man is in a big hole.

[Bia]

To be young and.......well you know what I mean.

Taxes affect everyone at all levels, so when you leave college and get out into the real World you might understand it a little more.yes I understand the watershed effect... it works in many directions.

[RxOnco]

http://www.breitbart.com/article.php?id=D979POSG0&show_article=1


"I can make a firm pledge," he said in Dover, N.H., on Sept. 12. "Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."
He repeatedly vowed "you will not see any of your taxes increase one single dime."


This kind of thing didn't work out for one President...

http://www.kensavage.com/wp-content/uploads/2007/09/read-my-lips.jpg
http://www.kensavage.com/archives/read-my-lips-no-new-taxes/

[CPLHUNTER]

Hey you know when a politician is lying? When their lips move...but aside from cheezy joke, whenever a politician makes a promise, expect it to be broken.

There is no way to pay back the trillions that have been spend without raising taxes on the middle class. I read a study stating that even if you taxed the top 5% in America 100% it would only make up for 10% of the new deficit.

Expect a VAT on top of an income tax. Which is terrible since the cost of living (food, housing, etc) continues to go up and job compensation continues to be flat and static.

I'm starting to be concerned w/ the higher cost of living since my salary has stayed flat over the past two years. I can't afford my house rent anymore, had to cut back on food expenses, no more eating out, no more vacation, no more anything but just the basics:

Rent
Food
Gas
Utilities

[RxOnco]

To all those who supported the Porkulus spending bill...welcome to the party. Many who supported it didn't take into account that they would actually have to pay for it. Afterall, Dear Leader said that their taxes wouldn't go up a dime. It would be the rich who will pay for that crap.

It's those same sheep who trusted the Obama then, that are trusting in this Obamanized Healthcare mess.

People are starting to wake up. I just fear that it's too late to do anything about it.

[Mastermind]

It's never too late. Already, the Dems have had the fear of the People slapped into them. They can espouse all the flaming rhetoric they want about the people protesting the socialized Obama care. It is clearly obvious the people back home are highly pissed and want this nonsense to stop...since Democrats are not known for their political courage, leaning which ever way the political breeze blows, these same Dems will come back in September with an entirely new outlook. Pelosi and Reid had better get with the program...their minions in congress and the Senate desperately want to be re-elected.

They have had the arrogance slapped right off their smirky faces.

[Geezah]

It's never too late. Already, the Dems have had the fear of the People slapped into them. They can espouse all the flaming rhetoric they want about the people protesting the socialized Obama care. It is clearly obvious the people back home are highly pissed and want this nonsense to stop...since Democrats are not known for their political courage, leaning which ever way the political breeze blows, these same Dems will come back in September with an entirely new outlook. Pelosi and Reid had better get with the program...their minions in congress and the Senate desperately want to be re-elected.

They have had the arrogance slapped right off their smirky faces.

Pelosi could care less, she's on another planet and someone that hates the idea of the people going against the grain.

http://www.youtube.com/v/CGzAi4vZqYI

I'd like to know exactly where these Swastikas are being flown???