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Monday Morning Argument

Today's Argumenter: The New York Times

Today's Argument: You Fix the Budget

Bonus Argument: Disclaimer Text at the Bottom of the Page:

Notes: These suggested cuts would need to be implemented gradually over the next 20 years, some taking effect well before 2030 in order to keep the deficit, and thus interest payments on the national debt, at a manageable level between now and 2030. All figures are adjusted for projected inflation and expressed in terms of 2010 dollars. The baseline for this exercise assumes that all current policies continue, even those scheduled to expire, like the Bush tax cuts.

Level of Difficulty: No Ability to repeal ObamaCare™

Begin!


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Comments (4)

Sent them an email, asking ... (Below threshold)
GarandFan:

Sent them an email, asking why ObamaCare and several other items were left off the list.

What a bunch of crap. ... (Below threshold)
jim m:

What a bunch of crap.

Pure Keynesianism. Increasing taxes increases government revenue and decreases the deficit. How many people do you know that when taxes are increased do not alter their behavior to minimize r eliminate paying those taxes?

Bush cut taxes and Federal revenues increased. Reagan cut taxes and Federal revenues increased. The NYT apparently took a pass on covering economic news for the last quarter century or so and now coming late to the party thinks that they can ignore history and lay a claim that Keynesian economic theory works.

FDR extended the Great Depression. Obama has turned this crisis into what could be even worse. With the Fed now printing money at will to counter nonexistent deflation (Commodities prices are up in some cases over 70% from a year ago), we are headed directly for hyperinflation.

The NYT thinks that either we must keep obamacare or we won't be able to undo it. What this shows is that they are unwilling to acknowledge the negative effects it has on the deficit. They are hiding the cost to protect obama...to protect their own socialist agenda.

I love the base assumptions... (Below threshold)
GaryL:

I love the base assumptions used in these types of exercises:

1) all money belongs to the government.
2) everything currently budgeted is legitimate to begin with.
3) these are the only reform options available.
4) tax rate schedules have no impact on revenue generation and private sector business activity.

The point being that tax policy/tax revenue/expenditure modeling is not quite this simple.

The only thing this exercise really points out is the age old difference that liberals believe in higher government taxes and spending which reduces private sector growth, while conservatives believe in lower government taxes and spending which increases private sector growth.

One destroys jobs, while the other creates jobs. At this point, I think we need more of the later.

This might end up being the... (Below threshold)
Les Nessman:

This might end up being the most destructive thing the NYFT has done to their socialist dream.

James Pethokoukis of Reuters did it in less than a minute .... USING ONLY BUDGET CUTS!:

"So I took a crack at the budget simulator cooked up over at the NYTimes Web site. It starts out with a projected 2015 deficit of $418 billion and a projected 2030 deficit of $1.355 trillion. My goal was to do it through 100 percent spending cuts..."

He then explains what he cut and how much it saved.

He also shows that you cannot do it with tax increases alone:

"If you went for every tax increased offered, you would still have a slight deficit in 2030. And again, that assumes zero impact on economic growth from a) letting all the Bush tax cuts expire; b) eliminating tax breaks; c) adding a national sales tax, carbon tax and bank tax. That is a fantasy."

Zing!

It just shows how absolutely simple it is to balance the budget. No, I did not say pleasant or fun or without pain; but it is simple. Stop spending so much, morons.

http://blogs.reuters.com/james-pethokoukis/2010/11/15/balance-the-u-s-budget-it-did-it-in-under-a-minute/




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