Video @ the URL below...IF you think you can stomach it.
September 08, 2010 06:30 AM
Tucker Carlson Distorts What Peter Orszag Wrote About Extending the Bush Tax Cuts
By Heather
http://videocafe.crooksandliars.com/heather/tucker-carlson-distorts-what-peter-orszag-Shock of shocks... Tucker Carlson decided to completely distort what Peter Orszag wrote about a compromise to extend the Bush tax cuts for a couple of years in his article in the New York Times, One Nation, Two Deficits. Here's what Orszag wrote about the need to possibly compromise with Republicans.
In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it.
Why does this combination make sense? The answer is that over the medium term, the tax cuts are simply not affordable. Yet no one wants to make an already stagnating jobs market worse over the next year or two, which is exactly what would happen if the cuts expire as planned.
Higher taxes now would crimp consumer spending, further depressing the already inadequate demand for what firms are capable of producing at full tilt. And since financial markets don’t seem at the moment to view the budget deficit as a problem — take a look at the remarkably low 10-year Treasury bond yield — there is little reason not to extend the tax cuts temporarily.
A benign bond market, however, is a luxury we won’t enjoy forever if we fail to tackle our long-term fiscal problem. What’s more, losing the confidence of the bond market could prove painful, since it is widely known that our fiscal trajectory is unsustainable and market sentiment may therefore shift quickly and unpredictably. In any case, as the economy recovers, the dominant problem will move from depressed demand to excessive budget deficits. <...>
The beauty of extending the tax cuts for only two years is that canceling them doesn’t require an affirmative vote. It happens by default, so Congressional deadlock works in its favor. And it would essentially solve our medium-term deficit problem, reducing the deficit by $200 billion to $350 billion a year from 2015 to 2020.
And here's Tucker's nonsense:
CARLSON: This is a big deal.
VAN SUSTEREN: Why?
CARLSON: He is flatly contradicting kind of the essence of the Obama economic program when he was a central part of the formulation of that program. He is saying... he is basically arguing the opposite of what Obama is saying, look we need to not raise taxes in the next couple of years because we know for a fact that doing do hurts job growth and that's the most important thing and we probably can't afford, he argues in the Times today a middle class tax cut because we're basically out of money.
Uh... Tucker. That's not exactly what he said. He said ideally only the middle class tax cuts should be continued right now but a compromise for a couple of years on the tax cuts for higher earners might be worth it to get it passed through Congress. I really don't expect much else from someone like the heir to the Swanson food fortune Tucker I posted about here.
Tucker Carlson Touts Cutting Entitlements Because 'There Aren't Enough Rich People in This Country to Pay Down the Debt'
There really is just no giveaway to the rich that this man didn't decide he liked. Thankfully it looks like the Obama administration is not going to give in on this matter so we'll get to see the Tucker Carlson's of the world continue to squeal about their taxes being raised. Mine might go up a little bit too if all of them get canceled, but I'll manage to get by and I'm not going to complain about it because I realize fully that I don't have anything to complain about with still being gainfully employed and lucky enough to have a job that pays a living wage in this economic environment. If making these rich whine bags like Carlson who want to cry about contributing to our society means I pay a little bit more as well, I'll gladly do it.
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