Sunday, August 26, 2012

How to save $1 trillion

The following is from an article by Pat Garofalo at Think Progress:

"... according to a new report from the Congressional Budget Office, allowing the high-end tax cuts to expire on schedule would raise $823 billion in revenue and save $127 billion in interest payments on the debt over the next ten years. The Center on Budget and Policy Priorities used this chart to illustrate how much would be saved each year:
"As the CBPP noted, “Overall, this would mean $950 billion in ten-year deficit reduction, a significant step in the direction of fiscal stability.” That’s nearly $1 trillion in deficit reduction for those concerned about the nation’s finances.

"In addition to blowing up the country’s budget, the Bush tax cuts did not lead to the promised economic growth. In fact, the economy has fared worse under the GOP’s supply-side policies, on a slew of economic measurements, than it did when supply-side was not in effect."

1 comment:

Bob Poris said...

Does anyone care? Will it cure the gridlock? Will Congress sit down and use the information to solve problems when they return for a short period before the elections.

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