again what about this will be bad for the economy? everything looks great to me. Increase revenue without taxing the middle class. Increase infrastructure spending which is the best investment a Government can make really, it should be more money invested. Technology and infrastructure will create jobs in the future and present. The cuts should be deeper to defense like I said, it's really really bloated.
333's basic question sets the framework as to why this is a stupid idea that is horrible for the economy. But beyond that, have you been paying attention to the past four years? Do you know how much money we have pissed away on "infrastructure" spending-- shovel ready jobs? What was the supposed purpose of the first stimulus package?
Everything looks great to you because you are completely clueless and ignorant.
Defense spending is not the issue. It is less than one quarter of government spending. Again, educate yourself on the Federal budget. Stop being lazy and regurgitating leftist talking points. You're repeating a lie over and over and over again.
The middle class are going to be taxed across the board ( it is inevitable) if spending continues at these rates because the so called rich don't have enough money to support the ever expanding growth of the government.
Economics 101: Printing money devalues our currency. It leads to inflation. It makes goods and services more expensive. That harms the middle class.
Raising taxes on the so called wealthy is bad for the economy for several reasons; A short list is as follows-(1) The wealthy are not stupid. Assets and liquidity will be moved off shore, hidden, put in tax shelters and moved out of government reach. This is bad for the middle class because it retards economic growth. When you tax something (wealth), you get less of it. (2) Business owners will not absorb the cost of higher taxes. They will hire less employees, fire existing employees, take less risks, cut hours or pass the cost along to their customers. As a result, there will be less jobs for the middle class, less income for the middle class etc. (3) Government does not create anything, make anything or have any of its own money. It can only print or tax. Whenever the government takes money out of the private sector via taxation, it is shrinking the productivity of the private sector. In an ironic way, higher taxation actually reduces the amount of revenue generated for the government because it shrinks economic growth which in turn reduces productivity, which in turn shrinks the workforce, which in turn narrows the tax base. (4) Notice that the definition of "wealthy" is ever growing. First it was millionaires and billionaires. Then it was individuals earning 250k plus. Then it was couples. Now its couples earning over 200k. And as the definition of rich grows, poverty seems to be increasing steadily. And in between, the middle class continues to shrink.
Last but not least; Government spending to create jobs growth in the form of government jobs is the most illogical and harmful thing (next to excessive taxation) that can be done to an economy. Think of the warped logic--> The government devalues the nations currency and takes money out of the private sector to create government agencies and jobs that are funded by the private sector. How can that possibly create economic growth? How can you possibly grow the private sector by shrinking it?