CBO: Tax Hikes in 2013 (End of Bush Tax Rates) Will Put Us Economy Back into a Deep Recession and Cause Higher Unemployment

Scotty Starnes posted: " Those tax rates liberals lie and hate on have benefited all socioeconomic classes, not just the rich as the left loves to claim. The CBO is warning that if Congress doesn't extend these tax cuts the economy will fall into a deep recession and a highe" Respond to this post by replying above this line New post on Scotty Starnes's Blog CBO: Tax Hikes in 2013 (End of Bush Tax Rates) Will Put Us Economy Back into a Deep Recession and Cause Higher Unemployment by Scotty Starnes Those tax rates liberals lie and hate on have benefited all socioeconomic classes, not just the rich as the left loves to claim. The CBO is warning that if Congress doesn't extend these tax cuts the economy will fall into a deep recession and a higher unemployment rate. From The Hill: The nonpartisan Congressional Budget Office (CBO) on Wednesday warned the economy will enter a recession next year if the country goes over the so-called fiscal cliff. In its most dire warning yet about the fiscal cliff, the CBO said the economy would contract by 0.5 percent in calendar year 2013 if the George W. Bush-era tax rates expire and automatic spending cuts are implemented. Obama signed these "evil" Bush tax rates into law in 2010 but now wants to end these rates for top taxpayers as the Republicans want to keep the tax rates for EVERYONE. Unemployment also would rise from 8.2 percent in 2012 to 9.1 percent next year, the office estimates. Real unemployment is closer to 15% now so it would be about 17% if these tax rates go back to Clinton's tax rates as Obama wants. "The stakes of fiscal policy are very high right now," CBO Director Doug Elmendorf said. He urged Congress to act in September to avoid the fiscal cliff. Obama's "fiscal policy" has been to produce record deficits of $1 trillion plus each year he's held office. "The sooner that that uncertainty is resolved, the stronger the economy would be in the second half of this year," he said. "Economic growth right now is being held back by the anticipation of this fiscal tightening." CBO does not make recommendations to Congress but last year laid out the economic and budget effects of a range of choices for Congress, Elmendorf said. He added that under current law, there are 2 million fewer jobs than if the fiscal cliff does not take place and said most of the contraction is due to the tax increases. The contraction would be very severe in the first half of 2013. CBO sees the economy contracting by 2.9 percent in the first half — deeper than the 1.3 percent negative growth it had seen previously from the fiscal cliff. Continue reading>>> Scotty Starnes | August 22, 2012 at 1:44 PM | Tags: Bush tax cuts, Bush tax rates, CBO, CBO Director Doug Elmendorf, Congressional Budget Office, fiscal cliff, President Obama, recession, unemployment | Categories: Political Issues | URL: http://wp.me/pvnFC-7T7 Comment    See all comments Unsubscribe or change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: http://scottystarnes.wordpress.com/2012/08/22/cbo-tax-hikes-in-2013-end-of-bush-tax-rates-will-put-us-economy-back-into-a-deep-recession-and-cause-higher-unemployment/ Thanks for flying with WordPress.com

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