Should we worry about the deficit now, or later?

[Sbane]

Later. You don't cut deficits during depressions. What you do is that you spend the surplus you've accumulated during the good years. Unless you elect George W. Bush and run a huge deficit during the boom years. Then you're just screwed, and that's that.

But I guess worrying about it is something you can start doing right now. It is worrying.

I agree with this. Trying to cut the deficit during the recession/depression could end badly. That being said if we run the deficit too high we might be screwed also. Thanks a lot Dubya!!!!!!!

[Lief 🗽]

To Mr. Carl (and I guess the other Republican hacks in here)

[Torie]

To Mr. Carl (and I guess the other Republican hacks in here)

Projections can be GIGO can't they?  Who knew!  I am shocked!!!!!!!

[Gustaf]

The point is, liberals are only in favor of deficit reduction that does not involve compromise. 

What the?  'Compromise'?  Liberals have totally compromised to the point of being meaningless as a political force, Ford.

For gods sake man, the top tax rate in the US is something like 30% is it not?  And you say its the liberals who won't compromise?

The top rate is 35% opebo, going to 39.6% in 2011. The effective top rate is about 3% higher than that due to phase outs of Schedule A deductions. FICA taxes are on top of that, and 1.9% of that tax goes on forever, and that needs to be added too. So the current top effective rate is around 40%, going up to about 45% in 2011, plus whatever the Dems manage to add on with new legislation.

So my point still stands - top tax rates are exceedingly low in the US, so we can't really in fairness say the 'left' or what passes for left in the US has failed to compromise.

Now if top tax rates were still 70+% maybe.

What are you even comparing to? Sweden still has the second-highest tax-burden in the world and our top rate is about 55%.

[opebo]

What are you even comparing to?

The past, Gustaf.  By the way I would like to commend you for this posting, which, while slightly snide, was not actually a personal attack.  You can be a good lad when you want to!

[CARLHAYDEN]

To Mr. Carl (and I guess the other Republican hacks in here)

Did you bother to read the labeling on the chart?

It said that the projection was based on the assumption that "spending will grow at the rate of inflation."

Are you contending that federal spending has grown at the rate of inflation?!?

[A18]

Sound fiscal policy in times of depression is the same as sound fiscal policy in times of expansion: cut everything you can get away with, and preferably a good deal more.