Hey Tea Party, In 2003 Economists Predicted Our Current Deficit!

Remember back when the tea party didn’t care about deficits and for that matter, neither did the Republicans. Well back in 2003, the Center for Budget and Policy Priorities was concerned and they predicted perfectly that due to the Bush tax cuts, we would have a one trillion dollar deficit.

They said the Bush tax cuts back in 2003 carried an official cost of $350 billion dollars through 2012 but only achieves that number through budgetary swill. The CBPP said if the provisions in the Bush tax cuts are extended, the cost of the total tax cut law through 2012 will be $807 to $1 trillion dollars.

The current annual deficit right now is at or around $1 trillion dollars. This includes massive reduction in revenue due to the 2008 Republican recession. So if their numbers are right, even with the recession, we would have no deficit or a small deficit that would evaporate after more people start to find work.

The excuse for the tax cuts, as is the usual case, is job creation. However, back in the same year of 2003, a couple of Nobel laureates, Franco Modigliani and Robert Solow said this:

“CONGRESS HAS just approved tax measures that to a large extent enact the president’s request to exempt corporate dividends from the personal income tax.

President Bush and supporters justify such a drastic change in our tax system on two grounds: ending the ”sin” of double taxation of dividends and shoring up a weak economy.

On closer examination, however, these turn out to be just excuses. The real intent is a continuation of the old struggle to enrich the wealthy at the expense of ordinary people, including future generations.”

So as you will likely hear the Republicans complain about the deficit and the Tea Party stomp their feet and whine, remember, it was predicted in 2003 when Republicans were in complete control of everything.

Now, when it is a perfect time to use that “extra” money to inject into the economy, they scream deficit! deficit! deficit! They continuously prey on the ignorant voter, all the while knowing what they are doing.

10 Replies to “Hey Tea Party, In 2003 Economists Predicted Our Current Deficit!”

  1. The reason that this didn’t see the light of day until Obama was elected is because the Teabaggers can tolerate having a budget deficit, or a black president…both not both. These teathugs have a collective ideological perversion where they dream of a world with both economic opportunities and no government regulations, assistance programs or financial controls. The simple truth of it is that this world is purely make-believe and only exists in the minds of Teabaggers. Republicans will soon find out that the cost of courting these zealots will be the splintering of their party and a “shellacking” as the political pendulum swings back to the left. Given the ornery attitudes of teathugs in the house, that won’t take very long.

  2. If teabaggers learn this, they will revolt. They’re not really fans of Bush anyway, and knowing they were BFd by the GOP will send them over the edge.

  3. Change America with the TEA PARTY “THE PEOPLE’S revolutionary Constitutional party. One by one THE TEA PARTY will replace the political hacks—the liars, cheats and frauds in Washington that have been destroying America—and we will continue to do so with your help of the voters in this Republic. Learn more at teaparty dot org and judge for yourself. Millions of average Americans are joining to stop the rampant corruption in both parties. Join the TEA PARTY and battle with the people on all issues, including illegal immigration. President Obama may have passed the DREAM ACT by executive order, but that doesn’t mean parents are exempt from deportation? Bring commonsense to our nation on restrictions by Obama on drilling for oil, taxes, the Legal Workforce Act and the Birthright Citizenship Bill. Remember non-citizens will be voting in states with no picture ID restrictions.

    A report that is even far incredulous that the IRS has turned a blind eye, to millions of illegal aliens collecting over $5.2 billion dollars in child tax credits and is ineligible. Even more brain numbing and total incompetence is sending tax checks out of the country, to illegal alien children not only resident in the U.S—but adding as many as 12 children per family, nephews and nieces to this illicit reimbursement. The IRS has allowed illegal aliens to use ITIN numbers to supposedly pay taxes of which million don’t pay one penny. Instead they are literary stealing—STEALING—billions of dollars every year from the taxpayers. A taxpayer can stand in awe that erroneous refunds from 23000 checks went to one address and the Internal Revenue Service did nothing? In fact the supervisors have been given a directive not to investigate these almost unbelievable situations. THIS IS YOUR MONEY THESE CROOKS ARE PILFERING AND THE US. GOVERNMENTS SITS BACK AND IGNORES IT. This occurred in Texas and all this under the running noses of the Obama administration. The refundable child tax credit (also called the additional child tax credit) provides cash payments to low-income parents who pay no federal income tax. The refundable child credit is a means-tested public assistance program that is comparable to the more widely known earned-income tax credit (EITC). A reformed child tax credit in the House reconciliation bill responds to mounting evidence that illegal aliens are claiming refundable payments through this credit.

    Republican Congressman Sam Johnson said in a letter to IRS commissioner Doug Shulman on Wednesday. “The appalling management of the ITIN program is a clear example of failed leadership and the buck must stop with you,” the Treasury Inspector General for Tax Administration, or (TIGTA), comes at a time when there is an extreme national debate about illegal immigrants, being hired instead of low income Americans. “This report is shocking,” said Louisiana Republican Rep. Charles Boustany, , who is chairman of the House subcommittee that oversees the IRS. “It’s one thing if the IRS tries to catch fraud and fails, but it’s quite another when management apparently takes steps to weaken program integrity.”

    Under current law foreign nationals can claim these payments, which do not require tax filers to include their Social Security numbers on their tax returns to prove that they are legal U.S. citizens or are authorized to work in the U.S. to qualify. The Republican-controlled U.S. House of Representatives approved a bill in May that would have restricted tax refunds to taxpayers with Social Security numbers. It did not become law because the Senate under the eye of majority Democrat-Liberal Senator Harry Reid halted its progress. This is a widespread and rapidly growing issue is that illegal aliens who reside in the U.S. are able to acquire ITINs. The IRS uses those identifiers to file tax returns on which these individuals claim the child tax credit and its refundable payment. A The Treasury Inspector General for Tax Administration reports that the number of ITIN filers claiming refundable payments nearly doubled between 2005 and 2008 from 796,000 to 1,526,276. The U.S. government must not reward illegal immigration by providing illegal aliens with uncompensated benefits through the refundable child credit, when they will spend time auditing citizens and then freeze their bank accounts or hound them like a fascist government. The purpose of the refundable child tax credit is to help low-income working families that are legal citizens or authorized to work in the United States. For decades everything different administrations have enacted, has further attracted millions of illegal aliens adding to the hundreds of billions of dollars, put aside for our own poor.

    If this isn’t the time for every American to connect with their local TEA PARTY, then they should ask for whatever either party has in store for us? NOTHING WILL EVER CHANGE, UNLESS WE CHANGE BOTH THE PEOPLE IN WASHINGTON. THROW THEM OUT. Today I couldn’t believe it when Goldman Sachs is off the hook for mortgage securities charges. Then we must remember that these people are large campaign contributors to both political parties and crawl as bulbous money lobbyists throughout the chambers and even infiltrated the sanctums of many legislators with their influence. Also learn more about the supposedly gunrunning travesty ‘Fast and Furious—OR WAS IT? I do not think the democrats want the truth revealed, but it’s available at TEAPARTY DOT ORG.

  4. The tea thugs are hardly constitutional. I dont hear a peep out of them over people being blocked from voting.

    Take your unfounded BS and rumors elsewhere where you might find gullible people. You are owned by the religious right and by the GOP.

  5. Just one change to make in this article: the Bush 43 wealth creation tools (tax cuts for the wealthy and big corporations) cost us $450 billion PER YEAR and have since CY 2003; in the two years before that, the first round of them cost us $255 billion in both 2001 and 2002…and, because the GOP kept them going with political manipulation, all of that goes on Bush 43’s credit card, not Obama’s, since 2009; because of the GOP’s continuation of the Reverse Robin Hood fiscal policies (you’ve been hearing this lately but I’ve been writing about them for more than a year on Facebook and Twitter), GW Bush’s contribution to the national debt was $9 trillion at the end of last year and will exceed $10 trillion by the end of this year…the last 3 GOP Presidents are responsible for 90% of the current national debt; do I need to write anymore to convince you idiotic poor and middle-class white folk to stop voting for the Greedy Old Patricians? Trickle-down economics has been raping this country (except from 1993-2001, the Clinton Administration) since 1981, which means that, two-dozen years after leaving office and more than eight years after his DEATH, Ronnie Reagan is STILL raping this country financially! Since what I’ve written is the truth, watch the GOP Mittwits, Cons and Baggers try to convince you that I’m lying…sorry, guys…lying, hypocrisy, extremism and idiocy are the domains of the GOP, not Progressive Non-Affiliated voters such as myself….try the truth sometime, GOP! :( ssmdh

  6. There are only about 4% of voters who are still undecided. So think of it as them having lot of power. They hold in their hands the future of our country and the economic future of the world in 2012.

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