M2RB: The Smiths
And when I'm lying in my bed
I think about life
And I think about death
And neither one particularly appeals to me
And if the day came when I felt a
Natural emotion
I'd get such a shock I'd probably lie
In the middle of the street and die
I'd lie down and die ...
Oh, oh
I think about life
And I think about death
And neither one particularly appeals to me
And if the day came when I felt a
Natural emotion
I'd get such a shock I'd probably lie
In the middle of the street and die
I'd lie down and die ...
Oh, oh
One of the biggest urban legends is that the Bush-era tax cuts are the cause of our current deficits. They aren't.
According to the CBO, the major components of the 11.8 trillion swing from the PROJECTED surpluses to deficits over the ten year period 2002 to 2011 were:
1. 44% of the 10-year swing was the result of INCREASED SPENDING, i.e.,$5.2 trillion higher than the CBO had projected in 2001.
- 68% of this increased spending was discretionary, i.e., not defence-related.
2. 28% of the 10-year swing was the result of economic corrections, i.e., $3.3 trillion higher than the CBO had projected in 2001.
3. 28% of the 10-year swing was the result of technical corrections, i.e., $3.3 trillion higher than the CBO had projected in 2001.
According to the CBO, the major components of the 11.8 trillion swing from the PROJECTED surpluses to deficits over the ten year period 2002 to 2011 were:
1. 44% of the 10-year swing was the result of INCREASED SPENDING, i.e.,$5.2 trillion higher than the CBO had projected in 2001.
- 68% of this increased spending was discretionary, i.e., not defence-related.
2. 28% of the 10-year swing was the result of economic corrections, i.e., $3.3 trillion higher than the CBO had projected in 2001.
3. 28% of the 10-year swing was the result of technical corrections, i.e., $3.3 trillion higher than the CBO had projected in 2001.
4. 16% of the 10-year swing was the result of ALL of the Bush tax cuts, i.e., $1.8 trillion...most of which Obama wants to keep.
5. 12% were other tax cuts in the 2008 stimulus, 2009 stimulus, and 2010 payroll tax holiday, i.e., 1.5 trillion.
If one looks at how these factors have changed since 2002, she will learn that the Bush-era tax cuts have been declining as a contributing factor to the swing to deficits. Indeed, in 2011, the Bush-era tax cuts account for only 6% of the current swing to deficits. By contrast, higher spending accounts for 42% of the change, while economic and technical factors account for 28% of the change.
http://www.cbo.gov/ftpdocs/121xx/doc12187/ChangesBaselineProjections.pdf
5. 12% were other tax cuts in the 2008 stimulus, 2009 stimulus, and 2010 payroll tax holiday, i.e., 1.5 trillion.
If one looks at how these factors have changed since 2002, she will learn that the Bush-era tax cuts have been declining as a contributing factor to the swing to deficits. Indeed, in 2011, the Bush-era tax cuts account for only 6% of the current swing to deficits. By contrast, higher spending accounts for 42% of the change, while economic and technical factors account for 28% of the change.
http://www.cbo.gov/ftpdocs/121xx/doc12187/ChangesBaselineProjections.pdf
Nowhere Fast - The Smiths
I'd like to drop my trousers to the world
I am a man of means (of slender means)
Each household appliance
Is like a new science in my town
And if the day came when I felt a
Natural emotion
I'd get such a shock I'd probably jump
In the ocean
And when a train goes by
It's such a sad sound
No ...
It's such a sad thing
I'd like to drop my trousers to the Queen
Every sensible child will know what this means
The poor and the needy
Are selfish and greedy on her terms
And if the day came when I felt a
Natural emotion
I'd get such a shock I'd probably jump
In the ocean
And when a train goes by
It's such a sad sound
No ...
It's such a sad thing
And when I'm lying in my bed
I think about life
And I think about death
And neither one particularly appeals to me
And if the day came when I felt a
Natural emotion
I'd get such a shock I'd probably lie
In the middle of the street and die
I'd lie down and die ...
Oh, oh
I am a man of means (of slender means)
Each household appliance
Is like a new science in my town
And if the day came when I felt a
Natural emotion
I'd get such a shock I'd probably jump
In the ocean
And when a train goes by
It's such a sad sound
No ...
It's such a sad thing
I'd like to drop my trousers to the Queen
Every sensible child will know what this means
The poor and the needy
Are selfish and greedy on her terms
And if the day came when I felt a
Natural emotion
I'd get such a shock I'd probably jump
In the ocean
And when a train goes by
It's such a sad sound
No ...
It's such a sad thing
And when I'm lying in my bed
I think about life
And I think about death
And neither one particularly appeals to me
And if the day came when I felt a
Natural emotion
I'd get such a shock I'd probably lie
In the middle of the street and die
I'd lie down and die ...
Oh, oh
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