Nonpartisan Congressional Budget Office (CBO) Claims Extending Unemployment Insurance is Better for the Economy than Extending Tax Cuts for Top 1%

Economist cat says: The CBO said #1 option to create jobs and improve the economy is extending unemployment benefits. They did the real math folks and it's time for the Senate to pass the legislation.  Photo credit:Cozmik Debris by kevindooley on flickr cc

Economist cat says: The CBO said #1 option to create jobs and improve the economy is extending unemployment benefits. They did the real math folks and it's time for the Senate to pass the legislation. Photo credit:Cozmik Debris by kevindooley on flickr cc

9.6% Unemployment Must Be Dealt With: How? The CBO says #1 Option: Extend Unemployment Benefits

The Congressional Budget Office (CBO) is a non-partisan office created in 1974. Their report:

Presentation to the Society of Government Economists: Fiscal Policy Choices, November 15, 2010 by Douglas W. Elmendorf, Director indicates:

As the above report states, the CBO claims that just extending the Bush Tax Cuts will “worsen the fiscal outlook”

CBO November 2010 Shows Fiscal Outlook Worsens with Permanent Bush Tax Cuts

 

Fiscal Policy for Sustainable Path from CBO shows Permanent Tax Cuts would Worsen the Fiscal Outlook

Projected Federal Revenue through 2020 with options from CBO Nov. 2010

Projected Federal Revenue through 2020 with options from CBO Nov. 2010 demonstrates permanent tax cuts are unsustainable for U.S. economy

CBO on Benefits of Unemployment Insurance Extension vs. Tax Cuts for Jobs & the Economy 2010

Rachel Maddow: GOP chooses wealthy over U.S. economy

Increasing aid to the unemployed is the single most effective thing that will help save the economy, not extending the Bush tax cuts for the top 1%.

The Rich Get Richer while others Flatline graph on Rachel Maddow Show

The above video includes a very good summary from Rachel Maddow of the single most effective option for creating jobs: “Unemployment Benefits.”

The Poor Get Poorer (Graph on Maddow Show)

During the G. W. Bush Administration from January 2001-January 2009 the Rich Got Richer and the Poor Got Poorer. This is not a mere talking point from Frank Luntz. This is an objective fact as pointed out in the above graph from Rachel Maddow’s show based on Census Department Data.

FACT:

During the Bush Administration and the Republican Held Congress, the gap between rich and poor grew to be the largest it has been at any time since the Gilded Age in the 19th Century which is over 100 years!

The real reasons the Rich got Richer and the Poor Got Poorer, because of the Bush Tax Cuts and relaxation of fiscal regulations in the financial sector.

So, shouldn’t everyone in Congress be listening to the Non-partisan Congressional Budget Office?

Funny Fuzzy Math of GOP based on Faulty Ideology instead of Objective Reality

It seems that many Senators and Congressmen and women in the Republican Party have their own type of Funny Fuzzy Math to determine what they believe will help create jobs and stimulate the economy. Unfortunately their belief that extending the Bush tax cuts will create jobs would add $700 billion to the deficit and would not create jobs. There is something called “cause and effect.”

The non-partisan Congressional Budget Office (CBO) proved that the single best way to help stimulate the economy and create jobs is to extend unemployment benefits because:

1)  People will have money to spend which will help the economy.

This is from the nonpartisan Congressional Budget Office. This is an office that studies the facts and does number crunching to figure out how various policies create certain real world results.

However, many Republicans are demonizing people who are unemployed and who need unemployment insurance. If we take a look at what caused the economic problems, we see that it was largely based on lack of regulation of the financial sector during the Bush years 2001-2008. During that period protections for consumers were ignored or repealed and instead it became a wild wild west on Wall Street. The idea that the market will “self-regulate” is a complete joke.

The GOP are using the media to revise history and hoodwink the public into thinking all the economic woes we are experiencing are because of the Democrats and the Obama administration. It is up to bloggers and other people to get out the truth about what caused the economic messes we are in and what will actually help all Americans, not just the top 1% or 2% of wealthy people in the U.S.

Double Talk Based on Luntzian Talking Points

Why do people believe folks who spew the Luntz talking points? Even though these talking points are solely created based on getting the listener to “think and feel” a particular way.

The fact that GOP Senators and Congressmen demean those who are unemployed as if they only want to abuse their unemployment insurance is ridiculous and mean-spirited. Many people currently unemployed include, scientists, teachers, Vice Presidents of corporations, managers, etc.

The idea that these people should now be cut off from any type of income unless it is “paid for” while Republicans want to extend $700 Billion worth of unpaid tax cuts for the top 1-2% is mindboggling and very disturbing.

Americans wake up! Any policy decision on the economy should be based on sound objective criteria, not on ideological goobldygook. I dare the Republicans to prove their twisted economic policies with objective real mathematical facts instead of their abstract ideological baloney.

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This entry was posted in Banks, democrats, Economy, Elections, Health Care Reform, human security, jobs, Media, News, Obama, Politics, President Barack Obama, Republicans, senate, Senate and Congress, Seniors & Social Security and tagged , , , , , , , , , , . Bookmark the permalink.

One Response to Nonpartisan Congressional Budget Office (CBO) Claims Extending Unemployment Insurance is Better for the Economy than Extending Tax Cuts for Top 1%

  1. Pingback: The Most Productive Lame-Duck Session since 1960s | Kitty Reporter's Blog: Hot Cat's Meaow Topics

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