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Bernanke to Obama, Dems: Don't Raise Taxes

October 20, 2008 RSS Feed Print

So in his testimony to Congress today, Bernanke gets asked about the wisdom of letting the 2001 and 2003 Bush tax cuts expire. Bernanke said a) "there is the Keynesian effect of tax and spending," and b) "our tax system needs to be made more efficient." Let me translate: a) "raising taxes right now would make the economy worse," and b) "the tax system should be about promoting economic growth." Basic economics, gang. If only Congress would listen.

Tags:: Ben Bernanke,; Barack Obama,; taxes

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Is the myopia that characterizes the right-leaning comments above just so-much ideological naivety, or is it purposeful? Are you incompetent, or are you trying to sabotage real political and economic dialogue?
It is absolutely irresponsible to say the economy was doing fine until 2007! You have no sense of history or systemic shifts. The "class war" discussed by McCain in the last debate was started way before the Democratic congress or Obama's campaign. It was the right-wing that started the class war! The Bankruptcy Reform Laws, the supply-side economics, voodoo economics... the ideology has been destructively at work for some time.
The Bush administration came to power with a radical privatization agenda, which has shifted hundreds of billions of dollars into the hands of their crony industries. Neoconservatism is only a militarized form of neoliberalism. It was this administration and the Republican congress who bears responsibility for driving us into the economic crisis we are in.
Listen to Paul Krugman at least. This economic crisis has been a long time coming.

Sol of IN 5:28PM October 21, 2008

"Did Bernanke suggest some other way to pay for the out of control spending of this administration? "
CONGRESS writes the budget.
Correction: "Did Bernanke suggest some other way to pay for the out of control spending of this Pelosi/Reid Democrat majority Congress?"
Answer: YES. Quit wasting money on pork-barrel projects, over-the-top bailouts, and an expanded welfare state.

pj of TX 4:40PM October 21, 2008

The #1 threat to our economy right now is the re-election of the incumbent Democrat Congress, the most incompetent Congress which has made current economic problems worse, combined with the inexperienced leftwing Obama putting his wealth-redistribution plan in place.
Bernanke is just stating the obivous - higher tax rates will hurt the economy.
What he didnt tell you is that Obama's plan will raise marginal tax rates on the middle class as well as the rich. Under Obama, the marginal tax rates for people making $40,000 will be the highest they have been in decades.
Obama is dishonest in calling this plan a tax cut. It's a welfare expansion program.
Factoid:
The best President for the stock market was Calvin Coolidge.

travis m of OH 4:37PM October 21, 2008

Bernanke to Obama, Dems: Don't Raise Taxes

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