White House White Board: CEA Chair Austan Goolsbee Explains the Tax Cut Fight

Introducing White House Whiteboard. In this first edition, Austan Goolsbee, Chair of the Council of Economic Advisers here at the White House, tackles the tax cut fight and what it means that Congressional Republicans are "holding middle class tax cuts hostage" as the President has said.

Category:

News & Politics

Tags:

• White House
• President
• Barack
• Obama
• Whiteboard
• Austan
• Goolsbee
• CEA
• Chair
• Council of Economic Advisers
• Tax Cuts
• Taxes
• Deficit

[stukya]

@ThePOCKETKINGS because you dont take enough money in taxes to cover the costs, therefore you have to go to china and ask for more money to pay for tanks and schools, thats why you have to borrow! didnt glenn beck tell you this?

[immer09]

Pimpdalyrical says"Objective economists know that lowering those taxes for the "super rich" will create jobs you jackass, and it;'s an established fact that the government will take in more revenue."

P, perhaps you've been in a coma? THE TAXES WERE LOWERED for the "super rich", several years ago. What was that you were saying about job creation and revenue? and established facts?

But, hey, let's not let it expire- it is working so well. (Especially for profiteers who ship jobs overseas.)

[Jsparrow64]

@hantengliao

#1 81% =/= every objective economist.

#2 progressive taxation doesn't require you to level the playing field.

It should be obvious that this is propaganda and not meant to be a fact-based debate.

[insxobj]

The fact of the matter is that tax cuts do not automatically create jobs. The extra money generated by tax cuts must be spent purchasing products or services by the recipients of those cuts in order for jobs to be created.

[pimpdalyrical]

@istraight1

I know you didn't say that. I did. Consider yourself now informed.

[istraight1]

"Christ man, you said it yourself, the CRA happened in 1977!" i never said somehow you want the bill pass 1977 somehow started the economic collapse

[pimpdalyrical]

@istraight1

Christ man, you said it yourself, the CRA happened in 1977! That was the beginning of the chain of events that lead to the current recession. Try and keep up here.

[istraight1]

"No democrat interference into the mortgage industry to try and buy the low income minority vote" democrats were not even power until 2007 when had congress and control of the president and congress in 2009. It was GOP an there deregulation that started this.

[istraight1]

@pimpdalyrical "a tool specifically designed to satisfy liberal mandates." there was no liberal mandate for anything the banks were wrong real estate can fall in price like everything else another reason why gave bad loans to. Barney Frank was not part of this. Which also help housing mania in the late 90s to economic collapse.

"Clintons expansion of the program that caused this" i agree by removing glass steagall act with GWB promoting Ownership society

[pimpdalyrical]

@istraight1

No democrat interference into the mortgage industry to try and buy the low income minority vote, no 2008 recession, that's the fact.

[pimpdalyrical]

@istraight1

They were "subprime" in 77 too, they just werent classified any differently. I don't know what you're getting at, but either way it was Carter's administration that initiated racial quotas for banks, or Clintons expansion of the program that caused this. 70% of the failing mortgages in those credit default swaps were subprime, a tool specifically designed to satisfy liberal mandates. Banks believed in their value, because Barney Frank testified they were sound.

[istraight1]

@pimpdalyrical again that bill was pass in 1977 and all these subprime mortgage around 1997. Credit Defualt Swap was new term created for government not regulate this new insurances by calling something else. The banks believe that real estate would never fall in value