In an interview with WSJ's Jerry Seib, the founder of the Congressional Budget Office, Alice Rivlin, says a temporary deal to raise taxes on those earning $250,000 or more could lay the groundwork for an overhaul of the U.S. tax code.
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The word recession is meaningless. What matters is that we are still recovering from the depression. And its going to be quit a few more years.
We need more recessions and less Bernankessions.
Resesscions end eventually, there's just no end in sight for the Bernankession.
I mean the prices rise, and there's no inflation.
Wages plummet and it's reported wages are rising.
Employment above 20% and it's reported at 7.8%.
Explain to me again why a recession would be so bad?
Nation's been living on credit since 1999 -- first the corporate debt of the dotcom era, then the household debt of the housing boom, and now the government debt of the "recovery".
To fix things taxes have to double in this country. Across the board, more or less.
I know what I see.
When I first moved to California, there was a three year waiting list for any available storefront along Ventura Boulevard stretching from Sherman Oaks to Woodland Hills.
Still, from Sherman Oaks to Woodland Hills there are empty and available commercial properties.
Investment falls off a cliff .
We don't even need to cross the stupid fiscal cliff, companies are already cutting capital investments. i.e., companies are already pricing in a reduction in economic activity. Doesn't matter what the idiots in Washington do.
The word recession is meaningless
It is meaningful to the degree that the most common users of the word (read: mainstream media) engage in the Management of Perspective Economics (MOPE).
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