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Former President Bill Clinton thinks the U.S. economy is already in a recession and urges...

Former President Bill Clinton thinks the U.S. economy is already in a recession and urges Congress to extend all the tax cuts due to expire at the end of the year. "What I think we need to do is find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now," Clinton says, "Then deal with what's necessary in the long term debt-reduction plans as soon as they can, which presumably would be after the election."
Comments (29)
  • why would this congress and this current president listen to anything reasonable from anyone? Even from a former Democrat President who moved to the center for the good of the nation?


    I really hope nobama is listening.
    5 Jun 2012, 08:20 PM Reply Like
  • We are going to kick this can down the road till we run out of road. Then we're going to spend more money on building roads. Rinse / repeat. This is America MF. We don't run out of forest to print money cause we keep planting new trees as we go along. How many times am I going to have to tell you this till you get it through your thick head.
    5 Jun 2012, 08:20 PM Reply Like
  • I think that someone in America must not understand what a catch 22 is or the term six of one and half a dozen of another. This situation has a better chance of getting worse before it gets better. t will take a lot of compromise and a lot of time to fix this. I could be wrong but I don't think so......time will tell and I'm not betting the farm on it.
    5 Jun 2012, 08:29 PM Reply Like
  • If you cut taxes, who will pay for military? GOP says not them.
    5 Jun 2012, 08:32 PM Reply Like
  • Since the Constitution says that defense is the federal government's top priority, the more appropriate question is "who will pay for everything else?"


    To your point, cut taxes. The government sucks at spending money.
    5 Jun 2012, 09:10 PM Reply Like
  • Terry. We all pay for everything. Despite the fact that we are all $16 Trillion in debt, the reality is we have paid for it and are paying for it in inflation and the debasement of the USD. The debt has been on the books for decades and no one has ever required that the USA repay their debt. It may happen someday, but not as long as we are the major consumption economy in the world.
    5 Jun 2012, 11:26 PM Reply Like
  • look people have to face it, we cant pay the benefits we once promised for Soc Sec/Medicare/Medicaid even regardless of the amount of taxes we raise. yes we need to raise some taxes, I agree, but the "Buffet Rule" wont solve anything and just polarizes people. Do things like phase out deductions, close loop holes. The social programs are fine for 55+ but for younger people like myself, adjust the age up based on life expectancy. I accept it. I recently had a AARP member lobby me (~30ish) telling me to fight to not raise the age for benefits by a day. I'm a moderate, but talking to someone like that makes me want to turn republican really bad. She told me unemployment/jobs numbers were lies, and that AARP would like me to job, send money to help produce jobs. These are the type of people that polarize moderates like myself. I liked Clinton, and think myself to be a southern democrat, but the people we have in charge have done a disservice to the party and the country. I'm a minority and glad we had a minority president, but its time to get the Clintons back in or I'll hold my nose for a republican. If you are a democrat and want to bash me for my views go ahead, and you will make my swing vote definitely be placed in the R column.
    5 Jun 2012, 09:00 PM Reply Like
  • Jabber, we're not all extreme, regardless of what you read/hear in the media. Consider the large numbers of Independents, the 'swing' voters on whom elections usually hinge. I am myself an Independent, a former Dem driven out by extremism, now thinking of myself as center right. We can vote either direction according to the best candidates, interests of our country and its citizens. Recently I was amazed to hear Portman called 'too Moderate' to be VP. Really? Silly world. We can still chose for ourselves
    6 Jun 2012, 03:25 AM Reply Like
  • Military,,, I've been in the military since high school....Trust me they waste more money than any group out there..... There is no over site on what they do with the money given them...They just ask for more and no one wants to question there spending.... look at those on the front lines defending this country.... there;s 3 times as many sitting on there ass's in the rear collecting a pay check with a much higher rank.....Saying look at me and give me a discount cause I'm in the military..... you all owe me...... I'm a E9 grade that can see this is just a job nothing else.....Stay in , get out it doesn't matter....The CEO's of this company need to justify there running of this company and spending....To the American public.....
    5 Jun 2012, 09:05 PM Reply Like
  • Runlong,
    I totally agree ! I, too, have served in the military, as well as having worked in a state and a federal agency. There is no difference !


    Constantly 'encouraged' to spend (or exceed) the fiscal budget or risk a 'cut' in the next fiscal year's budget. Proverbially, the snowball rolling downhill. Witnessed unnecessary spending with no consideration of total waste of tax payer's money.


    There will be no goverment accountability as long as politics rule.
    5 Jun 2012, 10:54 PM Reply Like
  • Cut spending, military, entitlements, etc. Lower taxes for lower income brackets to equal that of upper income, don't raise taxes for higher income.
    5 Jun 2012, 09:28 PM Reply Like
  • It's obvious that the tax cuts need extension. It's going to be interesting to see if the Dems choose a scorched-earth policy this winter when the issue hits the legislative table.
    5 Jun 2012, 10:17 PM Reply Like
  • Former President Clinton had a pretty good week campaigning for Romney. Thanks Bill! :-)
    5 Jun 2012, 10:22 PM Reply Like
  • I am surprised we didn't see him in Wisconsin for Walker.
    5 Jun 2012, 11:27 PM Reply Like
  • Axe has to be tearing his hair out. The show must go on. :)
    6 Jun 2012, 03:35 AM Reply Like
  • Not much left there to tear out, is there?
    6 Jun 2012, 08:53 AM Reply Like
  • I would just love to see the GOP actually follow through on closing loopholes for the wealthy. I've heard a lot of talk about "closing loopholes" but, somehow, that has become a euphemism for ending social welfare programs. I would love to see them clean up the top end of the tax code instead of taking pot shots at public servants and those that need medical assistance.
    5 Jun 2012, 10:43 PM Reply Like
  • D*mn, we are in serious trouble if Clinton is pushing tax cuts.
    6 Jun 2012, 12:09 AM Reply Like
  • Bill, as the "me-first" guy he's always been, has simply recognized that those "tax cuts" are mostly about dividends and capital gains, and guess where Uncle Bill makes all his money these days?


    But, that's fine, and not even duplicitous, as enlightened self interest is what capitalism is all about in the first place.
    6 Jun 2012, 07:17 AM Reply Like
  • I didn't realize you had a cynical side, Tack. lol.


    I saw Bill Clinton's interview with Wolf Blitzer yesterday on CNN. I've got to say that Mr Clinton was just not as clear in his comments as he has been in the past. A bit confused, hesitant. Mind wandering. I'm wondering if he's adopting a new "deliberate mature" persona or if there is something wrong neuro-biologically. He did not get me to follow his train of thought, which has been one of his strong abilities in persuasiveness.
    10 Jun 2012, 10:16 AM Reply Like
  • Perhaps Bill is pre-positioning Hillary for 2016? Watch those moves. Could be a high powered chess game in action.
    6 Jun 2012, 10:13 AM Reply Like
  • Diane....I am sorry, I couldn't stand to look a Hillary for 4 years. I am sorry, she is just downright homely. Please forgive me for stating my opinion. I am sure someone (?) finds her attractive.....(well no I am not)
    6 Jun 2012, 11:55 AM Reply Like
  • Not my pick either, Mark! But they've always had ambition, and Willie would love to handle (no, that's the wrong word) manage the President. ;) He does have Dems swinging in the wind these days, tho, and he's too crafty to be making stupid statements without purpose.
    6 Jun 2012, 12:30 PM Reply Like
  • Oh Diane.....I love it. You made me laugh out loud at work... and that's a no - no.
    6 Jun 2012, 12:38 PM Reply Like
  • Bozerdog.....I agree... Don't raise taxes on the Rich or upper 1%... just lower or make the effective tax rate for the lower 99% (Middle Class etc.) equal to that of the upper 1%. This would put more $$$ in the pockets of Americans that actually buy the goods and services available.....This raise in demand for Goods and Services, should result in: more JOBS, higher tax revenues for Federal, State, and Local Governments (Due to increase in Net Business Revenues, Labor force withholdings and Sales Tax revenues), and a reduction in unemployment and other related labor cost at the State and Federal level. This additional revenue should be used to reduce DEBT, etc. Wow!! what else ???
    Bottom line........The lower 99% are the real job creators...Living the American dream.... The upper 1%.... invest in that dream, whatever it may be.....The Wealth Creators. 
    We are all Americans and together. 1% + 99% we can make it work; Politics sees otherwise!
    6 Jun 2012, 02:52 PM Reply Like
  • Bigvee....I'm not sure you understand what the effective tax rate structure looks like:


    Lowest Quintile: 0.8 %
    Second Quintile: 5.9%
    Third Quintile: 12.8% (by now we are up to 60% of Federal Taxpayers)
    Fourth Quintile: 17.3%
    Fifth Quintile: 24%
    Top 1%: 27.9 %
    Top 0.1%: 30.9%


    So what tax rate would you like the "middle class" to pay, cuz they are only paying 12.8% now?


    Source: Tax Policy Center
    6 Jun 2012, 03:38 PM Reply Like
    I don't understand those numbers. Is that income tax or payroll tax?
    I will be having a conversation with my accountant soon.
    7 Jun 2012, 04:57 AM Reply Like
  • Those are Effective Federal Income Tax rates.


    Please advise you accountant to reduce your tax liability to the lowest possible number to save you the most money and give the "Government" the least.:))
    7 Jun 2012, 09:04 AM Reply Like
  • Remember though, that excludes the Social Security, SDI/SWI, and other "non-tax" charges on your income that are far flatter and, in the case of social security, caps out at 20k or something.


    People like to quote just the progressive tax rate because it makes the wealthiest seem like victims but if you combine all of the tax and non-tax charges, it starts to look a lot flatter.
    12 Jun 2012, 04:13 PM Reply Like
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