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Bill Clinton: US In Recession, Extend Tax Cuts

From CNBC:

US Already in ‘Recession,’ Extend Tax Cuts: Bill Clinton

By: Jeff Cox
5 June 2012

Former President Bill Clinton told CNBC Tuesday that the US economy already is in a recession and urged Congress to extend all the tax cuts due to expire at the end of the year.

In a taped interview aired on "Closing Bell," the still-popular 42nd president [sic] called the current economic conditions a "recession" and said overzealous Republican plans to cut the deficit threaten to plunge the country further into the debt abyss.

Doesn’t Bill realize that he is supposed to shut up and only appear at Obama fundraisers?

By the way, if cutting deficits causes recessions, why does Clinton always brags about how he cut the deficit. (Even though he was actually forced to do so by the Republicans.)

"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, and 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," Clinton said.

"They will probably have to put everything off until early next year," he added. "That’s probably the best thing to do right now. But the Republicans don’t want to do that unless he agrees to extend the tax cuts permanently, including for upper income people, and I don’t think the president should do that."

However, Clinton did say that Congress would be best off agreeing, at least for the time being, to extend all the tax cuts that are set to expire at the end of the year, including the so-called Bush tax cuts named after Clinton’s successor, George W. Bush

How can tax cuts be good for the economy in the short term, but not in the long term? It makes no sense. (Granted, we are talking about Bill Clinton here.)

On tax questions in general, Clinton said it’s reasonable to expect top earners to pay more and he defended the current tax structure, which he said wouldn’t look so bad if the economy was doing better.

He likes the current structure, but he wants the rich to pay more?

"They’re still pretty low, the government spending levels. But I think they look high because there’s a recession," he said. "So the taxes look lower than they really would be if we had two and half or 3 percent growth and spending is higher than it would be if we had two and a half or 3 percent growth, because there are so many people getting food stamps, so many people getting unemployment, so many people on Medicaid."

So government spending only looks so high because we have low growth and so many people on unemployment and Medicaid. It really isn’t high.

Clinton said Obama is "on stronger ground" when he challenges Romney’s record as governor of Massachusetts, not as a businessman at Bain.

"There’s a company not doing well, that’s failing, and you buy it and have to impose some economies there and cutbacks because you’re trying to turn it around so it can thrive in the economy. Whether you succeed or fail, that’s a good thing to do," he said. "If you go in and buy a company and intentionally load it up with debt, loot its assets and the people lose their jobs and retirements…that’s a bad thing."

"So to make a judgment on that, you have to know a lot of facts about every case," Clinton added…

There he goes again!

Clinton made no predictions about the election but he said it will be important for Obama to draw clear lines in order to win.

Which would appear to be another walk back. Since earlier this week Clinton was predicting that Obama would win by six points.

"The most important thing in this election is what will President Obama do and what will Gov. Romney do with the economy and how will they deal with people who disagree with them," Clinton said. "Will they be divide and conquer, or would they be, ‘let’s bring everyone together’?"

Maybe Clinton was thinking about how the Obama campaign would treat his endless criticism.

This article was posted by Steve on Wednesday, June 6th, 2012. Comments are currently closed.

2 Responses to “Bill Clinton: US In Recession, Extend Tax Cuts”

  1. Astravogel says:

    Methinks Slick Willy and the Hildabeast are setting themselves
    up for running for the next available presidential election! Oh,
    the Humanity!!

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