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Geithner Is Not Ruling Out New Taxes

From an unquestioning Associated Press:

Geithner: Lower deficit key to sustaining recovery

By Richard Lardner, Associated Press Writer

WASHINGTON – Treasury Secretary Timothy Geithner says the U.S. must cut the annual federal budget deficit, now more than $1 trillion, for the economy to have a sustained recovery and he’s not ruling out new taxes.

He said the country needs to understand the Obama administration will do what’s necessary. He did not detail how the government plans to shrink the deficit, though he said overhauling the health care system and lowering costs are essential.

"When we have recovery established, led by the private sector, then we have to bring these deficits down very dramatically," he told ABC’s "This Week" in an interview broadcast Sunday. "And that’s going to require some very hard choices. And we’re going to have to do that in a way that does not add unfairly to the burdens that the average American already faces."

Geithner also said private economists generally expect to see growth later this year and unemployment to ease in the second half of next year.

Any sustained recovery must rely on business investment and hiring, he said. Geithner said the administration will stick with its economic efforts until there a strong private sector-led recovery is in place.

Geithner said the White House wants a health care bill that has broad support on Capitol Hill. But he said the decision of whether "to help shape this and be part of it" is up to lawmakers.

"Or do they want this country . . . to go another several decades without doing what every other serious country has done. Which is to give their citizens access to basic quality of care," Geithner said.

On revamping the financial sector, Geithner rejected Republican claims that the government is assuming too much control over Wall Street.

The House passed a bill Friday prohibiting pay and bonus packages that encourage bankers and traders to take risks so big they could bring down the entire economy. Republican opponents of the legislation said the restrictions should apply only to banks that accept government aid. They criticized Democrats for creating government bureaucracies to make decisions better left to the private sector.

"I think that really everybody understands that we cannot have our financial system go back to the practices that brought this economy to the brink of collapse," Geithner said.

Geithner also said that extending unemployment benefits again is something the administration and Congress are going to "look very carefully at as the end of this year approaches."

This is yet more proof of Mr. Obama’s long announced plans to undo the ‘Reagan Revolution.’ At least, in the ways the Reagan Revolution was understood by leftists like Mr. Obama.

And Mr. Obama may even be using the same tactic that the left accused President Reagan of doing.

Back in the early 1980s the left claimed Reagan, acting under the guise of trying to stimulate the economy out of a dramatic recession, cut taxes and increased spending on the military as part of a nefarious plan to create such huge deficits that Congress would be forced to reduce spending – especially spending on the welfare state.

Now, acting under the guise of trying to stimulate the economy out of a dramatic recession Mr. Obama is spending trillions, much of it on old social programs, and he hopes to add even more expensive new ones, such as healthcare.

And he is likewise expanding the deficit even more dramatically than Mr. Reagan or any President has ever done.

But not only is Mr. Obama going to get the social justice that he has so longed for. But these astronomically deficits are at long last going to force Congress to undo the Reagan tax cuts once and for all and get the rates up so that even more can be spent on the welfare state.

(Thanks to BillK for the heads up.)

This article was posted by Steve on Sunday, August 2nd, 2009. Comments are currently closed.

19 Responses to “Geithner Is Not Ruling Out New Taxes”

  1. BillK says:

    Just try to read more than one paragraph in with a straight face.

    Richard Lardner of the Associated Press apparently could.

    Geithner: Lower deficit key to sustaining recovery

    By Richard Lardner

    WASHINGTON (AP) — Treasury Secretary Timothy Geithner says the U.S. must cut the annual federal budget deficit, now more than $1 trillion, for the economy to have a sustained recovery and he’s not ruling out new taxes.

    He said the country needs to understand the Obama administration will do what’s necessary. He did not detail how the government plans to shrink the deficit, though he said overhauling the health care system and lowering costs are essential.

    “When we have recovery established, led by the private sector, then we have to bring these deficits down very dramatically,” he told ABC’s “This Week” in an interview broadcast Sunday. “And that’s going to require some very hard choices. And we’re going to have to do that in a way that does not add unfairly to the burdens that the average American already faces.”

    Geithner also said private economists generally expect to see growth later this year and unemployment to ease in the second half of next year.

    Any sustained recovery must rely on business investment and hiring, he said. Geithner said the administration will stick with its economic efforts until there a strong private sector-led recovery is in place.

    Geithner said the White House wants a health care bill that has broad support on Capitol Hill. But he said the decision of whether “to help shape this and be part of it” is up to lawmakers.

    “Or do they want this country . . . to go another several decades without doing what every other serious country has done. Which is to give their citizens access to basic quality of care,” Geithner said.

    On revamping the financial sector, Geithner rejected Republican claims that the government is assuming too much control over Wall Street.

    The House passed a bill Friday prohibiting pay and bonus packages that encourage bankers and traders to take risks so big they could bring down the entire economy. Republican opponents of the legislation said the restrictions should apply only to banks that accept government aid. They criticized Democrats for creating government bureaucracies to make decisions better left to the private sector. …

    http://hosted.ap.org/dynamic/stories/U/US_GEITHNER_ECONOMY

    We have truly fallen through the Looking Glass, where Obama and his minions can say the sky is green and water is dry with a straight face, and the media dutifully report it rather than burst out laughing.

    Naturally it’s all because the American public has been dumbed down enough that they have no clue what complete and total BS they’re spreading.

    You can’t even call them lies as lies are never this bald-faced; any competent psychologist would have these people institutionalized.

  2. Liberals Demise says:

    Seeing that Turbo Timmy is writing this there will be no doubt that the Timster will leave a loophole for himself and posse to jump through………tax free!

  3. jobeth says:

    “Or do they want this country . . . to go another several decades without doing what every other serious country has done. Which is to give their citizens access to basic quality of care,” Geithner said.

    That is just what these “serious countr(y)ies” have done…made it where the ONLY health care that people can be sure of getting is “BASIC”.

    Got a sniffle? Got’ch ya covered…Got a boo-boo-…Got’ch ya covered. We gotch ya covered for any little thing you have.

    Oh?…you have a REAL health problem?….Sorry we just don’t have the money for that. You will have to wait till it’s too late to get care for the big stuff”

    Ahh…socialism! Equality! Now everyone is equal….equally poor. Except our elite leaders.

    And to this…

    “I think that really everybody understands that we cannot have our financial system go back to the practices that brought this economy to the brink of collapse,” Geithner said. ”

    How about visiting Cuba, Russia or any number of commie countries to see how well YOUR plan works Timmy!

    • Yarddog1 says:

      The “silent majority” should be silent no more! If these idiots pass the health care bill we should march in the streets demanding that these myoptic imbeciles be subject to the same laws that their subjects must “obey”. If they have the gall to exempt themselves we shall simply be a hoard of peasants paying homage to the aristocracy. More taxes my ass – the scale has already tipped – it’s getting to the point where there will be no sense in working. Many have already given up – businesses closing, no meaningful investment and fear of what these complete fools will do next. If they like socialism so much I am sure that there are many “serious countries” that will take them in. There is always need for more field hands. I am on my last nerve – forgive my rant.

  4. Rusty Shackleford says:

    So when is a duck really a duck?

  5. beautyofreason says:

    “Treasury Secretary Timothy Geithner says the U.S. must cut the annual federal budget deficit, now more than $1 trillion…and he’s not ruling out new taxes.”

    Don’t cut spending – expand it to pay for health care – but let someone else pick up the tab. Did I get that right? Go ahead and buy that prom dress on daddy’s credit card, Geithner – the sky is the limit and there’s always someone else to pay your bill!

    Of course, there is another view of taxation from some other guy, I dunno, who probably did something important:

    “Government big enough to give you everything you need is big enough to take away everything you have.”

    “We must not let our rulers load us with perpetual debt.
    We must make our election between economy and liberty
    or profusion and servitude. If we run into such debt, as
    that we must be taxed in our meat and in our drink, in
    our necessaries and our comforts, in our labors and
    our amusements, for our calling and our creeds…
    [we will] have no time to think, no means of calling our
    miss-managers to account but be glad to obtain subsistence
    by hiring ourselves to rivet their chains on the necks
    of our fellow-sufferers…
    And this is the tendency of all human governments.
    A departure from principle in one instance becomes a
    precedent for [another ]… till the bulk of society
    is reduced to be mere automatons of misery…
    And the fore-horse of this frightful team is public debt.
    Taxation follows that, and in its train wretchedness and
    oppression.”
    Thomas Jefferson

    Don’t the Dems want to apply taxes to foods and drinks they deemed unhealthy? Sigh…

  6. JohnMG says:

    The Democrats claim Jefferson as one of their own. How could that possibly be? Jefferson wouldn’t recognize that pack of clowns, much less identify with them. As a matter of practically, I believe he’d have them all in chains for treason, were he still around.

    • Colonel1961 says:

      Jefferson wouldn’t be terribly fond of either major party – but he would correctly label the current democrat party as traitors.

  7. Colonel1961 says:

    The good news is, we’ll all be ‘rich’ according to Geithner now…

  8. canary says:

    Wonder how long it takes the IRS to compute the gross income of the entire nation. Movie stars that supported Obama may get to keep their mansions as long as they make movies that promote communism. Obama did promise he’d force offshore banks to release everyone’s bank accounts. I’m sure there will be some countries conveniently exempt.
    Jesus telling the people there will be prominent people with titles that will say, but Lord didn’t I heal the sick, and didn’t I take care of the poor, but, didn’t I do this all in your name? And the Lord will say “I never knew you.” Something to do with wolves in sheep’s clothing. and that using your name, and the Lord will say “I never knew you”. Something about them being wolves in sheep’s clothing.
    Maybe they will be turned into goats.

  9. canary says:

    Steve is so good at highlighting the best parts. Noting Geithner’s big slip on the Obama army agenda. Going “to give ‘their’ citizens acess to ‘basic quality’ of care.”

    “basic quality” health care ? What happened to “the best, 1st class, better, health care.”
    See Geithner is an example of how Hitler gained power. Geithner is not a rich man, but he will end up with a rich mansion, and a permanent seat close to the King. Jesus said not to show partiality, and don’t try and sit next to a King. And don’t eat with bad people.

    That former Supreme Court Justice Souter knew what he was doing, when made it law the government can take your property for the benefit of the community.

  10. 12 Gauge Rage says:

    A lot of parallels can be made between our elected officials and the leaders of Jesus’ day. Back then Jesus boldly proclaimed to beware of the Pharisees who act all pious but shamelessly cheat widows out of their homes and inheritances. Today it’s the politicians who shamelessly cheat, rob, and vilify hard working men and women out of their prosperity. And they do it with the callous remark that it’s for own good to re-distribute the wealth.

    I wish we had a modern day prophet who would cut through all the smoke and mirrors of the left and their agenda, to expose them for the frauds that they are. But as back then, today such a prophet would be seized and killed by the leaders to silence the opposition.

  11. BannedbytheTaliban says:

    So when people have to foreclose on their homes, and not because of evil mortgage companies or evil insurance companies or evil oil/energy companies or evil hospitals or evil employers, but instead because of their ‘noble’ increase tax burdens due to cap and trade, universal health care, American recovery and reinvestment, more welfare and food stamps will MSNBC highlight these peoples’ sad stories on their programming? Will Obama have a website so he can tell of these peoples’ hardships? Will he give a primetime news conference saying he feels their pain?

  12. MinnesotaRush says:

    “He said the country needs to understand the Obama administration will do what’s necessary. He did not detail how the government plans to shrink the deficit, though he said overhauling the health care system and lowering costs are essential.”

    Timmy the tax cheat (and his dillusional boss and gang) “needs to understand” the principle of public service and “We the people ..” NOT the other way around.

    Timmy the tax cheat (and his dillusional boss and gang) “needs to understand” that the great and honorable presidents that have served this Country must be rolling in their graves as they witness this brazen attack on America, its’ priciples and values, and upon its’ citizenry.

    Timmy the tax cheat (and his dillusional boss and gang) “needs to understand” that (if it’s written with honesty) they will go down in history as the most dishonorable administration in the Country’s existence.

  13. proreason says:

    “I think that really everybody understands that we cannot have our financial system go back to the practices that brought this economy to the brink of collapse,”

    Translation: You taxes are going up by a HUGE amount.

    YOU will pay with every dime they can squeeze out of you. And your children will pay. And their children will pay. And their children will pay.

    Overwhelming taxes isn’t an accident. It’s is the linchpin of the strategy to destroy the middle class. It’s a strategy to insure the business class will never again be able to challenge the facist rulers.

  14. Georgfelis says:

    Citizens, I have two pieces of wonderful news. First, the new healthcare system will be given to you free, by passing crushing taxes onto only the rich in this country. (pause for applause) And the second piece of good news, the Government has declared all of you to be rich.

    Good thing Timmy is not a lifeguard, or he would throw an anvil to every drowning victim.

  15. Chuckk says:

    I do not have a PhD in Economics from Harvard, so I can not understand how the government can expand health insurance to 47 million new people, create and fund a giant new bureaucracy to administer it, and pay for everything with a small surtax on a very small group of citizens. All the while lowering the nation’s health care costs!! Thank god we have this brilliant group working for us in DC. They discovered there is such a thing as a free lunch in Obamaland. Thank you messiah.

    • proreason says:

      Chuckk, it works because, in addition to expanding service, creating a massive beaurocracy, having a tiny slice of Americans paying for it, and lowering the costs…..the health of all Americans will also be IMPROVED.

      That’s the lynchpin, you see.

      In the good hands of benevolent government nannies, all of our health will improve so greatly that all of the magic elixers will occur AT THE SAME TIME. Why, health care costs might go to zero!! And eternal life for all is definitely a possibility by the end of Obamy’s second or third term.

      If you had a PhD, or if you weren’t a perverted hope denier, you could understand it.


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