Cenk's plan is overly detailed for no reason. He doesn't know how much money this would raise or what the effects would be on the economy.
I mean, god bless, I am in favor of raising the top marginal tax rates as well. But I feel no need to specify my preference more than that because I don't know how much more tax revenue each extra percentage of marginal tax rates would create.
Also, I tend to agree with the guest from yesterday. Let's leave worrying about the debt until after recession is over. I would be more in favor of this plan if it started in 2011 or 2012. Cenk has never said he doesn't believe in Keynesian economics, but I guess I should wait until after the Ron Paul interview today.
Yes overly detailed. The point of putting actual numbers on a proposal like this would be to calculate how much revenue you would raise theoretically. Or to make it sound neat with the 5-5-5 thing. Okay, it sounds catchy, I guess that's the whole point.
Anyway, raising taxes this much during a recession is crazier than Ron Paul. We can't implement Obama's agenda, stimulate or way out of the depression, and balance the budget all at the same time. Can't play with it. Can't win with it. Can't do it.
I consider myself a fiscal conservative. Just like Cenk I used to be a Republican until they went crazy. But we've got to stop hemming and hawing over running deficits right now.
I read your response, and read down below, and I'm confused about where you stand. The thing that FDR did during the depression, that economists today--such as Ben Bernanke--give him credit for, is deficit spending. As you mention below when FDR backed off, listened to Republicans of the day, and tried to balance the budget by raising taxes, the economy softened again in 1937.
My whole point has been that we should put off tax cuts for now.
