According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts.
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts—cuts that never ultimately came—they did so at ratios of 1:3 and 1:2.
“In 1982, President Reagan was promised $3 in spending cuts for every $1 in tax hikes,” Americans for Tax Reform says of those two incidents. “The tax hikes went through, but the spending cuts did not materialize. President Reagan later said that signing onto this deal was the biggest mistake of his presidency.
"In 1990, President George H.W. Bush agreed to $2 in spending cuts for every $1 in tax hikes. The tax hikes went through, and we are still paying them today. Not a single penny of the promised spending cuts actually happened.”
Video at following web link: http://www.breitbart.com/Big-Government/
This post was modified from its original form on 01 Jan, 8:34
Good to see we are still "progressing"! Tax, borrow, waste, tax, borrow. waste, tax, borrow, waste - still in the Federal government groove! For all the 60s Left wing freaks that have given us this let's all say, "Real groovy man!".
And a "Hip, Hip Hurray", right? I know John, I was going to add something to the title of this article but decided not to do so. Something to the affect that if Obama had achieved anything less than this we might have died of shock. I am still trying to see the way he thinks this will work; oh, that is right, he just has the Fed print more money doesn't he. I do know this, I am not going to spend 1 cent more than I have to to live and I am looking into how much money you have to have before you can set up an offshore account. LOL
I'm shaking my head...
I am absolutely unsurprised. Had there been a real conservative as Speaker of the House, we would have had a much better deal, but it is and has been obvious for a long time that Bonehead is a RINO who makes little if any pretense of being a conservative.
Unfortunately, I see the trend continuing in the direction that I have to ask the difference between D and R candidates. I seem to recall a prominent 'progressive' advocating manipulating the party structures toward that goal when Clinton was in office, realizing that a monopoly on power can be achieved by having the difference between the two parties negligible such that the same things will happen regardless of elections while allowing us to cling to the illusion that there is a difference and keep us too busy fighting over window dressing to see the truth that we are being offered a choice remarkably similar to choosing between ketchup or mustard on a manure sandwich while failing to notice that either way we are stuck eating a manure sandwich.
As bad as Boehner is the real sell out once again was McConnell. he was the author of a couple of the disasters from 2011 as well. Just waiting for the next call for the GOP for a funds request. No more wasted money to those idiots! Will contribute to individual candidates that have a solid background but nothing to a party that has no soul and less competence!
Well, John, I feel like now Obama owns the debt. He got what he wanted and now no one can ever again say that this is GWB's fault....ever again. I do agree that Mitch McConnell sold out and Boehner was left holding the dog food.
I am predicting four more years of no growth, massive debt, high unemployment and a war in the middle east.
Diane; Dear Leader "owned" the debt and bad economy before the election, The Demagogue Party (including him as a do-nothing Senator) were in charge of all legislation from 2007-2011 and totally in control really in 2009-2010 and haven't passed a budget since the FY2009 one after he took office (that was more than six months late). We've been running on "continuing resolutions", debt ceiling increases, and GOP assisted "fiscal" frauds since then like this one and the actions in 2011 that brought us the sequestration mess and other "spending reduction deals" that didn't cut anything. Sorry, but the GOP "leadership" accepted part of the responsibility with these deals and will get the blame when things get worse since they 'didn't do more" of what Dear Leader and his merry band of Demagogues demand to "fix" things! He's already braying about needing more tax "revenue' and more "investment" spending so see how well this works out. You're predictions are likely accurate but the Teflon Dear Leader won't get any of that stuck to him. More likely he will exploit the crises to push his radical agenda to the cheers of the press and the uniformed electorate. It will only end when we crash head first into a fiscal/economic/national security brick wall at full speed. What happens then is likely not going to be pretty because it will be too late for a rational set of solutions to be put in place to avert the worst damage. BTW, that isn't the first time McConnell sold out and stuck it to the House nor does Boehner get off the hook after his stupid statements after the election. Would love to play high stake poker with him if his poker face is as transparent as his "negotiating skills". Both Dear Leader and the Minority "Leader" made him look like a fool and his press appearances seem to confirm that. Elections have consequences and so do stupid statements and incompetence.
John, we can agree on McConnell and in a few quick steps he undid everything that the House had tried to accomplish which is typical of McConnell. Once I heard he was meeting with Biden I knew it was over; the Democrats would get what they really wanted and Obama would crow like he did. But there we will leave it.
At least my Rep wasn't a sell out and voted against it. Those that voted for it share any responsibility for the resulting mess and giving Dear Leader Obama cover in his ideological march to destroying the country.
John: he is a teflon leader and why nothing ever sticks ... let's thank his cohorts in the MSM for that. How did news media get so in bed with politicians is what I would like to know.
They deliberately manipulate people and so far they are winning.
It is beyond reason how the telfon leader got re-elected with a dismal record; but he did!
Sheila, you can thank George Soros for that one in the past 20 years or so; his support for the Clintons, stirring up the media against GW Bush and then the past 4 and to date supporting Obama; if he doesn't do it any other way it is the billions he pumps into the MSM.
Linda: you are right, he is the man behind the scene as he deliberately hijacked the democratic party in the 60s with the help of HiIlary and there is a book which documents all of this written by David Horowitz. That is another insightful read on where we got today and how we have the teflon leader in power.
Sheila what is the title of that book, please.