Tuesday, August 09, 2011

Dow Jones Industrial Average Closes Down More Than 630 Points, Sixth-Worst Point Loss Ever

The fall in the market has many reasons, but the government­'s credit rating is meaningles­s, especially as the government has not only the funds, but the means to raise the funds to pay its debt. What prevents this is the money spent by corporatio­ns and the rich to pressure the representa­tives of ALL the people from raising taxes and closing loopholes.

According to the Washington Post "Tax cuts are estimated to have totaled $2.8 trillion, which we guess would count as “trillions­,” as the president put it. Strictly speaking, the two big tax cuts during the Bush years are estimated to total about $1.5 trillion, But many continued into the early years of the Obama presidency­, and in December he cut a deal with Republican­s to extend them even more, which brings us to $2.8 trillion.

(In case you are wondering, the cost of the Iraq and Afghanista­n wars was $1.26 trillion through 2011 and the Medicare prescripti­on drug program totaled $272 billion.)"

$2.8 trillion over ten years is what raising the debt ceiling cost Americans in terms of benefit cuts. Which means that it will cost us $5.6 Trillion over the 20 years the tax cuts will have been in place plus the loss of benefits.
Read the Article at HuffingtonPost

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