{"id":15141,"date":"2012-05-20T08:42:28","date_gmt":"2012-05-20T13:42:28","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=15141"},"modified":"2012-05-20T08:42:28","modified_gmt":"2012-05-20T13:42:28","slug":"this-is-why-i-dont-expect-the-bush-tax-cut-to-be-allowed-to-expire","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2012\/05\/20\/this-is-why-i-dont-expect-the-bush-tax-cut-to-be-allowed-to-expire\/","title":{"rendered":"This is why I don’t expect the Bush tax cut to be allowed to expire"},"content":{"rendered":"

Here it is in one easy-to-understand graph:<\/p>\n

\"\"<\/p>\n

Brad Plumer<\/a> explains:<\/p>\n

What will the economy look like in 2013? A great deal depends on what Congress decides to do at the end of this year. Remember, the Bush tax cuts are expiring, the payroll tax holiday will sunset, and a bunch of new spending cuts under the debt-deal \u201csequester\u201d are scheduled to kick in. Coming all at once, that\u2019s a potentially big drag on growth.<\/p>\n

[. . .]<\/p>\n

To put this in perspective, the Federal Reserve expects the economy to grow at a roughly 2.9 percent pace in 2013. If Congress does nothing at the end of this year, much of that growth could be wiped out, and there\u2019s a strong possibility that the United States could lurch back into recession. (Granted, a lot could depend on how the Fed reacts in this situation.)<\/p>\n

On the flip side, as Ezra discussed in Thursday\u2019s Wonkbook, letting all of the tax cuts expire and spending cuts kick in would also cut the U.S. deficit considerably: \u201cPublic debt falls from 75.8 percent in 2013 to 61.3 percent in 2022.\u201d<\/p><\/blockquote>\n

H\/T to Doug Mataconis<\/a> for the link.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here it is in one easy-to-understand graph: Brad Plumer explains: What will the economy look like in 2013? A great deal depends on what Congress decides to do at the end of this year. Remember, the Bush tax cuts are expiring, the payroll tax holiday will sunset, and a bunch of new spending cuts under […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,84,13],"tags":[158,698,188,668,118],"class_list":["post-15141","post","type-post","status-publish","format-standard","hentry","category-economics","category-government","category-usa","tag-barackobama","tag-congress","tag-electionwatch","tag-georgewbush","tag-taxes"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-3Wd","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/15141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=15141"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/15141\/revisions"}],"predecessor-version":[{"id":15143,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/15141\/revisions\/15143"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=15141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=15141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=15141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}