CNN Host: Economists say Obama’s tax plan today will cut our current GDP growth in half

According to the chief economist at JP Morgan Chase (via CNN), if we proceed with today’s tax plan from the genius that is Obama and all of his foot soldier Democrats and extend the Bush tax cuts only for those making less than 250k, we would cut a full percentage from our GDP growth which right now is only about 1.9%. Really, a plan to cut our growth rate in half? That sounds like a brilliant plan to get the economy going! Is November here yet?

Watch below:

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  • johnos2112

    Again I want to say this with all due respect to the networks. What is Progressivism giving you to deliberately lie everyday? What are they promising you to distort the truth? It is so obvious what raising taxes would do to the so called recovery!

    • NYGino

      johnos2112, with all due respect to you I would have to say the networks (MSM) have no respect due to them. They have cast their lot with the anti-American crowd.

    • PFFV

      They are brainwashed sheeple, just like all the Obama Lemmings. The wealthy will stay rich and the rest of us will be forced to suckle from the Government teet if they have their way. Reagan had it right when he said “The biggest enemy to freedom will come from within, not outside our borders.” Nearly half this nation is under the influence of the Obama-Kool Aid – Free Government Goodies For Every Man Woman and Child – Money Grows on Trees Mentallity. The revolution is near, be ready!

  • HopeHeFails

    The one job Biden will never hold again is VP. Zero chance.

  • Joe

    Well – I guess Erin will be gone soon for telling the truth

    She’ll be landing at FOX Business pretty soon

  • notebene

    Did anyone in this pathetic administration take Economics 101? This has got to be a deliberate plan to tank the US economy because it’s impossible to be this inept and still claim that we are in recovery! The lamestream media’s promotion of this garbage propaganda only proves that they are indeed enemies of the American people. More reasons not to give them ratings and hit them in the pocketbook!

    • warpmine

      More likely they took critical coke theory otherwise what could possibly explain their insane policies?

    • I didn’t even take Economics 101- never made it past, well, you don’t need to know 😉 Lets just say, I’m not the brightest wick on the candle when it comes to math- but I do know enough common sense to know, democrat math stinks and makes no sense unless one is a progressive commie bent on destroying the best nation on the planet.

      • kong1967

        Well, and it enlightens us on just how stupid the Democrat voters are. They believe in Keynesian economics and despite all the numbers they believe that Obama is the one man saving us from the abyss. If not for him the entire world would have collapsed. They made that claim so he could get the stimulus money to pay off his special interest groups. Obama saved the entire world. Funny, because Europe is going under faster than we are.

        Side note….did you hear that the moon tilted 20 degrees off it’s axis yesterday? Seriously!! It’s Bush’s fault. ROFLMAO !!!

      • notebene

        I’m with you on math not being my favorite subject either! I was blessed in high school to learn basic economics from a teacher, who was a conservative. Then I took and economics class in college that was taught by a liberal professor. I’m forever grateful to my high school economics teacher, who was tough, but made a dry subject very interesting! He gave me the tools to discern when the liberal professor was teaching propaganda instead of his subject. Flash forward 24 years later, and the same illogical propaganda is still being taught in our universities across the nation. Is it any wonder why people have no clue when they are being taught an agenda instead of a subject?! Had I not had that great foundation in high school, I would have been fooled into believing that garbage too!

    • Rope. Tree. Journalist. Some assembly required!

    • kong1967

      Economics 101? Liberals ask “what’s that?”

      They took Communism 101 plus advanced classes.

      • FutureOnePercent

        Liberal economics in one lesson:

        Macro-Redistribution such as higher tax rates on the wealthy, social welfare, and things deemed to be for the “public benefit” = good.

        Micro-Redistribution like armed robbery, larceny, and not paying “your fair share” = bad.

        It’s only okay when large groups of people do it.

        • kong1967


  • ram

    obama is not a mathimatician. he just destorts the constitution. the only thing obama is good at is picking losers.

    • piperlord

      he’s a composite

    • PFFV

      Heck the people at Obama’s college can’t find any evidence he was in college for at least a year! It looks as if he got the free taxpayer funded affirmative action (“a mind is a terrible thing to waste”) college degree and he didn’t even have to show up! If this doesn’t shock you into awareness nothing will.

  • MaroonRepublic

    Obama has to double down on the class warfare.

  • librtifirst

    Our growth is so minimal, if not non-existent, that the argument is mute. Duh. Taking money from people and wasting it on government is going to hurt the economy. Who would have guessed?

    • kong1967

      About a hundred million liberals disagree with you. They think that fattening up Uncle Sam gives him more money to give to them, but they are wrong. When Obama overburdens the private sector there is much less money going into the treasury. So….who would have guessed? Anyone but liberals!!

      • FutureOnePercent

        Yeap, it’s just like putting money through a series of filters and by the time it reaches back to the bottom, there is hardly anything left of it.

        For every $100 of taxes, it probably costs $95 worth of bureaucracy to see that money to it’s final destination.

        • kong1967

          I agree. Even though I don’t have the numbers I’m certain that bureaucracy, fraud and waste eat up well over half of the revenues (if not more).

    • FutureOnePercent

      Yeah exactly, what’s half of nearly zero…

  • Sober_Thinking

    And the mindless dumbmasses will eagerly swallow the lie that this is a good thing.

    He should be impeached 10x over by now.

  • Worse, Democrats and socialists have raised taxes in the past not to pay down the debt, but to increase spending. And the last thing we need is more debt. At $16 trillion and counting, the LAST thing we need is more debt. Obama doesn’t HAVE an economic policy. His only plan is to spend us into oblivion and hope for the best. Doesn’t sound like much of a plan to me, or to most economists.

    • kong1967

      “His only plan is to spend us into oblivion and hope for the best.”

      Is that what you really believe? It’s ok if you do…..not an insult. But I actually don’t think he’s hoping for the best when it comes to the economy. He is entirely in destruction mode and he amazingly gets the media to protect him while he points his finger at Bush. I seriously believe he wants to destroy capitalism so Democrats can install full scale socialism….or worse.

  • sjmom

    Businesses should start putting signs in their window:


    • PVG


    • kong1967

      There was a guy who put a sign on all his trucks saying he will not hire until Obama is out of office.

  • Nukeman60

    Erin is not known as one who criticizes Obama. She went from Goldman Sachs to CNN (working with Stuart Varney and Lou Dobbs). They both eventually went to Fox (because they were better than CNN trash), while she chose to go to CNBC. Not being able to make it even there, she had to return to CNN. Once a bottom feeder always a bottom feeder.

    I’m sure this was a mistake on her part and she’ll probably air a retraction tomorrow.

    • kong1967

      Mistake or not, I thought it was a pretty impressive punch to the face of Obama.

      • FutureOnePercent

        She was probably aiming for Bush, while Obama was standing behind him, and Bush must have ducked.

        • kong1967

          Was that an intentional reference to the shoe incident? Pretty clever.

          • FutureOnePercent

            It was! Thank you for noticing! LOL

  • James1754

    Most forget that limiting tax cuts to those making below 250,000(the new democrat definition of who is rich) includes most businesses. More taxes paid by business, means less money for everyone.

    • kong1967

      Yeah, because there will be massive job loss….especially for the youth…and the taxes will be added to the cost of our goods and services making the cost of living go up. Democrats are morons! Actually, that’s not true because that assumes economic damage is not their intention. It is their intention! The bigger the entitlement mentality gets the more powerful Democrats get. The weaker the economy gets, the stronger government and the Democrats get.

      It’s disgusting what the left is willing to do to hundreds of millions of people to strengthen their power and control.

  • JP Morgan – They’re all over this book: “The Creature from Jekyll Island”. George Soros is often giving advice that is respected and cherished here in Europe too!

  • kong1967

    Wow, another impressive take by a CNN journalist. They must really be trying to inject a little fairness in their reports…at times.

    Speaking of fairness, RS. You have to be fair. I mean, literally. This is all being done in the name of “fairness” and Obama admits that it will be detrimental to the economy! To hell with the GDP!! To hell with jobs!! To hell with businesses making money!! To hell with the treasury that will suffer huge losses!!

    Obama is the worst….President…..EVER!!!!

  • This whole tax debate is so disingenuous.

    Neither Democrats nor Republicans have the political will to directly tax at the rates that would cover the massive spending they all enact. They know they would be voted out of office immediately.

    As a result, politicians pay for the difference by borrowing money created out of thin air, at interest, from the Federal Reserve, a private cartel of banks. This increase in the money supply is called inflation. (It should really be called debasement, but that sounds bad, so it is called inflation to make Americans think happy thoughts, of things going up.)

    Inflation is a tax.

    Obama and the Democrats claim to be the champions of the poor, the working class, the retired…yet they embrace the system of insidiously taxing wage earners, savers, and those on fixed incomes by debasing their wages, savings, and benefits through inflation.

    Inflation transfers wealth from the bottom to the top. It is very simple. The closer one is to the newly created money (think bailed out banks and connected corporations) the more purchasing power that new money has. The farther away one is (think regular working, saving and retired Americans) the less purchasing power wages, savings and benefits have.

    So here we are, watching two candidates who support the Fed and the inflationary monetary system it facilitates, argue about who is going to raise or lower tax rates…when in reality both fully intend to preserve the steady hidden tax of monetary debasement and the transfer of wealth to the oligarchical elite.

    • MiketheMarine

      Do you not understand that raising taxes lowers revenue? It is a fact. I live in Maryland and do to our marxist governer raising every tax he can imagine, all of our “rich” people have moved to Virginia and Pennsylvania and our revenues are dropping like a stone

      • You are off on another subject. I am wholeheartedly for less taxation. In fact, federal spending should be cut to the point that the individual income tax is completely eliminated (and along with it the IRS).

        All of this talk of tax rates is a distraction. Your wages and savings and benefits are constantly debased when the government borrows and prints money to cover the spending they are unwilling to take directly through higher taxation. Neither Obama nor Romney is interested in changing that corrupt and unjust system.

        By the way, I live in Maryland too. Why I am not sure.

        • MiketheMarine

          Me neither. You are right about that. Well said, though the fed is only supposed to do two things. Provide for the common defense and create and stick to a budget which they haven’t done in three plus years. That is ALL they are supposed to do.

          You, Sir, already know this.

    • There is no inflation right now, deflation if anything.

      • You cannot be serious.

        • Yea actually I am. The price level is essentially holding steady. The monetary base has expanded significantly but there isn’t any demand. The actual money supply hasn’t really expanded to the extent of the monetary base, symptomatic of a liquidity trap.

          • Price increases are a result of inflation, which is an increase in the supply of money and credit. The real rate of consumer price inflation is about 5% right now (not the ridiculous sub 2% figure the government regularly reports).

            The federal government is running deficits well over $1 trillion every year now. Because our elected officials refuse to tax at rates appropriate to pay for this insane spending, the Treasury borrows the money at interest from the Fed. The Fed creates this money out of thin air, debasing the value of existing money. This process has progressed since the Fed’s inception in 1913, accelerating especially after 1971.

            Real wages peaked 40 years ago. Wealth is being stealthily transferred from the working class to the elite.

            • You still fail to distinguish between the base and the supply. In addition, you cannot just pull your own percentages out of a hat. The crazy rantings of Ron Paul are not a reliable economis source either.


                The true figure of the current year-over-year rate of consumer price inflation is calculated as it was prior to the introduction of hedonics some two decades ago.

                • If you’ve ever done work with prices indexes you’d realize Williams’ work serves purely as a thinly veiled attempt to substantiate Austrian ravings. He cites quality substitutions as the difference between the two methods, specifically listing burgers as a good that substitutes for steak. Generating a simple Lasperyes index shows that if the market basket consisted of this alone it would require unrealistic price differences. Even if it were, such substitutes would be need to exist universally across the basket.

                  Even if one were to accept that method of inflation calculation, the model shows no correlation between inflation and the expansion of the monetary base.

                • Let’s try this from another angle.

                  I see you are a college student. Do you pay for your tuition? How about your food? How about your health insurance? How about your gas? Have the prices of these items been going up for you, or going down? Are textbooks more or less expensive than two years ago? How about your rent?

                • With the exception of gas prices sky rocketing (as they’ve done many times before regardless of the money supply) and the price of electronics generally plummeting, prices are essentially the same. I know the Austrians have been calling for hyperinflation for years now but, unfortunately for them the facts just haven’t fit their narrative. I don’t know why some people have so much trouble distinguishing facts from ideology. Yes an expanded monetary base will eventually inflate the price level, but only after demand picks up.

                • I am not talking about hyperinflation. I asked you about specific items. Your tuition at the University of Maryland is higher this year than it was in 2009-2010. So is your room and board, your gas, your insurance, and likely pretty much everything you (or your parents) buy. Why do you suppose that is?

  • 1uscanuck

    Control and distort the news that the people receive. That is just one step in the many steps that left uses to take total control. Make people dependant on government for their survival and relieve them of their right to defend themselves are just two other methods the left espouses.
    Make no mistake, this thought process continues regardless who is running the White House. The big money of Soros et al works 24/7 to enact these policies.
    Refer to Goebbels, Stalin etc. if you need more proof.

  • I’d say one point is a little too optimistic. The economy is already slowing and an income tax increase will likely send it into recession.

  • I am so sick and tired of the fraud and idiocy with this administration. They will not be happy until the country is totally destroyed. Forward……right off the freaking cliff