[In might be easier if the links and asterisks are referenced later.***]
The whole issue of cuts over revenues * _ must be sorted out on two fronts. There is the issue of the so-called "progressive" tax code. Then there is the issue of the history of the tax code(see* pun), and how it impacts the debt clock.
The first regards the "Buffet Rule". There are the actual tax bracket rates(10% to 35%), and then there is the effective tax rate, which is further complicated(reduced) by captial gains tax rates(15%). Let us also be reminded that even the richest pay the same rates for their first brackets worth of income,(ZERO), let alone each bracket's worth of income. But since the capital gains tax is most of the income of the bulk of the rich, the effective tax rate will not be the actual sum of each bracket's worth. I will not bother to do some math here, but I hope it is clear. Basically the effective tax rate for the rich are not effective as "progressive" by a look at their brackets. They effectively get a lower tax rate, because capital gains are taxed less than the middle to top income brackets.
Second, there is the matter of the "Debt Clock", which should have its own brackets of sorts. The Bush wars, as well as his Medicare(fix), not to mention his tax cuts are off the clock so-to-speak. Not to mention the economic down turn which should probably reset the clock. If I was able to clarify the first issue, I don't mean to make up for it by complicating the second. But the "spending under borrowing" is more than a pun, it is an economic effect. For now I just mean to address the clock issue. Where I imagine that there could be some way to show previous administration's as well as the current administration's** debt clocks.
Now, I hope that I can get away with not providing more detail. But it is not so simple, as I almost closed the issue. It would not be simply an historical replay of their debt clocks, but a sorting of the debt from their budgets. So we would have several clocks at different brackets in time. This is the matter, where the devil is in the details. This almost becomes a matter for mathematical physicists in regard to the dynamics of budgets and time, in that each bracket in time has potential future impact where political economists would sit in for the mathematical physicists.
But, I hope that it can be imagined that each bracket in time, have two clocks. Their own budget and the debt that was not theirs. I will leave it for real economists or accountants to sort out whether there needs to be more than two, as I don't know if it is just my imagination, or the reality of the difficulty in sorting this out. In this regard, I mean the difficulty of sorting a budget's impact over time. But maybe it can be imagined from the effective impact that war and medicare can have on people and how dynamic that is over time, let alone the setting of tax rates. In fact, that is addressed by one or two instances alone. The Bush tax cuts were temporary. The Bush wars and the Medicare fix were not paid for.
[Please note that the links and image were inserted after completion of this blog post. They include, in order: The New York Times, FOX NEWS, No-Labels, and the Center for American Progress [9-26-11: OurFuture.org], where it was not my intent to lower the level of discourse nor bring more nuanced metaphor to light. But please note my No-Labels comment, in regard to the referees and what is on the table. Not to pun on a game buffet, but the neither the cuts sandwich nor the sand wedged in links were referenced for the writing of this post. But it may be suitable that brackets and clocks are used in games. This is a not so nuanced reference to the sports analogy of politics.]
*which alone needs some economic sorting: I mean "spending under borrowing", to pun a bit.
** oops, a whole new clock issue, why not bracket it by congresses?
*** not to mention by myself
[9-23-11 Update 'nuff s' Ed?] Iron Chef!
[9-29-11 update on timing, see comment 2. Speaking of timing,(darn) lost it for a moment.]
