More headlines: John Kerry on Budget & Economy

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FactCheck: Kerry has $900B in proposals, but not as taxes

BUSH_CHENEY CLAIM: ďKerryís plan will raise taxes by at least $900 billion his first hundred days.Ē

CNN FACT CHECK:Bush says Kerry will raise taxes to pay for ďnew government spending.Ē The Kerry campaign says the figure is ďcompletely false.Ē Kerry has not said he would raise taxes to that degree to pay for his proposals. The $900 billion figure is the Bush campaignís estimate of how much taxes would have to be raised in order to pay for Kerryís spending proposals. Kerryís health plan was estimated to cost between $653 billion and $895 billion. Kerry says he would cut the $500 billion federal deficit in half by 2009. Kerry initially had offered few details about how he would pay for all his proposals, other than repealing the Bush tax cuts for those making more than $200,000 a year. Now, he has added that he would repeal the Bush administrationís capital gains and dividend tax cuts and reinstate the estate tax, which Kerryís campaign said would generate about $860 billion in revenue.

Source: CNN FactCheck on 2004 statements by Bush and Kerry Oct 29, 2004

FactCheck: Bush spent $236B surplus, not $5.6T surplus

Kerry claimed Bush ďhas taken a $5.6 trillion surplus and turned it into deficits as far as the eye can see.Ē But the country never actually had a $5.6 trillion surplus. The projected surplus Kerry was referring to was a 10-year figure that was already made dubious by a weakening economy and a pent-up Congressional urge to spend. The largest annual surplus actually realized was $236 billion in fiscal year 2000, which ended a month before Bush was elected.
Source: Analysis of Third Bush-Kerry debate (FactCheck 2004) Oct 14, 2004

Shown exactly how to pay for every plan Iíve laid out

Every plan that I have laid out - my health care plan, my plan for education, my plan for kids to be able to get better college loans - Iíve shown exactly how Iím going to pay for those. We pass, hopefully, the McCain-Kerry Commission, which identified some $60 billion that we can get. We shut the loophole, which has American workers actually subsidizing the loss of their own job. They just passed an expansion of that loophole in the last few days, $43 billion of giveaways including favors to the oil and gas industry and to people importing ceiling fans from China. Iím going to stand up and fight for the American workers and Iím going to do it in a way thatís fiscally sound. I show how I pay for the health care, how we pay for education. I have a manufacturing jobs credit, we pay for it by shutting that loophole overseas. We raise the student loans. I pay for it by changing the relationship with the banks. This president has never once vetoed one bill. First president in 100 years not to do that.
Source: Third Bush-Kerry Debate, in Tempe Arizona Oct 13, 2004

Restore pay-as-you-go rule that Bush broke

KERRY: Iím going to restore what we did in the 1990s: pay as you go. Weíre going to do it like you do it. The president broke the pay-as-you-go rule.

BUSH: Heís just not credible when he talks about being fiscally conservative. If you look at his record in the Senate, he voted to break the spending caps over 200 times. And of course heís going to raise your taxes. You see, heís proposed $2.2 trillion of new spending. He says heís going to raise the taxes on the rich-that raises $800 billion. Now, either heís going to break all these wonderful promises heís told you about or heís going to raise taxes. And I suspect, given his record, heís going to raise taxes.

KERRY: In 1985, I was one of the first Democrats to move to balance the budget. I vote for the balanced budget in Ď93 and Ď97. We did it. And I was there.

BUSH: Yes, heís got a record. You can run, but you canít hide. He voted 98 times to raise taxes. Itís just not credible to say heís going to keep taxes down and balance budgets.

Source: Second Bush-Kerry debate, St. Louis, MO Oct 8, 2004

Bush has driven up the biggest deficits in US history

We paid down the debt of our nation for two years in a row and we created 23 million new jobs at the same time. And itís Bushís fiscal policies that have driven up the biggest deficits in American history. Heís added more debt to the debt of the US in four years than all the way from George Washington to Ronald Reagan put together. Go figure.
Source: Second Bush-Kerry Debate, in St. Louis MO Oct 8, 2004

Bushís $2.2T figures are put together by a biased group

BUSH: Kerryís proposed $2.2 trillion of new spending. How are you going to pay for it? He said well, heís going to raise the taxes on the rich. Thatís what he said. The top two brackets. That raises, he says, $800 billion. We say $600 billion. Weíve got battling green eyeshades. Somewhere in between those numbers. And so thereís a difference - what heís promised and what he can raise. The way to grow this economy is to keep taxes low, is have an energy plan, is to have litigation reform.

KERRY: The figures of $2.2 trillion just arenít accurate. Those are the fuzzy math figures put together by some group that works for the campaign. Number two, John McCain and I have a proposal jointly for a commission that closes corporate giveaway loopholes. We got $40 billion going to Bermuda. We got all kinds of giveaways. We ought to be shutting those down.

Source: [Xref Bush] Second Bush-Kerry Debate, in St. Louis MO Oct 8, 2004

Kerry pledges 10 million new jobs & to slow outsourcing

Kerry pledged to create 10 million new jobs in four years. Kerryís proposal includes tax reform and credits to encourage job creation in the United States, an education and job training program, as well as a plan to ďrestore fiscal discipline and confidence in the American economy.Ē Kerry also called for sweeping changes in international tax law to give incentives to companies that create jobs in the United States.
Source: coverage Mar 26, 2004

Economy is recovering for corporations to some degree

Q: Do you agree that the economy is recovering?

A: Itís a recovery for the people in the corporate boardroom. Itís a recovery for corporations, to some degree, by compacting, by increasing productivity. But if you go across America, itís not a recovery This recovery is a recovery for those people who have stock. Itís a recovery for those people who are able to walk away with the highest salaries. But workers have only seen a three-cents-an-hour increase in their wages.

Source: Iowa Brown and Black Presidential Forum Jan 11, 2004

Will follow Clintonís plan to halve deficit in four years

Q: Your plan to balance the budget?

KERRY: Iím going to do what Clinton did. Iím going to cut the deficit in half in the first four years. Clintonís plan was to balance the budget in 10 years, not the five Governor Dean says. The reason we decided not to do it in five was because it required extraordinary cuts in the things we just talked about doing investing in the city of Detroit, investing in our schools, investing in health care, making our economy move.

Source: Democratic Presidential 2004 Primary Debate in Detroit Oct 27, 2003

Bush policy kept economy afloat in recession-keep some of it

GEPHARDT [to Kerry]: [Maintaining any part of the Bush tax plan] is the wrong policy, and let me tell you why. This plan has failed. The presidentís economic plan has failed. And we should not keep half of a failure or a quarter of a failure. If itís failed, letís change the policy. Letís do something else. Weíll go back to the Clinton tax code. I led the fight in 1993 to put those changes in place; it worked. And my plan will give more money to the average family than the Bush tax cuts.

KERRY: Going back to the Clinton tax cuts, doesnít create another job, it puts a burden on current predicament of middle-class Americans. They lose their current revenue. Whatís kept Americaís economy moving in the last two and a half years has been consumer spending. If all of a sudden, when weíre trying to recover, we sucked a whole lot of money out of those consumers, we are not going to be able to keep the economy moving. Itís the wrong policy.

Source: Debate at Pace University in Lower Manhattan Sep 25, 2003

An economic record Iím proud to run on

We have the lowest unemployment rate in years. Record low interest rates. We have a combined misery index the lowest itís been in 27 years. More business owned by women at any time in the American history. More homeownership at any time in American history. Thatís the record Iím proud to run on.
Source: KERRY/WELD: HOME STRETCH, Oct 25, 1996

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Page last updated: Sep 28, 2018