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Title: Republicans’ No-Tax Stand Unsupported by History or Facts: View
Source:
Bloomberg
URL Source: http://www.bloomberg.com/news/2011- ... -by-history-or-facts-view.html
Published: Aug 09, 2011
Author: the Editors
Post Date: 2011-08-11 09:10:00 by lucysmom
Keywords: None
Views: 5341
Comments: 12
Whatever one thinks of the validity of Standard & Poor’s decision to downgrade U.S. debt, it contained an admonition that we should take seriously: Spending cuts alone won’t be sufficient to place the debt, and by extension, the economy, on a sustainable path. In a memo to his Republican colleagues, Cantor warned that S&P’s analysis put the party under “pressure to compromise on tax increases” on the ground that there is “no other way forward.” His response: “I respectfully disagree.” As always, the Republican leaders justified their intransigence by invoking the demons of job-killing taxes that would suppress the dynamism of overtaxed Americans, hampering growth. Low Taxes This is partisan nonsense. First, consider the claim that Americans are being taxed to death. In fact, in terms of the economy as a whole, federal taxes are at their lowest level since 1950. The Congressional Budget Office estimated that federal taxes would account for 14.8 percent of gross domestic product in 2011. That isn’t a one-year anomaly: Revenue was 14.9 percent of GDP in both 2009 and 2010. Compare that with a postwar average of about 18.5 percent of GDP, and an average of 18.2 percent during the administration of President Ronald Reagan. Which brings us to a second dubious claim: Raising taxes in a downturn hinders growth. In 1982, amid a punishing 16-month recession, Reagan approved the largest peacetime tax increase in U.S. history. A booming economy followed in 1983 and 1984, enabling him to sail to re-election. ‘Job Killer’ In 1993, President Bill Clinton forced a tax increase through Congress that Representative Dick Armey, then chairman of the House Republican Caucus, condemned as a “job killer” that would push the economy into recession. That increase was succeeded by the creation of 23 million new jobs, and the Clinton administration left a budget surplus of about $236 billion. By contrast, President George W. Bush pushed through two rounds of tax cuts and created just 3 million jobs. He also turned the surplus he inherited into a $1.2 trillion deficit.
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#1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)
It's surprising how many are devoted to "senseless".
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
Bloomberg makes a living reporting on business/finance to people in that line of work. Their editorial board comes out for raising taxes as means to raise revenue rather than cut govt spending in a down turned economy. Then you read the comment section and Republicans, who were just advised by experts, refuse to accept that advice in favor of their mythological voodoo economics that has become a cult like mantra for them. It's like a doctor telling someone that they have to stop smoking or they will die and the patient says that the doctor is wrong, and that the patient is smarter than the doctor and won't listen to him because someone told him on the talk radio that smoking grows lung tissue not destroys it. The GOP has become a party of irrational people.
With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
It's mathematically impossible for the US to now pay it's debts. That's Insolvent, and that's all you need to know. Watch Military suits start showing up in the Imperial City now...;}
Dittobots stare blankly for a moment or two every time you throw this at them.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
You know the article is stupid and biased and pointless when brain dead, factless talking points like that are regurgitated.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
They are the victims of a lie repeated endlessly until they believe it to be the truth.
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
Right on cue, no gnu taxes shows up to say You know the article is stupid and biased and pointless when brain dead, factless talking points like that are regurgitated.
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
It's not substantive; it's talking points debunked numerous times. No wonder the author of this drivel wishes to remain anonymous.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
It was to people who had jobs and hope.
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
I put him and his bullpen reliever, smokestack. on bozo...it's his MO when he gets privileges revoked to warm-up a new screeen name. This time it is "smokestack".
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
no actually it is buckeroo You peaked my curiosity so I looked.
You peaked my curiosity so I looked. ROTFLMAO......
When asked by a Liberal what I bought my Granddaughter for her 1st birthday I replied, "MORE AMMUNITION"!!!! -----------------------------"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
Over the long term, however, the Republican mantra of “no higher taxes, ever” is as senseless as are claims by some Democrats that we can solve our fiscal gaps simply by soaking the rich.
#2. To: lucysmom (#1)
(Edited)
#3. To: lucysmom (#1)
It's surprising how many are devoted to "senseless".
#4. To: lucysmom (#0)
By contrast, President George W. Bush pushed through two rounds of tax cuts and created just 3 million jobs. He also turned the surplus he inherited into a $1.2 trillion deficit.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#5. To: lucysmom (#0)
By contrast, President George W. Bush pushed through two rounds of tax cuts and created just 3 million jobs. He also turned the surplus he inherited into a $1.2 trillion deficit.
#6. To: Godwinson (#2)
The GOP has become a party of irrational people.
#7. To: war, no gnu taxes (#4)
Dittobots stare blankly for a moment or two every time you throw this at them.
#8. To: lucysmom (#7)
#9. To: no gnu taxes (#8)
It's not substantive; it's talking points debunked numerous times.
#10. To: lucysmom, A K A Stone (#7)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#11. To: war, buckeroo (#10)
#12. To: A K A Stone (#11)
no actually it is buckeroo
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