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Title: Obama’s Favorite Campaign Lie Exposed: Bush Tax Cuts and the Deficit Myth
Source:
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URL Source: http://whostolemycareer.com/2010/07 ... tax-cuts-and-the-deficit-myth/
Published: Jul 14, 2010
Author: Dave Horne
Post Date: 2010-07-14 12:56:41 by no gnu taxes
Keywords: None
Views: 10314
Comments: 26
DJH: I’ve become ambivalent about Obama’s latest Election 2010 stump speech; you know the one that goes: “[Conservatives] spent a decade driving the economy into a ditch. And now they’re asking for the keys back. And my answer is, no, you cant have the keys. You can’t drive. You don’t know how to drive. You drive in the wrong direction. You can’t have them back. We’re just getting the car out of the ditch. We can’t have you drive it back in the ditch. “ I’m ambivalent because this stupid line is clearing failing to pass the “sniff test” with all but the most virulent liberal audiences and I’m hoping he keeps it up everywhere goes — it’s winning votes for fiscal conservatives. Another reason I’m ambivalent is because it’s a complete lie and one that can easily be disproved; just follow me. January 20, 2007 — Nancy Pelosi Named Speaker of the House Despite Obama’s clever repartee, fiscal 2006 was the last year that Bush and the republicans “owned” the federal budget and thus the deficit. Any and all spending and appropriations enacted after January 20, 2007 were done by Speaker of The House Ms. Nancy Pelosi. In case you missed it, Pelosi was no lap dog for Bush. Also, prior to being thrown out of office by John Thune on January 20th, 2004, Tom Daschle earned the title of “Mr. Obstructionist” by blocking just about all of Bush’s economic agenda; specifically, he delayed the Bush tax cuts by over a year. So, contrary to Obama’s latest “skit,” Bush and the republicans did not own the budget (and thus the economy) for the past decade. They only owned it for the four-year period from January 20th 2003 to January 20th 2007, and the US economy did very, very well during that four-year period. The Onslaught of Pelosi’s Runaway Debt Compare what happened to our annual deficit (and national debt) during the Bush era versus the Pelosi era: At Least Bush Grew The Economy! As I have said before, I like most of what Bush did up until the Harriet Miers nomination for the SCOTUS, after that not so much. Way too much spending. That said, unlike Obama, Bush grew the economy to help pay for his big government spending: 
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#1. To: no gnu taxes (#0)
If you have any doubts about how easy it is for someone who works hard in the US to get ahead, consider this factoid from Martin Wolf’s latest comment in the Financial Times, on Raghuram Rajan’s new book (see Satyajit Das’ review here: Thus, Prof Rajan notes that “of every dollar of real income growth that was generated between 1976 and 2007, 58 cents went to the top 1 per cent of households”. It isn’t merely stunning, it’s destructive. bush43's tax cuts went to the 15% Capital Gains people. The Top 50 000 Households. Steinbrenner's heirs just got a tax windfall bonanza.
Not exactly. Millions of small business owners benefitted from those tax cuts, and created a economy that produced 4.3% unemployment. Otherwise known as 'the good old days'. Owe-bama had better stop asking Americans to remember the Bush Era.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Yves here. I am not terribly optimistic about the survival of the “open world economy”. I believe that (absent measures like Keynes’ Bancor proposal) large trade flows over time produce destabilizing international capital flows. Citizens are not prepared to suffer sudden, dramatic losses of savings and high odds of unemployment or reduced income in the name of world trade. Containing the downside would require a considerable loss of national sovereignity, which again few are prepared to accept. Moreover, much of America seems blithely unaware of our diminished role in the world. Likewise, financiers, having wrested massive concessions from national governments (bailouts with almost no concessions demanded of them) if anything view themselves as even more influential than before the crisis. In other words, both the distorted self image of key players and a reluctance to admit the deep seated nature of the problems make a happy resolution unlikely.
Yeah, you're right. There's some more from the Top 1% but it's skewed up to the Top 50 000. ;} And if you re invest that 15% CG, you pay ZERO taxes. There's a reason that the Top 1% now hold the Greatest Concentration of wealth (Including Roman Senators;} in the Hostory of the World.
And again, I'll need the source on both the small bizness and the 4.3%. Since 2000 ZERO jobs were created. And that only went thru Dec 08. Aughts were a lost decade for U.S. economy, workers ... Jan 2, 2010 ... But since 2000, the story is starkly different. ... There has been zero net job creation since December 1999. No previous decade going back ... www.washingtonpost.com › Business › US Economy - Not including the 500 000 per month since the Bailout and Obama siding with the Top 6 Banks and the Military.
Well, those 50,000 households sure were paying a lot of taxes
We are beholden to them top 50,000 for the crumbs they let drop from the table (trickle down) and allow us to gather. They are the creators, the source of our employment - without them we would starve. If we don't offer up another tax cut on the sacrificial alter, they will take jobs from the unfaithful and give them to the Chinese (it costs less to feed the Chinese anyway).
(chuckle) The WaPo, and you ask ME for a 'source' huh? rotfl. I am a source.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
The bottom marginal tax rate was dropped to 10% from 15%, the marriage penalty was eliminated, and child credits were increased to $1000 from $500. these hardly were cuts designed just for the wealthy.
"Pelosi's Budget"...[snicker]... Suddenly, when Boy Blunder's House of Cards collapses, the Speaker of the House writes the budget.
Crumbs, my friend, crumbs. The median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. The drop has been especially notable, economists say, because productivity — the amount that an average worker produces in an hour and the basic wellspring of a nation’s living standards — has risen steadily over the same period. As a result, wages and salaries now make up the lowest share of the nation’s gross domestic product since the government began recording the data in 1947, while corporate profits have climbed to their highest share since the 1960’s. UBS, the investment bank, recently described the current period as “the golden era of profitability.” www.nytimes.com/2006/08/2...ges.html?pagewanted=print But hey, them tax cuts will be good for you too.
that's the smartest thing you ever posted
When Adam delved and Eve span, Who was then the gentleman?
It will good for every American. It will begin the rebuilding of the small businesses that produce jobs, for starters.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
So, you would rebuild small businesses by giving hefty tax breaks to the top 1%?
The soon to expire tax cuts didn't provide for only the 'top 1%'. Thats a nonsensical leftwing talking point.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Small businesses don't "rebuild". They either survive or they don't. Cyclical businesses - general contracting, etc - are always going to suffer during a downturn. Most small businesses fail even during good times. This whole "throw tax cuts at the wealthy" mentality has been shown over and over to do nothing but explode government debt. The idea is to build your business mindful of the business cycle and to start one that is impervious to it or model your business so you can survive it. Having a business that relies exclusively on people's or business' ability to spend money or hire is a fool's journey.
You're wasting keystrokes responding to someone who could be the Wee ones sister. 13 Days til the Ravens start training camp. I considered going again and no way in hell. 11,000 fans last time I thought about it, I don't need that crowd. Almost as many as the last Colts game I attended, and most of those fans were empty seats, aka no shows. The last year was worse.
I have a friend offering to pay for the hotel room and package for the Bengals appearance at the Hall of Fame game. While I'd like to visit the HOF again, not with 30,000 people crammed into Canton. I can't wait for the season to start.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Chuckles...what a man you are Gump...
;} That's their thought process.
Well, those 50,000 households sure were paying a lot of taxes Only an idiot in the Top 50 000 is paying taxes. Steinbrenner heirs pay nothing.
rotfl. I am a source. giggle. it's all good, eh, whatever? And now you deign a reply? giggle again, eh? Need that source though still, as you're squirming. 8D And LMFAO, you think WaPo's some kind of AntiDis Establishment Arian? Please. The Imperial City's Rag.
Badlies has an inflated opinion about himself, in case you haven't noticed.
Badlies has an inflated opinion about himself, in case you haven't noticed. That's why I love to prick his balloon. ;}
Sorry to disappoint, but no squirming here.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#2. To: mcgowanjm (#1)
bush43's tax cuts went to the 15% Capital Gains people. The Top 50 000 Households.
#3. To: no gnu taxes (#0)
#4. To: Badeye (#2)
Not exactly.
#5. To: Badeye (#2)
(Edited)
Millions of small business owners benefitted from those tax cuts, and created a economy that produced 4.3% unemployment.
#6. To: mcgowanjm (#1)
The Top 50 000 Households.
#7. To: mcgowanjm (#1)
bush43's tax cuts went to the 15% Capital Gains people. The Top 50 000 Households.
#8. To: mcgowanjm (#5)
#9. To: lucysmom (#7)
We are beholden to them top 50,000 for the crumbs they let drop from the table (trickle down) and allow us to gather
#10. To: no gnu taxes (#0)
#11. To: no gnu taxes (#9)
The bottom marginal tax rate was dropped to 10% from 15%, the marriage penalty was eliminated, and child credits were increased to $1000 from $500. these hardly were cuts designed just for the wealthy.
#12. To: lucysmom (#7)
We are beholden to them top 50,000 for the crumbs they let drop from the table (trickle down) and allow us to gather. They are the creators, the source of our employment - without them we would starve.
#13. To: calcon (#12)
#14. To: lucysmom (#11)
But hey, them tax cuts will be good for you too.
#15. To: Badeye (#14)
It will good for every American. It will begin the rebuilding of the small businesses that produce jobs, for starters.
#16. To: lucysmom (#15)
So, you would rebuild small businesses by giving hefty tax breaks to the top 1%?
#17. To: lucysmom (#15)
(Edited)
#18. To: Badeye (#16)
#19. To: reaganisright (#18)
#20. To: reaganisright (#18)
#21. To: lucysmom (#7)
They are the creators, the source of our employment - without them we would starve.
#22. To: no gnu taxes (#6)
#23. To: Badeye, war, lucysmom, Fred Mertz, All (#8)
(chuckle) The WaPo, and you ask ME for a 'source' huh?
#24. To: mcgowanjm (#23)
Need that source though still, as you're squirming. 8D
#25. To: Fred Mertz (#24)
Need that source though still, as you're squirming. 8D
#26. To: mcgowanjm (#23)
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