How To Blame Party of Abraham Lincoln For Any New Economic Downturn

Discussion in 'Politics' started by mascale, Jun 3, 2011.

  1. mascale
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    mascale VIP Member

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    Much as the original Boston Tea Party--took other people's substance and treasure away--and tossed it into the sea: So even famous Abraham Lincoln took property and economy away, and created nothing to replace it. The famous "Reagan Trajectory," was federally-funded, an "Entrepreneurial Spirt" created from federal deficit spending.

    The GOP now wants to take that away!

    See now excerpts from an MNBC, John W. Schoen, article: From Just Today, June 3. The Democrats need no cover from any downturn in the economy!

    "Prior to this week most data had been pointing to a slow but steady increase in the economy's momentum. What took the wind out of the recovery's sails so suddenly, and will the doldrums last?"

    The Democrats had created the recent recovery. Boehner had said "Hell No! to it all! So firstly, there is explanation of the current Soft Patch.

    1. "On top of the list is a surge in gasoline prices that has forced consumers to tighten spending on the rest of their household budget. Job growth in the retail, leisure and hospitality industries, which had been showing healthy advances, ground to a halt last month."

    2. "Floods and deadly tornadoes shut down some businesses in the southern half of the nation last month and may have depressed the jobs count. Some analysts also pointed to a slowdown in U.S. manufacturing because of a shortage of parts as Japanese suppliers continue to rebuild after a devastating earthquake in March."

    Those are "soft patch" crises that neither the GOP, nor the Democrats, control.

    3. "The impact of those factors should dissipate in the summer and fall. Japanese suppliers are rebuilding faster than initial estimates suggested. In the past month, oil prices have fallen from a peak of $114 a barrel to under $100. Gasoline prices are beginning to ease off too; the average pump price is down 4 percent from a peak of $3.97 a gallon just two weeks ago."

    4. "Once those forces are no longer holding back growth, many analysts believe, the economy's underlying strength will restore momentum and get the recovery and job growth back on track."

    So the Democrats win again! The Democrats are the responsible party for that. Boehner said "Hell No!" to any of that.

    Who, then, gets the blame if there is a following downturn after all?

    1. "There are troubling signs, though, that the recovery faces more fundamental, long-term threats. That list begins with the failure of Congress to give the Treasury legal authority to borrow enough money to pay all the government's expenses."

    2. "On Thursday, a second major credit rating agency warned Congress and the White House that if they don't agree on a way to raise the nation's borrowing limit, the U.S. government could lose its top debt rating. Such a downgrade would likely force up interest rates and raise borrowing costs, creating a headwind strong enough to increase the risk of another recession."

    There would be a downturn in Confidence, attributable to the Republicans: With consequences following along as follows:

    1. "'We don't have a very positive outlook for job creation in the next few months,' said William Dunkelberg, chief economist at the the National Federation of Independent Businesses, whose members this week reported in a monthly survey that they're cutting back on hiring plans. 'The big issue for us is confidence. We don't have any confidence in the leadership that they're going to solve this problem.'"

    Presumably he means the GOP leadership, along the lines as follows:

    1. "The solution itself could spell trouble. At roughly $1.5 trillion, the federal budget deficit represents about 10 percent of gross domestic product. Closing that deficit too quickly, with either deep spending cuts, tax increases or both, could send the economy back into recession. Spending cuts by cash-strapped state and local governments have already eliminated nearly 450,000 jobs since September 2008."

    Republicans control many of the state governments which have created that.

    "In May, state and local governments cut 28,000 jobs, the most since November, while private businesses hired only 83,000 new workers."

    "Perhaps the biggest force holding back the recovery is the housing market, still mired in its deepest downturn since the Great Depression. There was no improvement in May, as home builders sat on the sidelines for the fifth spring since the housing market collapsed in late 2006."

    ""In every cycle we have come out of, construction has always been a major factor in the recovery, going back to the end of World War II and even back to the '30s,' former Federal Reserve Chairman Alan Greenspan told CNBC Friday. 'This is the first time when construction has not come out of this.'"

    Guess who created the housing bubble in the first place? Conservative Greenspan, of phony Laissez Faire, and Conservative GOP, of phony Laissez Faire.

    "The collapse of the housing market has stunted job growth for several reasons. Apart from begetting jobs directly in building trades, new home construction creates related jobs in fields such as real estate sales and mortgage lending. Growth in demand for home furnishings and appliances has also been hurt."

    The GOP bailed out their Wall Street friends, who mostly returned the favor by doing nothing at all, and finding ways around the new credit rules.

    1. "More broadly, falling home prices are robbing American consumers of their savings and weighing on consumer confidence. Home values are in free-fall in many parts of the country as lenders struggle to unload millions of foreclosed properties by sharply cutting prices. Housing industry analysts say that the foreclosure pipeline will take several more years to clear."

    2. "Even if the latest "pause" in job growth is temporary, the pace of hiring is expected to remain painfully slow. Economists are still debating why the current recovery has been so sluggish. But nearly two years after the recession ended, the rebound is far slower than past recoveries."

    The Democrats can explain away the natural disasters, but The Republicans cannot explain away the state and local governments, a default of the U. S. Treasury Notes, and their eagnerness to rescind the Democratic Tax Cuts put into the tax forms.

    Schedule M will not be there next year. The Republicans refuse to provide income tax relief for working lower and middle incomes. The Republicans refuse to rescind tax relief for millionaires and billionaires who don't need the money--and don't do anything with what they have, just like the mortgage bankers. The Republicans refuse to even raise the taxes on the millionaires and billionaires: So that people could to something with the money!

    That Spells Democratic Landslide 2012, and summertimes 2011--or GOP campaigns--have yet to even start!

    "Crow, James Crow: Shaken Not Stirred!"
    (Great-Squaw-Who-Moose-Hunts(?): Come to Lands of Many Nations--ride like young brave on wild pony!)
     
    Last edited: Jun 3, 2011
  2. CrusaderFrank
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    CrusaderFrank Diamond Member

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    "there's no possibility to restore 8 million jobs lost in the Great Recession." -- Joe Biden
     
  3. mascale
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    mascale VIP Member

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    Boehner said "Hell No!" to the stimulus tax cuts, and so the GOP Tea Party helped to take the Schedule M Tax Credit out of the Internal Revenue Code. That is on the record.

    The payroll tax cut is now on the record. Created by the Obama Democrats, it does expire at the end of the year. The GOP has said "No!" to tax cuts, including in the Stimulus. Schedule M was in the Stimulus. The Party of Boehner/McConnell/Abraham Lincoln: Took that away, too.

    The Democrats created the Payroll Tax Cut alternative. The Democrats previously had created the New Deal. Ronald Reagan had been a New Deal Democrat, before he created the "Reagan Trajectory" of an "Entrepreneurial Spirt," according to the Ivy League: That would replace it.

    Vice President Biden probably knows this, who has successfully created a path to solution of the Federal Debt Ceiling increase, GOP, Manufcatured "Crisis."

    The GOP wants it known that it manufactured an "economic crisis" in hard times.

    "Crow, James Crow: Shaken, Not Stirred!"
    (White Eyes known to manufacture economic toxics, even in neighborhoods, all the time!)
     
  4. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    What tax cuts?
     
  5. mascale
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    mascale VIP Member

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    The Obama Stimulus was one third tax cuts.

    Obama Stimulus Recovery Reinvestment Tax Cuts Credits

    Those would become about $250.0 bil. that the Party of Abraham Lincoln already has taken away. The Party of Abraham Lincoln takes anything having to do with work away! That is on their permanent record!

    "Crow, James Crow: Shaken, Not Stirred!"
    (John Wilkes Booth would not have taken the tax cuts away. Boehner and McConnell took the middle and lower income tax relief away!)


    For Individuals
    Tax Cuts

    Making Work Pay Credit Expanded Earned Income Credit To Offset Payroll Taxes - 6.2 percent of earned income of the taxpayer, $400 ($800 in the case of a joint return) Phased out at $95,000 of individual taxpayer, $190,000 of joint return ETA JUNE
    Child tax credit, Income threshold reduced to $3,000, provides credit of 15% on all earnings, up to $1,000

    American Opportunity Education Credits w/ $2,500 credit for first four years of higher education expenses (increase income limitations), with credit partially-refundable (30% refundable); adds course materials to tuitions and fees, increases credit to taxpayers with $80,000 income or households with $160,000
    Opportunity.gov Education Assistance Programs
    Sales Tax Deduction on new car purchases, phased out on $125,000 income per earner.
    Raises Exemption on AMT to 70,950 for joint filers and $46,700 for singles, expands applicable credits.
    Remove repayment requirement on $8,000 first-time home buyer credit for homes purchased after 2008 and before termination of credit (June 30, 2009)
    Extends tax credits through 2010 to make energy-efficiency improvements to homes, equal to 30 percent (capped at $1,500) of the amount they paid for energy-efficient furnaces, hot water boilers and other energy savings improvements.
    30 percent uncapped tax credit for solar water heating property, small wind energy property and geothermal heat pumps
    Tax credit for newly unemployed to cover up to 65% of COBRA. Tenured Workers over 55 can maintain COBRA until they are eligible for Medicare.
    For Business
    Tax Cuts

    Bonus depreciation for capital expenditures and debt cancellation
    5-year carryback of net operating losses for companies earning less than $15 million
    Extension of increased small business expensing, $250,000 deduction direct from tax liability
    Defer taxes five years on debt cancellation
    Expand work opportunity tax credit for disconnected youth and unemployed, recently-discharged veterans
    Prospectively repeal Treasury Section 382 built-in loss ruling, that helped the Wells Fargo acquisition of Wachovia.
    New Small Business Size Eligibilities

    For State and Local Governments
    Tax Cuts

    Allow financial institutions to purchase State and local bonds and other changes
    Coordination provisions with new grant program for low-income housing being designed by the Financial Services Committee
    Repeal AMT limits on new private activity bonds
    Taxable bond option for governmental bonds
    Clean renewable energy bonds
    One year deferral of withholding tax on government contractors
    Provide tax exempt bonds and tax credit bonds to "recovery zones." These tax exempt bonds and tax credit bonds can be used for a wide array of purposes to stimulate economic development, including job training and education. A "recovery zone" would be an area within a State, city or county that has exhibited high unemployment, foreclosures or poverty. These bonds would be allocated automatically to States and large municipal governments based on the number of unemployed individuals within that area.
    For Energy Incentives
    Tax Cuts - $20 Billion

    Provides $20 billion in tax incentives for renewable energy and energy efficiency
    Three-year extension of the production tax credit (PTC) for electricity derived from wind, biomass, geothermal, hydropower, landfill gas, waste-to-energy, and marine facilities
    Grants of up to 30 percent of the cost of building certain new renewable energy facility
    Expands tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, roofs, cooling equipment and insulation.
    Provides a tax credit for individuals to purchase plug-in hybrid vehicles, alternative-fuel vehicles, diesel vehicles with advanced lean-burn technologies, and fuel-cell vehicles of up to $7,500
    New manufacturing investment tax credit for investment in advanced energy facilities and other innovative next-generation green technologies.


    "Crow, James Crow: Shaken, Not Stirred!
    (Hmmmm!)
     
    Last edited: Jun 4, 2011
  6. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    I'm sorry Mascale ...

    ... I just can't read all that stuff so early in the morning...:coffee:
     
  7. daveman
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    daveman Diamond Member

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    What recovery?
     
  8. Oddball
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    Oddball BANNED Supporting Member

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    Nope....mascale hasn't managed to write "Hamlet" yet. :lol:
     
  9. The T
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    The T George S. Patton Party Supporting Member

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    "We're Going to Be Creating Between 250,000 and 500,000 jobs a Month!"~ Joe Biden

     
  10. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Wow. Just wow.
     

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