Obama Tells Tall Tales About The Bush Years

Discussion in 'Politics' started by Stephanie, Jul 23, 2012.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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    links in article at site

    SNIP:
    By JOHN MERLINE
    INVESTOR'S BUSINESS DAILY


    Posted 08:05 AM ET
    Nor were the Bush tax cuts a big failure as Obama claims.

    Obama and other critics of Bush's tax cuts argue that they did little to boost economic growth or jobs. But they tend to start their count when Bush signed the first tax cut bill into law in mid-2001.

    The problem is that much of that tax plan — including reductions to most of the income tax brackets — wasn't scheduled to take full effect until 2006.

    Bush's second tax cut, signed in May 2003, accelerated those tax cuts, letting them kick in retroactively to the beginning of that year. The 2003 law also cut taxes on capital gains and dividends.

    It turns out that the month after Bush signed that 2003 law, jobs and the economy finally started growing again.

    From June 2003 to December 2007, the economy added 8.1 million jobs, according to the Bureau of Labor Statistics. The unemployment rate fell to 5% from 6.3%. Real GDP growth averaged close to 3% in the four-plus years after that, and the budget deficit fell steadily from 2004 to 2007.

    And despite Obama's claim, Bush's policies did not increase income inequality. In fact, inequality was the same when Bush left office as when he came in, according to the Census Bureau. A study by University of California economist Emmanuel Saez found that inequality has climbed much faster under Obama.

    What's more, the rich ended up paying a larger chunk of the federal income tax burden after Bush's tax cuts went into effect, with the share paid by the top 1% rising to 40% by 2007, up from 37% the year before Bush took office, according to IRS data.

    The Congressional Budget Office, meanwhile, found that the federal income tax was more progressive in 2007 than it was back in 1979.

    Obama is correct that the country has tried a combination of deregulation and tax cuts before. That took place under President Reagan.

    Reagan aggressively deregulated entire industries, while putting the brakes on new federal rules. As a result, regulatory compliance costs fell 8% during his time in office, and staffing dropped almost 7%.

    At the same time, Reagan's tax cuts knocked taxes as a share of GDP down by 6%.

    The result was an almost eight-year economic boom in which real quarterly GDP growth averaged 4.3%.

    That's nearly double the average growth rate Obama's economic policies produced during the 3-year-old recovery.

    all of it here/
    Obama Tells Tall Tales About Bush Years To Attack Romney - Investors.com
     
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  2. Full-Auto
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    Full-Auto Gold Member

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    Name one issue, just one where democrats were not lying through their teeth.

    The lefties run from the question. Cowards all of them.
     
  3. 8537
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    8537 Senior Member

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    Tax revenues under Reagan fell from 19.6% to 18.4%. Not sure how that equals a 6% drop.

    Real GDP growth averaged 3.1% during the same period. Playing fast and loose with the numbers makes the author look pretty stupid.

    Speaking of lies.
     
  4. onecut39
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    onecut39 VIP Member

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    This is a real hoot! One thing at a time.

    From June 2003 to December 2007, the economy added 8.1 million jobs, according to the Bureau of Labor Statistics. The unemployment rate fell to 5% from 6.3%. Real GDP growth averaged close to 3% in the four-plus years after that, and the budget deficit fell steadily from 2004 to 2007.

    Would you like to discuss what happened after 2007, or would that be too painful?
     
  5. Stephanie
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    Stephanie Diamond Member Supporting Member

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    well what the hell is stopping you?
     
  6. 8537
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    8537 Senior Member

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    December, 2007 sure is a convenient date to chose...considering the recession started that month. It's almost as if the author was cherry picking.

    ...and income started even before that.
     
  7. SniperFire
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    SniperFire Senior Member

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    Of course, when a POTUS doubles GDP, a POTUS can nearly double Federal tax receipts with a lower tax rate.

    Which is exactly what happened under Reagan.

    If somebody didn't understand that, they would perhaps fall for your deception.
     
  8. francoHFW
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    francoHFW Platinum Member

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    2003 was also when the Pub cronyism/corruption real estate bubble started inflating...how'd that work out? I'dprefer a solid recovery based on the rebirth of the nonrich. Stop the obstruction!!

    Romney's ACTUAL plan- Cut taxes on rich, destroy Medicare/aid, Health Reform, raise pentagon spending, cut regs on Wall St, worry about debt in 2035...BRILLIANT
     
    Last edited: Jul 23, 2012
  9. Luissa
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    Luissa Annoying Customer Supporting Member

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    This hilarious. :lol: :lol:
     
  10. CrusaderFrank
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    CrusaderFrank Diamond Member

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    You have no idea how happy I get when FrancoWTF chimes in with his analysis
     

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