The Selfish Rich of the 21st Century

[Flaylo]

Jim Worth: The Selfish Rich of the 21st Century



"Despite the failure of 10 years of low taxes to produce jobs and stimulate the economy, Republicans insist that continued tax breaks for the rich will tinkle down.

The middle-class continues to struggle under the weight of 12 years of Republican policies; policies that transferred wealth from ninety-eight percent (98%) of the American population -- hard-working Americans -- to the two percent (2%) wealthiest Americans.

In the last 30 years, incomes for the wealthiest one percent of Americans rose 281% while middle-class wages have remained flat. Yet Republicans argue that letting the tax breaks for wealthy Americans expire would dramatically slow the economy and prevent job creation."

 

[uscitizen]

Hey now tax cuts have to work eventually don't they?

 

[PoliticalChic]

Jim Worth: The Selfish Rich of the 21st Century



"Despite the failure of 10 years of low taxes to produce jobs and stimulate the economy, Republicans insist that continued tax breaks for the rich will tinkle down.

The middle-class continues to struggle under the weight of 12 years of Republican policies; policies that transferred wealth from ninety-eight percent (98%) of the American population -- hard-working Americans -- to the two percent (2%) wealthiest Americans.

In the last 30 years, incomes for the wealthiest one percent of Americans rose 281% while middle-class wages have remained flat. Yet Republicans argue that letting the tax breaks for wealthy Americans expire would dramatically slow the economy and prevent job creation."

You don't believe they work?

The tax cuts worked: for example, for six quarters prior to the May 2003, nonresidential investment declined every quarter, the S & P 500 fell 18%, 1 million jobs lost and the economy grew at an annual 1.7%. In the six quarters following, investment rose every quarter, the S & P 500 was up 32%, 2.3 million net jobs were created, and economic growth rate doubled to 4.1%.
Ten Myths About the Bush Tax Cuts | The Heritage Foundation and Bureau of Labor Statistics Data

 

[Flaylo]

Hey now tax cuts have to work eventually don't they?

Maybe its a 20 year plan the Repugs have or do they have no balls to admit what is obvious and what is reality? When they can't support that trickle down shat the argument turns into the government is taking away what is rightfully theirs, even when its intended for something else other than their pockets.

 

[Political Junky]

G.H.W. Bush described it best, as "Voodoo Economics."

 

[California Girl]

I wonder if Fail&Go ever has an opinion of his own?

 

[The T]

Gee...Another wealth envy/Class Warfare thread...whoda' thunk it?

 

[Mad Scientist]

I agree. Tax cuts didn't work nearly as well as what Obama and the Democrats put in place the last two years. What shall we call it? "Trickle Up Poverty"?

Liberals, please tell us when the unemployment rate is going to drops and when the economy starts growing at a 6-8% rate to pay for ObamaCare.

 

[The T]

I agree. Tax cuts didn't work nearly as well as what Obama and the Democrats put in place the last two years. What shall we call it? "Trickle Up Poverty"?

Liberals, please tell us when the unemployment rate is going to drops and when the economy starts growing at a 6-8% rate to pay for ObamaCare.

And every other Socialist spending program?

 

[PoliticalChic]

I agree. Tax cuts didn't work nearly as well as what Obama and the Democrats put in place the last two years. What shall we call it? "Trickle Up Poverty"?

Liberals, please tell us when the unemployment rate is going to drops and when the economy starts growing at a 6-8% rate to pay for ObamaCare.

Now, for a trip down memory lane....

1. Obama Stimulus Bill projections
Aggregate Effect of the Recovery Package on GDP and Jobs in 2010Q4
Real GDP (billions
of chained 2000 $)
Payroll Employment Unemployment
Without Stimulus $11,770 133,876,000 8.8%
With Stimulus $12,203 137,550,000 7.0%
Effect of Package Increase GDP by 3.7% Increase jobs by 3,675,000.

As Figure 1 shows, even with the large prototypical package, the
unemployment rate in 2010Q4 is predicted to be approximately 7.0%, which is well below theapproximately 8.8% that would result in the absence of a plan
Source: Authors’ calculations based on methodology described above and multipliers
http://www.politico.com/pdf/PPM116_obamadoc.pdf


a. Paul Krugman gave his stamp of approval to the projections, as follows: “Mr. Obama needs to make his plan bigger. To see why, consider a new report from his own economic team.
On Saturday, Christina Romer, the future head of the Council of Economic Advisers, and Jared Bernstein, who will be the vice president’s chief economist, released estimates of what the Obama economic plan would accomplish. Their report is reasonable and intellectually honest, which is a welcome change from the fuzzy math of the last eight years.”
http://www.nytimes.com/2009/01/12/opinion/12krugman.html

As perspicacious as usual! Give ‘em another Nobel Prize!


b. And when the projections fall short: “The number of jobs in the U.S. is currently 129.7 million. So to justify the Administration’s current claim of 2.8 million jobs “created or saved” by stimulus, they need to also claim that without that stimulus there would be only 126.9 million jobs. That’s exactly what they do, displayed as the “baseline projection” level in the graphic below from an April 14, 2010 report.

An inconvenient truth, at least for the Obama Administration, is that once upon a time, in their January 2009 Romer/Bernstein Report they told America that without their stimulus there would be 133.9 million jobs. That’s right, in order to make it look like their stimulus has “created or saved” 2.8 million jobs, the Obama Administration first had to whack 7 million jobs from their previous estimates.” White House Caught Altering Stimulus Baseline Projection by 7 Million Jobs - Big Government


c. “Appraising the stimulus results in rousing terms, Vice President Joe Biden told the nation's governors, "In my wildest dreams, I never thought it would work this well." Obamanomics thumped - Pittsburgh Tribune-Review


So, now we have the burden of trillions in debt, to no avail....

Nice work, Prez.