red states rule
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The Tax Cut Myth
- Thread starter JeffWartman
- Start date
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
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- Banned
- #62
Its pretty funny to see these people back uncontroled spending and tax cuts as if its a great plan.
Then they turn around and insult Clintons time a the helm.
Both the GAO and the CBO give the majority of the credit for budget surpluses of the 90s to the 1993 budget reduction act .
This act was passed in a Dem controled congress without ONE SINGLE R VOTE!
Gore had to step in into congress to break the tie to get it passed.
The R team screamed and railed how it would destroy the country.
They then were able to turn over congress on the image of how it would Ruin the country.
They were DEAD WRONG about the bill and it gave us the budget surpluses of the Clinton term.
The truth doesnt matter to this R party heads.
They just make up fantasys and get the gulluble to believe them.
Then they turn around and insult Clintons time a the helm.
Both the GAO and the CBO give the majority of the credit for budget surpluses of the 90s to the 1993 budget reduction act .
This act was passed in a Dem controled congress without ONE SINGLE R VOTE!
Gore had to step in into congress to break the tie to get it passed.
The R team screamed and railed how it would destroy the country.
They then were able to turn over congress on the image of how it would Ruin the country.
They were DEAD WRONG about the bill and it gave us the budget surpluses of the Clinton term.
The truth doesnt matter to this R party heads.
They just make up fantasys and get the gulluble to believe them.
red states rule
Senior Member
- May 30, 2006
- 16,011
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and the Bush tax cuts pulled the US out of the Clinton recession
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
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- 1,283
- Banned
- #64
document that with facts .
try and find them from an ubiased source.
Come on I am calling you out.
Go find a netral source to prove it with.
If its true you will find it.
try and find them from an ubiased source.
Come on I am calling you out.
Go find a netral source to prove it with.
If its true you will find it.
red states rule
Senior Member
- May 30, 2006
- 16,011
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It's official: 2001 recession only lasted eight months
WASHINGTON (AP) The committee that puts official dates on U.S. economic expansions and contractions said Thursday that the economy pulled out of recession in November 2001 and since then has been in a recovery phase.
The announcement from the National Bureau of Economic Research's Business Cycle Dating Committee confirmed what many economists have believed: that the economy has resumed growing, albeit slowly.
"At its meeting, the committee determined that a trough in business activity occurred in the U.S. economy in November 2001," the committee said in a statement Thursday.
The committee, which consists of top academic economists, met in Cambridge, Mass., to discuss the issue.
The 2001 recession began in March that year, so today's announcement makes it an eight-month downturn.
The committee said the length of the downturn was "slightly less than average for recessions" in the post World War II period.
In its statement, the dating committee stressed that its announcement of when the downturn ended did not mean that the economy's hard times ended at that point.
"In determining that a trough occurred in November 2001, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity," the panel said.
The panel said it was determining only that in November 2001, the recession which it defines as a period of falling economic activity spread across the economy came to an end and the economy began growing again.
After contracting the first three quarters of 2001, gross domestic product or GDP, the country's total output of goods and services, began growing again in the fourth quarter 2001 and has been rising since, although in a zig-zag pattern that has not been strong enough to keep unemployment from rising.
The committee struggled for months to reconcile the fact that while the U.S. economy resumed growing in late 2001, as measured by the gross domestic product, unemployment continued to rise.
While the determination of the official ending date for the recession is of interest to economic historians, it is likely to bring little comfort to the nation's unemployed. The unemployment rate hit a nine-year high of 6.4% in June.
While an often-used thumbnail definition of a recession is two consecutive quarters of falling GDP, the NBER uses a more complex procedure that looks at a variety of monthly statistics to determine when recessions begin and end.
In the past, it has not used GDP to determine the beginning and end points for recessions because that statistic from the Commerce Department is compiled on a quarterly basis.
However, because of the unusual nature of this downturn, where growth resumed so far ahead of an improvement in the unemployment rate, the committee decided to look at GDP as well as four other indicators employment, real income, industrial production and wholesale-retail sales.
The NBER in its statement said that it waited to call an end to the 2001 recession because it wanted to be sure any subsequent downturn would be a separate event and not just a continuation of the 2001 slump.
"The main reason that the committee's decision in this episode was particularly difficult was the divergent behavior of employment," the NBER said. "The committee felt that it was important to wait until real GDP was substantially above its pre-recession peak before determining that a trough had occurred."
The so-called jobless recovery surpasses in duration a similar jobless recovery that George W. Bush's father had to endure in the months after the recession of that period ended, in March 1991.
The NBER did not declare the 1990-91 recession over until December 1992. By that time, Bush's father had lost his re-election bid to Bill Clinton, who had made the economy's poor performance the centerpiece of his campaign.
http://www.usatoday.com/money/economy/2003-07-17-recession_x.htm
WASHINGTON (AP) The committee that puts official dates on U.S. economic expansions and contractions said Thursday that the economy pulled out of recession in November 2001 and since then has been in a recovery phase.
The announcement from the National Bureau of Economic Research's Business Cycle Dating Committee confirmed what many economists have believed: that the economy has resumed growing, albeit slowly.
"At its meeting, the committee determined that a trough in business activity occurred in the U.S. economy in November 2001," the committee said in a statement Thursday.
The committee, which consists of top academic economists, met in Cambridge, Mass., to discuss the issue.
The 2001 recession began in March that year, so today's announcement makes it an eight-month downturn.
The committee said the length of the downturn was "slightly less than average for recessions" in the post World War II period.
In its statement, the dating committee stressed that its announcement of when the downturn ended did not mean that the economy's hard times ended at that point.
"In determining that a trough occurred in November 2001, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity," the panel said.
The panel said it was determining only that in November 2001, the recession which it defines as a period of falling economic activity spread across the economy came to an end and the economy began growing again.
After contracting the first three quarters of 2001, gross domestic product or GDP, the country's total output of goods and services, began growing again in the fourth quarter 2001 and has been rising since, although in a zig-zag pattern that has not been strong enough to keep unemployment from rising.
The committee struggled for months to reconcile the fact that while the U.S. economy resumed growing in late 2001, as measured by the gross domestic product, unemployment continued to rise.
While the determination of the official ending date for the recession is of interest to economic historians, it is likely to bring little comfort to the nation's unemployed. The unemployment rate hit a nine-year high of 6.4% in June.
While an often-used thumbnail definition of a recession is two consecutive quarters of falling GDP, the NBER uses a more complex procedure that looks at a variety of monthly statistics to determine when recessions begin and end.
In the past, it has not used GDP to determine the beginning and end points for recessions because that statistic from the Commerce Department is compiled on a quarterly basis.
However, because of the unusual nature of this downturn, where growth resumed so far ahead of an improvement in the unemployment rate, the committee decided to look at GDP as well as four other indicators employment, real income, industrial production and wholesale-retail sales.
The NBER in its statement said that it waited to call an end to the 2001 recession because it wanted to be sure any subsequent downturn would be a separate event and not just a continuation of the 2001 slump.
"The main reason that the committee's decision in this episode was particularly difficult was the divergent behavior of employment," the NBER said. "The committee felt that it was important to wait until real GDP was substantially above its pre-recession peak before determining that a trough had occurred."
The so-called jobless recovery surpasses in duration a similar jobless recovery that George W. Bush's father had to endure in the months after the recession of that period ended, in March 1991.
The NBER did not declare the 1990-91 recession over until December 1992. By that time, Bush's father had lost his re-election bid to Bill Clinton, who had made the economy's poor performance the centerpiece of his campaign.
http://www.usatoday.com/money/economy/2003-07-17-recession_x.htm
red states rule
Senior Member
- May 30, 2006
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Filed at 9:53 p.m. ET
WASHINGTON (AP) -- Federal revenue collections hit an all-time high in April, contributing to a further improvement in the budget deficit for the year.
Releasing its monthly budget report, the Treasury Department said Thursday that through the first seven months of this budget year, the deficit totals $80.8 billion, significantly below the $184.1 billion imbalance run up during the first seven months of the 2006 budget year.
So far this year, tax revenues total $1.505 trillion, an increase of 11.2 percent over the same period last year. That figure includes $383.6 billion collected in April, the largest monthly tax collection on record.
Tax collections swell in April every year as individuals file their tax returns by the deadline.
For the first seven months of this budget year, which began Oct. 1, revenue collections and government spending are at all-time highs.
However, the spending total of $1.585 billion was up at a slower pace of 3.2 percent from the previous year.
The difference in the growth of tax collections and spending is the reason for the narrowing deficit.
The Congressional Budget Office said that it now expects the deficit for all of 2007 to total between $150 billion and $200 billion. That would be a significant improvement from last year's deficit of $248.2 billion, which had been the lowest imbalance in four years.
The federal budget was in surplus for four years from 1998 through 2001 as the long economic expansion helped push revenues higher. But the 2001 recession, the cost of fighting a global war on terror and the loss of revenue from President Bush's tax cuts sent the budget back into the red starting in 2002.
The administration's budget sent to Congress in February projects that the deficit will be eliminated by 2012 even if the president achieves his goal of getting his tax cuts made permanent. They are now due to expire in 2010.
However, critics say the improvement in the deficits will be only temporary with deficits expected to balloon again with the higher Social Security and Medicare payments needed as 78 million baby boomers retire.
While Bush sought to make entitlement reform the centerpiece of his domestic agenda in a second term, his proposals to bolster Social Security with personal savings accounts has gone nowhere in Congress.
White House Budget Director Rob Portman said the surge in tax revenues over the past two years was directly related to the economic rebound spurred by the Bush tax cuts. He said Congress should reject efforts to roll back the tax relief.
''With strong economic growth and spending restraint, we can continue to reduce budget deficits and balance the budget as the president has proposed,'' Portman said in a statement.
For April, revenue receipts totaled $383.64 billion while spending totaled $205.97 billion, leaving a surplus for the month of $177.7 billion.
http://www.nytimes.com/aponline/us/AP-Federal-Budget.html?_r=1&oref=slogin
WASHINGTON (AP) -- Federal revenue collections hit an all-time high in April, contributing to a further improvement in the budget deficit for the year.
Releasing its monthly budget report, the Treasury Department said Thursday that through the first seven months of this budget year, the deficit totals $80.8 billion, significantly below the $184.1 billion imbalance run up during the first seven months of the 2006 budget year.
So far this year, tax revenues total $1.505 trillion, an increase of 11.2 percent over the same period last year. That figure includes $383.6 billion collected in April, the largest monthly tax collection on record.
Tax collections swell in April every year as individuals file their tax returns by the deadline.
For the first seven months of this budget year, which began Oct. 1, revenue collections and government spending are at all-time highs.
However, the spending total of $1.585 billion was up at a slower pace of 3.2 percent from the previous year.
The difference in the growth of tax collections and spending is the reason for the narrowing deficit.
The Congressional Budget Office said that it now expects the deficit for all of 2007 to total between $150 billion and $200 billion. That would be a significant improvement from last year's deficit of $248.2 billion, which had been the lowest imbalance in four years.
The federal budget was in surplus for four years from 1998 through 2001 as the long economic expansion helped push revenues higher. But the 2001 recession, the cost of fighting a global war on terror and the loss of revenue from President Bush's tax cuts sent the budget back into the red starting in 2002.
The administration's budget sent to Congress in February projects that the deficit will be eliminated by 2012 even if the president achieves his goal of getting his tax cuts made permanent. They are now due to expire in 2010.
However, critics say the improvement in the deficits will be only temporary with deficits expected to balloon again with the higher Social Security and Medicare payments needed as 78 million baby boomers retire.
While Bush sought to make entitlement reform the centerpiece of his domestic agenda in a second term, his proposals to bolster Social Security with personal savings accounts has gone nowhere in Congress.
White House Budget Director Rob Portman said the surge in tax revenues over the past two years was directly related to the economic rebound spurred by the Bush tax cuts. He said Congress should reject efforts to roll back the tax relief.
''With strong economic growth and spending restraint, we can continue to reduce budget deficits and balance the budget as the president has proposed,'' Portman said in a statement.
For April, revenue receipts totaled $383.64 billion while spending totaled $205.97 billion, leaving a surplus for the month of $177.7 billion.
http://www.nytimes.com/aponline/us/AP-Federal-Budget.html?_r=1&oref=slogin
loosecannon
Senior Member
- May 7, 2007
- 4,888
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It's official: 2001 recession only lasted eight months
LOL it began in MARCH 2001. Making it the BUSH recession.
My how details like facts mess with your scewed ideological requirements.
red states rule
Senior Member
- May 30, 2006
- 16,011
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LOL it began in MARCH 2001. Making it the BUSH recession.
My how details like facts mess with your scewed ideological requirements.
Bush took office in Jan 2001 - the current budget was Clintons
Bush did not have time to enact anything
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
- 2,272
- 1,283
- Banned
- #69
Its pretty funny to see these people back uncontroled spending and tax cuts as if its a great plan.
Then they turn around and insult Clintons time a the helm.
Both the GAO and the CBO give the majority of the credit for budget surpluses of the 90s to the 1993 budget reduction act .
This act was passed in a Dem controled congress without ONE SINGLE R VOTE!
Gore had to step in into congress to break the tie to get it passed.
The R team screamed and railed how it would destroy the country.
They then were able to turn over congress on the image of how it would Ruin the country.
They were DEAD WRONG about the bill and it gave us the budget surpluses of the Clinton term.
The truth doesnt matter to this R party heads.
They just make up fantasys and get the gulluble to believe them.
here is an OMB report WITH numbers which prooves it was the Dems who did most of the budget gains in the 1990s
Truthmatters
Diamond Member
- May 10, 2007
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red states rule
Senior Member
- May 30, 2006
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The Bush tax cuts pulled the economy out of the Clinton recession and have worked very well
Libs have a problem with seeing the benefits of tax cuts
Libs have a problem with seeing the benefits of tax cuts
Truthmatters
Diamond Member
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red states rule
Senior Member
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Keep trying to push the liberal doom and gloom picture of the economy - to bad the economy is going against you
Truthmatters
Diamond Member
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- #74
redstates this is how you have become a fricking joke on here.
The chart I gave you is from a completely NONPARTISAN entity.
It shows the results of tax and budget legislation from ronny through Clinton.
Its hard numbers and is VERY simple to read.
I shows clearly that the Gains we made in the 1990s were clearly attributable to the 1993 BRA signed into being without ONE SINGLE REPUBLICAN VOTE!
Bush is running up the deficit and cutting taxes.
Hes screwing us.
We need to go back to the people who actually GET RESULTS!
taslk is talk RESULTS ARE TRUTH!
because Truth Matters
The chart I gave you is from a completely NONPARTISAN entity.
It shows the results of tax and budget legislation from ronny through Clinton.
Its hard numbers and is VERY simple to read.
I shows clearly that the Gains we made in the 1990s were clearly attributable to the 1993 BRA signed into being without ONE SINGLE REPUBLICAN VOTE!
Bush is running up the deficit and cutting taxes.
Hes screwing us.
We need to go back to the people who actually GET RESULTS!
taslk is talk RESULTS ARE TRUTH!
because Truth Matters
Hamiltonian
Member
It seems given the current US economy - tax cuts are working
No it doesn't. I've even gotten you to admit in another thread that we're not doing well. We've had below average growth since Bush has been in office, and our government is sinking further into debt. Our nation's GDP is a much better economic indicator than the stock market. The unemployment not low because people found jobs, but because the unemployed stopped looking for jobs. If you're not actively seeking a job, you're not technically unemployed.
Kagom
Senior Member
Tax cuts work sometimes and sometimes they don't. It really depends on the economic situation at-hand.
But as for unemployment, why is Michigan the highest in all the States?
But as for unemployment, why is Michigan the highest in all the States?
loosecannon
Senior Member
- May 7, 2007
- 4,888
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Tax cuts work sometimes and sometimes they don't. It really depends on the economic situation at-hand.
But as for unemployment, why is Michigan the highest in all the States?
collapsing auto industry?
red states rule
Senior Member
- May 30, 2006
- 16,011
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redstates this is how you have become a fricking joke on here.
The chart I gave you is from a completely NONPARTISAN entity.
It shows the results of tax and budget legislation from ronny through Clinton.
Its hard numbers and is VERY simple to read.
I shows clearly that the Gains we made in the 1990s were clearly attributable to the 1993 BRA signed into being without ONE SINGLE REPUBLICAN VOTE!
Bush is running up the deficit and cutting taxes.
Hes screwing us.
We need to go back to the people who actually GET RESULTS!
taslk is talk RESULTS ARE TRUTH!
because Truth Matters
The tax cuts are generating RECORD revenues and the deficit is SHRINKING
Libs cannot accept the fact that tax cuts are bringing in more revenue
red states rule
Senior Member
- May 30, 2006
- 16,011
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Tax cuts work sometimes and sometimes they don't. It really depends on the economic situation at-hand.
But as for unemployment, why is Michigan the highest in all the States?
Try insane tax levels
red states rule
Senior Member
- May 30, 2006
- 16,011
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collapsing auto industry?
GM can thank the unions for most of their problems
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