BW1911 wrote:gatlingun6 wrote:... If the Bush tax cuts put us in an economic hole that we won't climb out of until they are gone...
Many would not concede this point without much more in-depth discussion. Some evidence, or a link to a credible article, that the Republican establishment drove Cain out would be useful when making that particular assertion. Could be true... maybe not... but it's just your narrative until then.
Cheers
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There are many, many reputable sources on the internet beginning with the nonpartisan Congressional Budget Office (CBO). Here was the claim by President Bush and the Republicans and those Democrats who went along with the Bush Tax cuts: 1. They would pay for themselves 2. They would lead to prosperity for everyone. 3. They would balance the budget by 2011 4. They would lead to millions of new jobs
In actuality they did none of that: 1.Instead of paying for themselves they led to a decline in revenue. Under President Bush we went from a surplus to exploding deficits. 2. The income of the working poor actually declined, middle class income was virtually flat, a continuation of a 30 plus year trend. The income at the very top exploded upwards, with most of that even concentrated in the less than 1% of top wage earners. Finally there was some income growth among a small segment of tax payers in the $200K or so K to I think to around $400K range if I remember the figures correctly. 3. Obviously they did not balance any budget over the 8 year term and 4. The job creation record of the Bush administration was the worst of any administration in 60 years.
The numbers are in and they don't lie. The tax cuts were augmented by other economic policies that all combined to dig an economic hole so deep until it will take years to recover. What happened was no ordinary
recession.
While Bush Administration tax policies were the catalyst for the crash; they were by no means the only culprits. War without sacrifice (meaning the cost went on the national credit card), A medicare prescription drug program and a bone to Health Care providers (Also on the national credit card), Consumers, Wall Street, corporations both large and small, and Main Street, all share in the blame.
I just wonder how long will we continue to believe despite empirical evidence to the contrary; that tax cuts thrown around willy nilly and weighted towards the upper 15% will: 1. Pay for themselves and 2. Will lead to millions of new jobs and prosperity for all.
Trickle down economics in practice is "flow upwards" economics. It's "privatized profits and socialized losses".
This year the Wall Street elite who were bailed out by TARP have done better over three years of the Obama administration than they did over 8 years of the Bush Administration.
Their bonuses on Wall Street in some cases will exceed what they received before the melt down. Will yours?
Gat6