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13 July 2011

Comments

Paul Emery

All you Republicans who claim that more tax cuts will magically grow America out of a debt crisis, please explain to America why almost a decade of Bush tax rates have coincided with the worst economy since the Depression and the biggest spike in deficits in U.S. history?

Todd Juvinall

Paul, the Congress outspent the revenues. If that is too difficult a concept then we cannot help you. The same thing happened when Tip Oneill did the same thing to Reagan. Duh!

paul emery

Under Bush 2 The Congress was Republican for the first six years right?

Steve Enos

Paul... "Under Bush 2 The Congress was Republican for the first six years"

That is "too difficult a concept" for Todd to understand.

paul emery

Yeah Todd the Dodger is working on his footwork as we speak. Don't worry, I have confidense he'll find a way to blame the Dems.

George Rebane

Does anyone want to factor in that the dotcom bubble was the biggest since the South Sea Island fiasco, and that it went bust in 2000? That the Community Redevelopment Act (1977?) mandated broad-based home ownership under which Fannie and Freddie took the bit in their teeth and started funding home purchases by people who had no ability or intention to repay their loans, in the process tacitly guaranteeing the same kind of loans by private banks? All the while Congress gave shelter to the train wreck of the housing bubble visible to witnesses testifying before that very same Congress?

Did any of this have any overriding effects on whatever the tax rates were at the time?

George Rebane

Debating the sources of our debt crisis by simplistic mixing and matching of presidents and congresses has not gotten us far. IMHO the focus should be on the legislative machinery and imperatives that were emplaced and their subsequent effects.

A major impact of one such piece of machinery was the 1974 Congressional Budget and Impoundment Control Act which eviscerated the President's ability to impound Congressional spending. This act also started the 'baseline' budgeting mechanisms with guaranteed upward ratchets. After that, spending was never under any kind of adult control in Washington.

Account Deleted

Paul - the economy has to expand. "Paying" for the tax cuts as you like to call it, is not the issue. We are facing an avalanche of debt. You cannot get enough money from the $200K+ earners to even get close to paying for what is coming. That's just agreed on basic math. The Bush tax cuts aren't what caused this nation's problems. Out of control spending and corruption by the feds, combined with stupid fiscal policies by the Fed Res and a nation full of greedy stupid home buyers has run us into the ground. That doesn't even start to paint the picture of how broke we are. Even if there weren't Bush tax cuts and a home price bubble collapse, we are still facing something that is far worse. Pension and SS underfunding, combined with the costs of forced socialised medicine make the current mess look tame. I agree that tax cuts alone will not save us now. Obama and the economy killing left are doing a great job of deliberately destroying our production and manufacturing capability. More money in the private sector is needed to expand the economy but with this president in office we will not see job growth. The problem is worse here in California. No matter what policies are in place in DC, this state is doomed. The reckless, out of control spending has continued and we haven't even seen the disastrous effects of all of the fool regs that are just now kicking in. One good example is that Ca was once a net exporter of lumber, and we now import 80% of what is used. Considering how little construction is taking place, the difference is even worse. The idea that we can build up this state's economy with green jobs has already proven to be a failure. The only thing we have going for us here is the weather. Enjoy it!

Todd Juvinall

What I find fascinating about the liberal mind and its core hatred of conservatives is PaulE and SteveE's response to my post about Congress. Even though I did not identify a political party regarding Congress outspending revenues, I see these two libs assume I am defending Bush's Congress of Republicans! Too funny but the left dodges all the questions and thinks they are somehow outsmarting us. They are actually allowing all of us to see how vacuous they are in the smarts department.

Mikey McD

Some reading material for those who think government can tax and regulate to prosperity.

http://defenseofcapitalism.blogspot.com/2011/07/americas-fiscal-folly-and-squandering.html

Did you hear Steve Wynn (a.k.a. John Galt): http://www.youtube.com/watch?v=LTbjcKZzrmM

you can't make this stuff up!

Paul Emery

George

The Dotcom bubble was a perfect example as to why Bush 2 was such a lousy President. When the Repubs passed the tax cuts in 2001 they were acting as if the party was going to go on forever which of course it wasn't. Bush ran on the platform of returning tax money to the people rather than paying down the deficit, which he criticized Clinton and the Dems for. The Republican President and Congress (yes they had it all) drained the national bank account and asked future generations to pay for their tax cuts when it was obvious that the economy had run out of steam. That's just one example as to why we can't trust them with our wallet. You seem to be willing to excuse Bush 2 for his actions as President because of the dot com bubble but you don't extend the same criteria to Obama who inherited a far worst situation. We would be in a much different financial situation if we didn't have the Bush tax cuts and the 1.5 T bill for his illegal war in Iraq draining our Treasury in the form of national debt.

Blaming the Community Redevelopment Act for the mortgage collapse has no standing. When things were booming show me one Republican who stood up and tried to slow things down. The Repubs and Dems were all full steam ahead on lending and building as much as the market would bear. You know that George.

The line item veto was signed into law by Clinton in 1996 I believe but quickly shot down by the Supreme Court

So when the Repubs say they can do a better job fixing the mess they created it's a little hard to stomach.

George Rebane

PaulE, I made no such partisan claims except to point out that the train was already heading for the cliff way back when. Now we get to watch the arguments and apologies for why the debt limit, spending, and taxes get raised - all for the good of the country.

Mikey McD

We need a balanced budget amendment....

In 2006, EVERY GOP Senator voted in favor of raising the debt ceiling, and EVERY Democrat voted against it.

http://www.yaliberty.org/posts/dems-and-gop-have-opposite-debt-ceiling-positions-than-the-had-in-2006

Paul Emery

Mikey

That just shows you how partisan things are. As a matter of fact the Dems were trying to make a statement that the Bush tax cuts were driving us deeper into debt and that they did not create jobs as promised. I'm all for a Balanced Budget Amercement as long as it doesn't preclude tax and revenue increases. Also as ling as it doesn't include paying off old debt.

Todd Juvinall

Paul, the unemployment rate under Bush was as low as 4.5. I think that means most everyone had a job.

Paul Emery

That's what he inherited from Clinton and before he lowered tax rates that he said would create jobs. Unimployment went up from there and crashed about time he hightailed it back to Texas, Instead of creating jobs this is what happened,from Fox News none the less.

WASHINGTON — The economy has cranked out fewer jobs under President Bush — by millions — than it had by the same point in the presidencies of Ronald Reagan and Bill Clinton.


Read more: http://www.foxnews.com/story/0,2933,242424,00.html#ixzz1ScPrqGSF

Todd Juvinall

Paul, Bush inherited a recession from Clinto. The reason there were fewer jobs created was because the rate was 4.5 and most everyone had a job. Your spinning is pretty creative though and very democrat.

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