I said This is from wiki Applicable Year Income brackets First bracket Top bracket Source 1971-1981 15 brackets 14% 70% IRS link So please stop being an idiot.
please refer to Clinton's economic playbook. his administration inherited a huge budget deficit from Bush Sr. He first raised taxes, followed by increases in social program and cuts in defense. by his 3rd year, his admin had turn the deficit into a surplus.
well, when acorn and obama finalize their plans to place wealthy mccain voters in internment camps and sieze their finances, you'll know the answer.
We have done this, the debt has been monetized some (that is inflation) but it will continue to be monetized. The central bank is scared to death of inflation at this point because it could be massive. So we have to wait and see when the 'stuff' hits the fan. (inflationary stuff) May take a couple years. Actually at some point there has to be a combination of monetizing the debt, much higher taxes and higher unemployment. (we are in an economic constriction- globally) Until the debt is corrected or we start a new corporate profit revolution along with increased demand globally for US products we will continue to have to borrow to fund both overbloated government and lifestyles. I think we are scrambling for some kind of soft landing and I for one sure hopes it works out.
I'm not talking about that. I'm referring to the flawed calculation of the multiplier effect, especially in regards to using it to find out the multiplier of government deficit spending, which was the basis for Sam's argument of why government spending is better than a tax cut. I have yet to see a real response to my objection.
WTF are you talking about? Japan has been in recession for almost two decades. The massive amount of debt it accumulated to try to get out of recession in the '90s did not work. http://blogs.tnr.com/tnr/blogs/the_stash/archive/2009/06/04/lessons-from-japan-on-debt-levels.aspx Yes, Japan was a success after WWII until the late '80s, but it wasn't because it had tons of debt.
LOL. How is the above an example of spending increases and the multiplier effect? Tax increases and cuts in defense are the exact opposite.
I agree we have to get rid of the debt but I don't think there is any chance of inflation anytime soon. We haven't monetized the debt yet. We are still more in danger of deflation at this point.
WTF are you talking about? after 2 decades of recession, it is still the #2 economy in the world. thank you for re-iterating my point that "you can't spend your way into prosperity" is but meaningless rhetoric
Was it tax rates or monetary policy? And how would you know? Though they are separate their effects are inseparable. Was it sustainable business growth or was it receipts derived from the unscrupulous acts of unregulated investment bankers, cooking their books? Was it the greedy middle class trying to cash in on a boom in the housing market or the mortgage loan industry happily collecting fees, packaging obtuse mortgage obligations and selling them off to unwitting investors. But I will give you the fact that the Clinton balanced budget had more to do with the unprecedented rise in market capitalizations due to irratinal exuberance than from political policies.
It is estimated they have recently monetized 1 trillion $$$- link You are right deflation is a huge threat Deflation means that demand craters and the global economy is still woofing down dollars Problem is deflation can quickly lead to depression and very high unemployment as an economy shrinks rapidly- the central bank is fighting deflation and inflation all at once. good luck to them filthy rich bankers
two things my fault, I was speaking on capital gains taxes specificially secondly, tax revenues in 02 were lower than 01 and 03 was lower than 02.
this rhetoric runs counter to historical facts. The US did spend its way into prosperity; post civil war reconstruction FDR economic resusitation, from depression to good deal post desert storm economic malaise
I interchange spending and borrowing at this point industrial revolution after a depression the economy will grow (can't wait, can you) OK on the last one we certainly had 3 nice credit bubbles to get us to where we are today... I still don't think you can borrow your way out of debt, what do you think?
I assume you knew the Bush tax cuts didn't became law until 03. The effects of the tax cuts probably didn't hit until 04 and after. As for 02 and 03 being lower, the recession after the dot.com bust and 9/11 probably had a lot to do with it. You also forgot to mention the tax revenue went up on 04, 05, 06.
no i just challenged your claim of every year, if you're going to make that claim then you should know if they definitely went to effect in 03 and not probably. bush signed his tax cuts into law in 2001.
FDR did; sod did Clinton, he kept borrowing until he was able to generate a surplus by his 3rd year. thank you for setting me up to provide you this response.
There is nothing to challenge. the tax bracket changed starting 2003 not 2001, I don't know how much more clearer I can get. Give it up dude.
