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7 Common Untruths Regarding the Economy

Discussion in 'BBS Hangout: Debate & Discussion' started by glynch, Oct 13, 2011.

  1. glynch

    glynch Contributing Member

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    We see the untruths below cited again and again by libertarians and conservatives on this forum.

    Robert Reich

    http://robertreich.org/rss

    THE SEVEN BIGGEST ECONOMIC LIES The President’s Jobs Bill...
    Tuesday, October 11, 2011, 4:22:00 PM



    THE SEVEN BIGGEST ECONOMIC LIES


    The President’s Jobs Bill doesn’t have a chance in Congress — and the Occupiers on Wall Street and elsewhere can’t become a national movement for a more equitable society – unless more Americans know the truth about the economy.


    Here’s a short (2 minute 30 second) effort to rebut the seven biggest whoppers now being told by those who want to take America backwards. The major points:



    1. Tax cuts for the rich trickle down to everyone else. Baloney. Ronald Reagan and George W. Bush both sliced taxes on the rich and what happened? Most Americans’ wages (measured by the real median wage) began flattening under Reagan and have dropped since George W. Bush. Trickle-down economics is a cruel joke.

    2. Higher taxes on the rich would hurt the economy and slow job growth. False. From the end of World War II until 1981, the richest Americans faced a top marginal tax rate of 70 percent or above. Under Dwight Eisenhower it was 91 percent. Even after all deductions and credits, the top taxes on the very rich were far higher than they’ve been since. Yet the economy grew faster during those years than it has since. (Don’t believe small businesses would be hurt by a higher marginal tax; fewer than 2 percent of small business owners are in the highest tax bracket.)

    3. Shrinking government generates more jobs. Wrong again. It means fewer government workers – everyone from teachers, fire fighters, police officers, and social workers at the state and local levels to safety inspectors and military personnel at the federal. And fewer government contractors, who would employ fewer private-sector workers. According to Moody’s economist Mark Zandi (a campaign advisor to John McCain), the $61 billion in spending cuts proposed by the House GOP will cost the economy 700,000 jobs this year and next.

    4. Cutting the budget deficit now is more important than boosting the economy. Untrue. With so many Americans out of work, budget cuts now will shrink the economy. They’ll increase unemployment and reduce tax revenues. That will worsen the ratio of the debt to the total economy. The first priority must be getting jobs and growth back by boosting the economy. Only then, when jobs and growth are returning vigorously, should we turn to cutting the deficit.

    5. Medicare and Medicaid are the major drivers of budget deficits. Wrong. Medicare and Medicaid spending is rising quickly, to be sure. But that’s because the nation’s health-care costs are rising so fast. One of the best ways of slowing these costs is to use Medicare and Medicaid’s bargaining power over drug companies and hospitals to reduce costs, and to move from a fee-for-service system to a fee-for-healthy outcomes system. And since Medicare has far lower administrative costs than private health insurers, we should make Medicare available to everyone.

    6. Social Security is a Ponzi scheme. Don’t believe it. Social Security is solvent for the next 26 years. It could be solvent for the next century if we raised the ceiling on income subject to the Social Security payroll tax. That ceiling is now $106,800.

    7. It’s unfair that lower-income Americans don’t pay income tax. Wrong. There’s nothing unfair about it. Lower-income Americans pay out a larger share of their paychecks in payroll taxes, sales taxes, user fees, and tolls than everyone else.


    Demagogues through history have known that big lies, repeated often enough, start being believed — unless they’re rebutted. These seven economic whoppers are just plain wrong. Make sure you know the truth – and spread it on.
     
    1 person likes this.
  2. Major

    Major Member

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    Democrats should take this list and staple it to their wall (or their head) and repeat just these 7 things in every interview for the next 12 months.
     
  3. Classic

    Classic Member

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    Once again, the department of defense gets a hall pass. Typical of any media reporting these days for the left or right pundits.
     
  4. glynch

    glynch Contributing Member

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    Post accidentally added to wrong thread and therefore eliminated.
     
  5. FranchiseBlade

    FranchiseBlade Contributing Member
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    Agreed. Republicans are much better at getting a message out.
     
  6. Classic

    Classic Member

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    Following up my statement:

    http://openchannel.msnbc.msn.com/_n...pentagon-doesnt-know-where-the-money-is-going

    Simply the black hole nobody wants to talk about. The waste, fraud and unnecessary wars we're involved with could pay to rehire every single teacher, provide college education & improve the infrastructure that we desperately need. Problem is, too many politicians benefit from political rehetoric wars and defense department lobbying efforts.

    Much more fun to blame the other side though for being 'un-American' while the defense contractors simply run wild.
     
  7. glynch

    glynch Contributing Member

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    Agree. This should be an important 8th myth, but I think Reich was trying to avoid the whole foreign policy venue.
     
  8. Raven

    Raven Member

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    America has no chance of significantly reducing the deficit without throttling back the war machine.
     
  9. CometsWin

    CometsWin Breaker Breaker One Nine

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    The facts continue to have a liberal bias. :)
     
  10. Spiegel

    Spiegel Member

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    There is no bias there.....
     
  11. DaDakota

    DaDakota If you want to know, just ask!

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    Got to cut military spending and entitlements, cut the pay of the house and senate and their staffs.....that would make a nice start.

    DD
     
  12. justtxyank

    justtxyank Contributing Member

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    Or we could just annex Mexico!
     
  13. torque

    torque Contributing Member
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    Why would you want to cut the pay of the House and Senate? You realize how insignificant the savings would be from such a move? And if you think the talent level in Congress is low, why cut salaries and make it even lower by making it unattractive to top recruits?
     
  14. DaDakota

    DaDakota If you want to know, just ask!

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    It would be symbolic, show the people that while everyone is hurting, that congress is going to cut back too.

    We can't afford this debt, it is ridiculous.

    DD
     
  15. Johndoe804

    Johndoe804 Member

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    Nice list. As a student of economics, I can vouch for it.
     
  16. Deckard

    Deckard Blade Runner
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    No kidding. Great find, glynch. I've admired Reich for a long time. The man is very, very smart (an understatement) and is an honest to god liberal who also happens to be a damn fine writer.

    Glynch, you forgot to bold #2 (geez, that sounds a bit weird), which is an important point. Hell, they're all important.
     
  17. Rocket River

    Rocket River Member

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    Top Recruits = Greediest self serving b*st*rds

    Its called Public Service. One should not get into it to GET PAID
    It is that mentality that is killing the congress

    Rocket River
     

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