I am perptuating nothing, nor am I saying that all the tax cuts were only for the wealthy. I am saying that the largest chunk of tax cuts were for the wealthy, and those are the ones that most hurt any kind of attempt at a balanced budget. Now then while income taxes did come down for most who pay them, overall taxes did not come down for the middle class. They actually went up. For the wealthiest they did come down overall. Arguing about the middle class tax cut can come later after we've fried the big fish which are the tax cuts for the wealthiest Americans.
FB didn't say that the tax cut was for only wealthy Americans. FB didn't even say that in the part you quoted. The argument is that the portion of the tax cuts that went to the wealthiest few should not have been approved. It is not an argument against the tax cuts "the average joe" received. That is why Kerry emphasized he would repeal the tax for those who make $200+K/year. What you are perpetuating is a powerful myth from the election cycle which tries to paint any criticism of Bush's tax plan as wanting to repeal the middle class tax cuts. Few people want to take away your (and my) tax cuts.
Exactly. I was talking to some people in Singapore last year who were ruefully commenting about that. They felt that American economic policy both on the personal and governmental level was awful but they were stuck going along since their country is both an American bondholder but also counts on US exports as a big part o their economy so they had to go along helping build the US debt even though it was anathema to their economic thinking. The one thing that worried me though was that they're really looking towards the PRC and if they get to the point where trade with the PRC can make up trade to the US then they might just cut their losses and quit investing in us. Or worse start trying to collect on our debt.
I read some where if PRC continues to grow at current rate, in less than 20 years they will overtake US as the biggest economy in the world. Is that true? The growth of PRC from 1980 to 2004 has been awesome. Mark
I've heard that before and it seems very likely. They've already got a built in advantage with 1.2 Bil. consumers and are continuing to grow at a very strong rate. There are still some big questions whether that growth rate is sustainable.