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Republicans Were Wrong in 1993 On The Effect Of Upper-Income Tax Increase

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Forum topic by Dan'um Style posted 748 days ago 848 views 0 times favorited 8 replies Add to Favorites Watch
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Dan'um Style

12854 posts in 2587 days


748 days ago

Another interesting topic to share with my ole LumberBUDS …

On his new msnbc show “The Cycle,” my pal Steve Kornacki went into a bit of recent history on tax cuts for the rich. Steve compared Republican’s scare mongering over Obama’s proposed tax increase on upper-income earners today with their counterparts back in 1993.

Republicans in 1993 claimed Bill Clinton’s tax increase on the wealthy would screw the middle class and put people out of work. What happened? The unemployment rate dropped from 6.9% to 3.9%, the deficit fell every year and by the time Clinton left office, we were on track to eliminate the entire national debt.

link to video ....

...

-- keeping myself entertained ... Humor and fun lubricate the brain


8 replies so far

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Joe Lyddon

7627 posts in 2657 days


#1 posted 748 days ago

There is a huge difference in the Economy than back then… that’s the big problem… small-medium sized businesses must feel GOOD to Start/ReStart businesses… to make jobs… to grow the economy.

Also, Obamas definition of Rich is not the same as what Clinton targeted… and would include some of the lower sized businesses… They are struggling NOW… to make them pay more in taxes would be like a nail in their coffins… and would promote things to get worse than better.

The two eras are not 100% comparable… IMHO.

-- Have Fun! Joe Lyddon - Alta Loma, CA USA - Home: http://www.WoodworkStuff.net ... My Small Gallery: http://www.ncwoodworker.net/pp/showgallery.php?ppuser=1389&cat=500"

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patcollins

967 posts in 1470 days


#2 posted 748 days ago

The problem is both sides seem to think the economy is a simple matter and its really not.

TO define it in terms of a mathmatical equation its nonlinear, not well behaved (can vary wildly with a slight change in input), has thousands of variables many of which we don’t know what they even are etc. If the economy were as simple as politicians seem to think it is, the people on here seem to think it is, we would be living in a much better economy.

I’ve often wondered the things we do to stimulate the economy do they help, hurt, do they even matter. Usually the approach seems to be spray and pray, if it improves no matter the reasons you take credit for it, if it doesnt work say it was worse than you thought and blame the other side.

Anyone that things they have the answer for such a complex system is either 1 stupid or 2 arrogant beyone belief.

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Swyftfeet

169 posts in 776 days


#3 posted 748 days ago

Excellently said Pat!

Depending on which Candidate is in office, you’ll hear everything from it’s the last guys fault, the current guys, the guy 3 terms ago ect… The problem isn’t really in the white house. It’s in Congress. They are bought out by the special interests at this point. The corporations are one step ahead of any laws. The ultra-rich determine what laws get passed. That’s why we have so much paper tiger legislation.

I’m not sure if I saw the statement here or on another board but I agree it should be mandatory for members of congress to dress like NASCAR racers and have patches for all their donors, with a standard area per dollar unit. Would be really fun and easy to notice trends then.

Increasing the taxation on the top 5% will not harm the economy in any way. It’s low now compared with the past. Trickle down and deregulation unfortunately doesn’t work.

-- Brian

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rdlaurance

361 posts in 1951 days


#4 posted 748 days ago

My views are somewhat in accordance with yours, Swyftfeet.

The problem, for the most part lies within the legislative branch. Here’s an interesting link to a blog by Ezra Klein (Washington Post), 14 reasons why this is the worst Congress ever

The 80th Congress — the same Congress President Harry Truman dubbed the “do-nothing Congress” in actuality did a lot more than this (112th) Congress.

-- Rick, south Sweden

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Joe Lyddon

7627 posts in 2657 days


#5 posted 748 days ago

If we had businesses willing to invest IN their businesses or start a new business, and they did it, people would be hired, would be making money, and it would snowball to grow the economy.

BUT…

When businesses & people do not know about the impact of various things the Government is shoving down our throats, with some of them sounding outright scary, such as ObamaCare, Sharia, etc. etc., NO ONE IN THEIR RIGHT MINDS are going to invest in a losing proposition; therefore, the economy will not grow… it will NOT get better!

Businesses & people must FEEL GOOD about being in business to pursue The American Dream…
... without that, the American Dream is shattered and non-existant.

It’s really that simple…

All we have to do is change things so Businesses & people will FEEL GOOD about being in business!

Simple… Right? LOL

Some things are harder to change than others…

I think just about everyone, who has been paying attention, knows quite a bit of what should be changed.

We need The American Dream to be a reality again!

-- Have Fun! Joe Lyddon - Alta Loma, CA USA - Home: http://www.WoodworkStuff.net ... My Small Gallery: http://www.ncwoodworker.net/pp/showgallery.php?ppuser=1389&cat=500"

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Joe Lyddon

7627 posts in 2657 days


#6 posted 748 days ago

For Example!

... Watch the 12-1/2 min. video…

-- Have Fun! Joe Lyddon - Alta Loma, CA USA - Home: http://www.WoodworkStuff.net ... My Small Gallery: http://www.ncwoodworker.net/pp/showgallery.php?ppuser=1389&cat=500"

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Dan'um Style

12854 posts in 2587 days


#7 posted 747 days ago

-- keeping myself entertained ... Humor and fun lubricate the brain

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jtash

30 posts in 1688 days


#8 posted 746 days ago

“National Debt has increased more under Obama than under Bush.”

This is an artical from CBS New. Hardly a right wing leaning organization.

(Credit: CBS) (CBS News) The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.

The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.

The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush’s last day in office, which coincided with President Obama’s first day.

The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services….

This is bad no matter what your political views.
Let’s also think about the events of 2001. One the tech bubble burt. Two the terrorist attack on the WTC and Pentagon. The events of 2008 housing bubble burst as well as TARP (half of the TARP was alocated by each administration). I don’t understand how increasing tax on companies that have more than 250K in profits can help without serious changes in spending.
The government spends over 20 billion a day currently.
Taxing the rich isn’t the answer nor is cutting spending. The real answer has to be growing the economy and a combination of smart tax changes with reasonable spending cuts.
There is a lot of things that could be done to spur manufacturing in the US and that would lead to increased revenues to the Government.
The total wealth, not just income, of the top 1% is about 1.8 trilion. Government spending is 6.3 trillion for 2012.

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