Republicans Have No Plan to Fix Inflation

[LAUGHatLEFTISTS]

Another round of tax cuts for the billionaires will solve the inflation problem.

Just another leftist lie. Everyone who pays taxes got a tax cut. Why don’t you tell the truth. Doesn’t make the narrative sound good?

 

[Batcat]

The whole country has suffered from Trump's Derangement! And we are still feeling the effects of having a madman at the helm. You're a prime example of how we have been damaged. He has people actually believing what he says or has said. He has struck people blind and deaf to his madness even to the point that they defend and excuse his orchestrating of an insurrection. We will heal, but it's gonna take a long dose of normalcy for that to be complete..

Your Trump Derangement Syndrome is so serious you must believe Trump is the Anti-Christ.

In passing this nation is not going to “heal” under Joe Biden. Joe Biden appears to have taken a course from Jimmy Carter on how to be a President. I haven’t heard the term stagflation used much since the Carter days but now I am hearing it used again.

Stagflation is staring Biden in the face — but he refuses to change course

First we were told inflation was imaginary. Then we were told it was “transitory,” the result of a COVID-inflicted supply-chain. Then we were told it was Putin’s fault.

nypost.com

 

[Kosh]

WOW an opinion piece from the far left CNN.
From the far left cult member that allows the white rich far left elite to control their thoughts

 

[Wickerthing]

Let me educate you on the Reagan economic record.....

(your typical Dimwinger single digit IQ move here is to attack the source. Feel free to do so while bringing credible links disputing ANY of the numbers in the link)

HOW DID THE REAGAN TAX CUTS AFFECT THE U.S. TREASURY?​

Many critics of reducing taxes claim that the Reagan tax cuts drained the U.S. Treasury. The reality is that federal revenues increased significantly between 1980 and 1990:

• Total federal revenues doubled from just over $517 billion in 1980 to more than $1 trillion in 1990. In constant inflation-adjusted dollars, this was a 28 percent increase in revenue.3
• As a percentage of the gross domestic product (GDP), federal revenues declined only slightly from 18.9 percent in 1980 to 18 percent in 1990.4
• Revenues from individual income taxes climbed from just over $244 billion in 1980 to nearly $467 billion in 1990.5 In inflation-adjusted dollars, this amounts to a 25 percent increase.

HOW DID REAGAN'S POLICIES AFFECT FEDERAL SPENDING?​

Although critics continue to focus on President Reagan's budget "cuts," federal spending rose significantly during the 1980s:

• Federal spending more than doubled, growing from almost $591 billion in 1980 to $1.25 trillion in 1990. In constant inflation-adjusted dollars, this was an increase of 35.8 percent.6
• As a percentage of GDP, federal expenditures grew slightly from 21.6 percent in 1980 to 21.8 percent in 1990.7
• Contrary to popular myth, while inflation-adjusted defense spending increased by 50 percent between 1980 and 1989, it was curtailed when the Cold War ended and fell by 15 percent between 1989 and 1993. However, means-tested entitlements, which do not include Social Security or Medicare, rose by over 102 percent between 1980 and 1993, and they have continued climbing ever since.8
• Total spending on all national security programs never equaled domestic spending, even when Social Security, Medicare, and net interest are excluded from domestic totals. In addition, national security spending fell during the Administration of the senior President Bush, while domestic spending increased in both mandatory and discretionary accounts.9 (See Chart 1.)

​

HOW DID REAGAN'S POLICIES AFFECT ECONOMIC GROWTH?​

Despite the steep recession in 1982--brought on by tight money policies that were instituted to squeeze out the historic inflation level of the late 1970s--by 1983, the Reagan policies of reducing taxes, spending, regulation, and inflation were in place. The result was unprecedented economic growth:

• This economic boom lasted 92 months without a recession, from November 1982 to July 1990, the longest period of sustained growth during peacetime and the second-longest period of sustained growth in U.S. history. The growth in the economy lasted more than twice as long as the average period of expansions since World War II.10
• The American economy grew by about one-third in real inflation-adjusted terms. This was the equivalent of adding the entire economy of East and West Germany or two-thirds of Japan's economy to the U.S. economy.11
• From 1950 to 1973, real economic growth in the U.S. economy averaged 3.6 percent per year. From 1973 to 1982, it averaged only 1.6 percent. The Reagan economic boom restored the more usual growth rate as the economy averaged 3.5 percent in real growth from the beginning of 1983 to the end of 1990.12

HOW DID REAGAN'S POLICIES AFFECT THE FEDERAL TAX BURDEN?​

Perhaps the greatest myth concerning the 1980s is that Ronald Reagan slashed taxes so dramatically for the rich that they no longer have paid their fair share. The flaw in this myth is that it mixes tax rates with taxes actually paid and ignores the real trend of taxation:

• In 1991, after the Reagan rate cuts were well in place, the top 1 percent of taxpayers in income paid 25 percent of all income taxes; the top 5 percent paid 43 percent; and the bottom 50 percent paid only 5 percent.13 To suggest that this distribution is unfair because it is too easy on upper-income groups is nothing less than absurd.
• The proportion of total income taxes paid by the top 1 percent rose sharply under President Reagan, from 18 percent in 1981 to 28 percent in 1988.14
• Average effective income tax rates were cut even more for lower-income groups than for higher-income groups. While the average effective tax rate for the top 1 percent fell by 30 percent between 1980 and 1992, and by 35 percent for the top 20 percent of income earners, it fell by 44 percent for the second-highest quintile, 46 percent for the middle quintile, 64 percent for the second-lowest quintile, and 263 percent for the bottom quintile.15
• These reductions for the lowest-income groups were so large because President Reagan doubled the personal exemption, increased the standard deduction, and tripled the earned income tax credit (EITC), which provides net cash for single-parent families with children at the lowest income levels. These changes eliminated income tax liability altogether for over 4 million lower-income families.16

Critics often add in the Social Security payroll tax and argue that the total federal tax burden shifted more to lower-income groups and away from upper-income groups; but President Reagan's changes were in the income tax, not in the Social Security payroll tax. The payroll tax was imposed by proponents of big government over the past 50 years, and it is they, not Ronald Reagan, who should be held accountable for its distributional effects.

Nevertheless, even if one counts the Social Security payroll tax, the share of total federal taxes increased between 1980 and 1989 for the following groups:

• For the top 1 percent of taxpayers, from 12.9 percent in 1980 to 15.4 percent in 1989;
• For the top 5 percent of taxpayers, from 27.3 percent in 1980 to 30.4 percent in 1989; and
• For the top 20 percent of taxpayers, from 56.1 percent in 1980 to 58.6 percent in 1989.

On the other hand, the share of total federal taxes, if one includes the Social Security payroll tax, declined for four groups:

• For the second-highest 20 percent of taxpayers, from 22.2 percent in 1980 to 20.8 percent in 1989;
• For the middle 20 percent of taxpayers, from 13.2 percent in 1980 to 12.5 percent in 1989;
• For the second-lowest 20 percent of taxpayers, from 6.9 percent in 1980 to 6.4 percent in 1989; and
• For the lowest 20 percent of taxpayers, from 1.6 percent in 1980 to 1.5 percent in 1989.17

CONCLUSION​

No matter how advocates of big government try to rewrite history, Ronald Reagan's record of fiscal responsibility continues to stand as the most successful economic policy of the 20th century. His tax reforms triggered an economic expansion that continues to this day. His investments in national security ended the Cold War and made possible the subsequent defense spending reductions that are largely responsible for the current federal surpluses. His efforts to restrain the expansion of federal government helped to limit the growth of domestic spending.

If Reagan's critics had been willing to work with him to limit domestic spending even further and to control the growth of entitlements, the budget would have been balanced five to ten years sooner and without the massive tax increase imposed in 1993. Today, Members of Congress from across the political spectrum should stand on the evidence and defend the Reagan record.

To the extent that President Bush's proposals mirror those of Ronald Reagan, his plan should be a welcome strategy to lower the tax burden on Americans and to make the system more responsible. If the advocates of big government in Congress cooperate with President Bush rather than merely continuing to fund obsolete, wasteful, and redundant programs, there is no limit to the prosperity that Americans can generate.

Peter Sperry is the Grover M. Hermann Fellow in Federal Budgetary Affairs in the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation.

The Real Reagan Economic Record: Responsible and Successful Fiscal Policy

See also: The Truth About Tax Rates and The Politics of Class Warfare by Daniel J. Mitchell, Ph.D.

www.heritage.org

Every good education deserves another one. So you found a website that bolsters your bullshit. Congrats. I could find 100 that will tell the truth. What Reagan did basically was to cut taxes on the wealthy from 70-50% Went on a spending spree that tripled the budget deficit and as is always the case with the GOP, He attacked the poor and the elderly and the disabled by cutting deeply into social programs. Look it up! He also increased defense spending and that practice has become a staple for every GOP President. Econ 101. You can't cut taxes and increase spending without either increasing deficit spending or cutting programs that serve the working class. Because the GOP would never consider increasing taxes and raising revenue by making the wealthiest pay a fair share. So, it's not magic that the money has to come from somewhere you idiot. The income gap didn't happen because there has been fairness in who is responsible for the revenue necessary to run the US economy. It happened and it continues to grow like wildfire because the very OPPOSITE of the bullshit you posted is the truth. Are you really that naive? I suppose that's why you became a Trump cult member. And BTW that makes you a silly goose.

 

[Nostra]

Every good education deserves another one. So you found a website that bolsters your bullshit. Congrats. I could find 100 that will tell the truth. What Reagan did basically was to cut taxes on the wealthy from 70-50% Went on a spending spree that tripled the budget deficit and as is always the case with the GOP, He attacked the poor and the elderly and the disabled by cutting deeply into social programs. Look it up! He also increased defense spending and that practice has become a staple for every GOP President. Econ 101. You can't cut taxes and increase spending without either increasing deficit spending or cutting programs that serve the working class. Because the GOP would never consider increasing taxes and raising revenue by making the wealthiest pay a fair share. So, it's not magic that the money has to come from somewhere you idiot. The income gap didn't happen because there has been fairness in who is responsible for the revenue necessary to run the US economy. It happened and it continues to grow like wildfire because the very OPPOSITE of the bullshit you posted is the truth. Are you really that naive? I suppose that's why you became a Trump cult member. And BTW that makes you a silly goose.

Nobody gives a shit about your unhinged bullshit rants.

Nothing you spew negates all the facts and figures in my post that actually has a link.

Seriously, you are a joke.

 

[Wickerthing]

Pot paints kettle black. You are the party of Perverts. Tyrants on Covid........and the worst inflation of my lifetime.

You will be utterly destroyed in the next election. You deserve it...........and you are a cancer on this country.

Another proud QAnon member! Most of the scumbag pervs that have been exposed have come from the right. From Trump and his hookers and his relationship with Jeff and Ghislaine to Matt Gaetz and his underage girlfriends. And let's not forget Larry Craig and that redneck sheriff who molested a 14 yr old. Trump just loved him!

 

[jknowgood]

Exactly. But to hear these republicans tell it, we lived in utopia and everything was affordable until Biden took office.

It was, your party is in charge and look what's happening.

 

[jknowgood]

Another proud QAnon member! Most of the scumbag pervs that have been exposed have come from the right. From Trump and his hookers and his relationship with Jeff and Ghislaine to Matt Gaetz and his underage girlfriends. And let's not forget Larry Craig and that redneck sheriff who molested a 14 yr old. Trump just loved him!

Biden took inappropriate showers with his own daughter. Her own words, what's wrong with you?

 

[Wickerthing]

Nobody gives a shit about your unhinged bullshit rants.

Nothing you spew negates all the facts and figures in my post that actually has a link.

Seriously, you are a joke.

You mean the ultra right wing Heritage Foundation? Check their creds! They are right up there with Infowars and Breitbart and Newsmax and Judicial Watch. Purveyors of Horseshit! Just like you.

 

[Wickerthing]

Biden took inappropriate showers with his own daughter. Her own words, what's wrong with you?

Whatabout????

 

[jknowgood]

Exactly. But to hear these republicans tell it, we lived in utopia and everything was affordable until Biden took office.

Gas less than $2.00 a gallon.

 

[Wickerthing]

It was, your party is in charge and look what's happening.

What's happening was inevitable because of Covid, The Supply chain and greedy oil companies and drug mfgrs. Etc. Presidents have little effect on that. But you clowns killed lower drug prices, jobs programs to rebuild America and even a $15 minimum wage for christsakes! etc etc.

 

[Wickerthing]

Okay, Groomer.

Groomer? WTF does that mean? Like the way Trump and his buddy Jeff Epstein feasted on young girls on the Island? And like Ghislaine Maxwell who Trump wished well after her conviction on grooming and prostituting kids? Is that the grooming you refer to?

 

[Wickerthing]

You Trump fools are on a losing team. Wake the fuck up before you further embarrass yourselves!

 

[Nostra]

You mean the ultra right wing Heritage Foundation? Check their creds! They are right up there with Infowars and Breitbart and Newsmax and Judicial Watch. Purveyors of Horseshit! Just like you.

Let's go back to my post where I made this prediction...

(your typical Dimwinger single digit IQ move here is to attack the source. Feel free to do so while bringing credible links disputing ANY of the numbers in the link)

Now, you single digit IQ Dimwinger, do you have anything credible to dispute the facts in my post? Do I know you Clowns or what?

 

[eagle1462010]

Another proud QAnon member! Most of the scumbag pervs that have been exposed have come from the right. From Trump and his hookers and his relationship with Jeff and Ghislaine to Matt Gaetz and his underage girlfriends. And let's not forget Larry Craig and that redneck sheriff who molested a 14 yr old. Trump just loved him!

Look at this Con Artist troll spin. Desperate to troll on anything that comes into his tiny brain. LMAO

You are out of your league here. Go eat some baby food and play with people who are just as brain dead as you at MSDNC.

 

[Wickerthing]

Let's go back to my post where I made this prediction...

(your typical Dimwinger single digit IQ move here is to attack the source. Feel free to do so while bringing credible links disputing ANY of the numbers in the link)

Now, you single digit IQ Dimwinger, do you have anything credible to dispute the facts in my post? Do I know you Clowns or what?

What a baby! Anyone can find whatever they want to support or to challenge any fuckin' thing on the web. I lived through those years and I saw what Reagan was up to. And I've seen what followed and the warnings about supply side economics have been borne out. You make the argument that I have no reason to doubt or to dismiss the source of your fairy tale. The Heritage Foundation is a widely known purveyor of right wing propaganda and disinformation. The claims made by the article that tax cuts and increased spending somehow created a boom is hogwash. What it created was a tripling of the deficit. Carter had the presence of mind and the integrity to not spend our way out of a recession that is a normal correction in many economies and always will be. That's exactly what is happening now and to go further into debt won't fix it now and would not fix it then. 1980 was the turning point for our way of life. What Reagan's economic model did was to ensure that the NEW way to create growth was growth for only the wealthy because it was geared to do just that. Give the wealthy and corporations all of the advantages financially and leave the middle class to play catch up. But the problem with that is that the new system, which every Keynsian economist knew was a red herring can never create fairness and they knew and they still know that to depend on the wealthiest to use those advantages to create new jobs and to expand to new industries would be doing battle with the urge to sock it away and build personal wealth beyond belief. That's what we see now. It was totally foreseeable then and it still is. Hence, the income gap that we see now. The Democrats have tried for decades to return at least partly to Demand side economics which is proven to create jobs and benefit the working class to a much greater extent. But The party of corporations (GOP) resists that at every turn because of abject greed by industry leaders to accumulate personal wealth that is almost pornographic. That's what we have seen and will continue to see. So, you can go right on and cut and paste all of your Evidence and I will tell you what I know to be true because I've lived it. And to answer your childish question, No, you don't know shit! You are just a naive little brat.

 

[Wickerthing]

Look at this Con Artist troll spin. Desperate to troll on anything that comes into his tiny brain. LMAO

You are out of your league here. Go eat some baby food and play with people who are just as brain dead as you at MSDNC.

Go shit on a statue.

 

[eagle1462010]

Go shit on a statue.

STFU Private Con Artist. You are in no position to order anything other than a damn Pizza.

 

[Wickerthing]

Apparently. Eagle has a league. How nice. And you are right to say I'm not in it. I'm in the Majors and you're playing tee ball. Batter up!