Why aren't the Bush Tax Cuts Working?

[Political Junky]

They were extended 8 months ago, when Obama caved in to the GOP's demands.

Weren't they supposed to create jobs? Wasn't another 800 billion dollar's worth of budget busting supposed to be worth it,

for the jobs?

Because, as GHW Bush called it, it's Voodoo Economics.

 

[DontBeStupid]

Reagan isn't in office, and you can't blame him for our current problems.

Wow! I have no idea how you think I'm blaming Reagan for today's problems! I never wrote that. Never even wrote anything close to it. Are you reading my posts before you respond?

I'm merely correcting people and showing that Reagan's budgets and deficits were almost as bad as our current situation.

You brought up Reagan. Every other time--and let me be clear I enjoy when you are on a thread, you don't name call or anything, just clean back and forth--you are the one that invokes the great Reagan to rationalize the debt/deficit of the Obama administration.

Actually no, I did not bring up Reagan. Frank brought up Reagan when he dishonestly claimed Obama's deficit is bigger than Reagan's budgets. I was correcting him.

 

[Google]

But only if St Ronnie was president for 13 years!!!!

I guess you have given up on that whole Bush recession thing?

Is this Non Sequitur Day???

You know Latin, what a scholar.

 

[BoycottTheday]

Just pointing out they should be called the Bush tax Rates, they ceased being cuts a long time ago.

 

[CrusaderFrank]

This is factually incorrect.

The deficit for 2010 was approximately 9% of GDP. Reagan routinely had budgets over 22% of GDP.

You're an Obama Fluffer.

Reagan Sends $1 Trillion Budget to Congress, and Battle Is Joined - NYTimes.com

"Most of the details of the President's plan for spending $1.02 trillion in the fiscal year 1988 had been disclosed in recent days, and the Democrats who will control both houses of the new Congress were quick to attack when the document was issued this morning"

2011 Deficit | How does Obama's 2011 projected deficit compare? - Los Angeles Times

"The deficit is estimated at $1.27 trillion in 2011 -- down from a record $1.56 trillion in the current year."

Obama deficit $1.27T > Reagan $1.02T budget

Wait just a minute there Slick, aren't you dishonestly comparing 1988 dollars to 2010 dollars?

What would the 1988 budget be in 2010 dollars?
That would make St Ronnie's budget $1.91T.

Inflation Calculator- from InflationData.com

Inflation Calculator Results:​

Total inflation over the period from January 1988 to January 2010 is 87.28%

Obama's Deficit is still Bigger that any Reagan Budget.

Also, Reagan's budgets never got us Downgraded, Obama's did.

Stop Fluffing for him

 

[CrusaderFrank]

Wow! I have no idea how you think I'm blaming Reagan for today's problems! I never wrote that. Never even wrote anything close to it. Are you reading my posts before you respond?

I'm merely correcting people and showing that Reagan's budgets and deficits were almost as bad as our current situation.

You brought up Reagan. Every other time--and let me be clear I enjoy when you are on a thread, you don't name call or anything, just clean back and forth--you are the one that invokes the great Reagan to rationalize the debt/deficit of the Obama administration.

Actually no, I did not bring up Reagan. Frank brought up Reagan when he dishonestly claimed Obama's deficit is bigger than Reagan's budgets. I was correcting him.

Obama's Deficits are from 1.2T to 1.6T, Reagan's Budget was $1 Trillion.

But keep lying and looking stupid because you still think you have a media monopoly.

Reagan's Last Budget Calls for Deep Cut in Deficit - NYTimes.com

 

[Quantum Windbag]

They were extended 8 months ago, when Obama caved in to the GOP's demands.

Weren't they supposed to create jobs? Wasn't another 800 billion dollar's worth of budget busting supposed to be worth it,

for the jobs?

In three words, because they expired.

If you want to know why the Obama tax cut extensions are not working, it might be because they are not tax cuts, and they will expire in 16 months, not to mention that he has been working to get them repealed since he signed them. I want you to understand something here, that is my opinion, and I have no empirical data to back it up. I can, however, point out the fact that while tax cuts historically have led to economic expansions, and tax hikes have historically led to economic downturns, doing the same thing historically leads to the same result.

FYI, the argument behind the extension was not that they would lead to lower unemployment, the argument was that raising taxes by not extending them would lead to higher unemployment. Since you, and others, have been arguing for months that unemployment has been steadily decreasing under Obama, I think I can point out that the extensions seem to be doing exactly what everyone said they would.

I think that puts this thread in a special category of fail. Welcome to the rdean level of irrelevance in political discourse.

 

[DontBeStupid]

Obama's Deficits are from 1.2T to 1.6T, Reagan's Budget was $1 Trillion.

But keep lying and looking stupid because you still think you have a media monopoly.

I don't think I have a media monopoly. I do think I understand basic math though. Which apparently you do not.

 

[CrusaderFrank]

Obama's Deficits are from 1.2T to 1.6T, Reagan's Budget was $1 Trillion.

But keep lying and looking stupid because you still think you have a media monopoly.

I don't think I have a media monopoly. I do think I understand basic math though. Which apparently you do not.

$1.6 Trillion is bigger than $1 Trillion, even you know that, right?

Also, it's Obama's DEFICIT and Reagan's entire BUDGET, you know that's different, right?

 

[DontBeStupid]

Obama's Deficits are from 1.2T to 1.6T, Reagan's Budget was $1 Trillion.

But keep lying and looking stupid because you still think you have a media monopoly.

I don't think I have a media monopoly. I do think I understand basic math though. Which apparently you do not.

$1.6 Trillion is bigger than $1 Trillion, even you know that, right?

Also, it's Obama's DEFICIT and Reagan's entire BUDGET, you know that's different, right?

heh heh do you understand that 23% = 23% ?

 

[Soggy in NOLA]

How do tax cuts not work?

 

[DontBeStupid]

Obama's Deficits are from 1.2T to 1.6T, Reagan's Budget was $1 Trillion.

But keep lying and looking stupid because you still think you have a media monopoly.

I don't think I have a media monopoly. I do think I understand basic math though. Which apparently you do not.

$1.6 Trillion is bigger than $1 Trillion, even you know that, right?

Also, it's Obama's DEFICIT and Reagan's entire BUDGET, you know that's different, right?

Look, kid, I'd love to watch you squirm on this and come up with new and exciting insults for me, but how about you go read up on inflation and how the dollar changes value over time, and then we can try this again, ok?

 

[CrusaderFrank]

I don't think I have a media monopoly. I do think I understand basic math though. Which apparently you do not.

$1.6 Trillion is bigger than $1 Trillion, even you know that, right?

Also, it's Obama's DEFICIT and Reagan's entire BUDGET, you know that's different, right?

Look, kid, I'd love to watch you squirm on this and come up with new and exciting insults for me, but how about you go read up on inflation and how the dollar changes value over time, and then we can try this again, ok?

Do you not know that a Deficit and budget are two different things? It's ok to admit your ignorance.

It's fair to adjust for inflation if you wanted to compare Reagan's Budget against Obama's Budget.

But to adjust for inflation for DEFICIT against BUDGET, LOL

That's silly.

You're not really that stupid are you?

 

[BoycottTheday]

How do tax cuts not work?

So, you are suggesting letting people keep more of their money would be a good thing?

OMG!

 

[DontBeStupid]

How do tax cuts not work?

For those of us who remember Bush's pitch about the tax cuts, I would say they are working almost exactly as he wanted them to. His main push was that the government was taking in too much money and that wasn't right and he had to return the money to the people who earned it. He then did so in a lopsided fashion and with complete disregard for the SS Trust Fun that had to be repaid.

So yeah, I think they are working just like he wanted them to.

 

[Zander]

I own and run a business that employs around 70 people. I have a pretty good backlog of work right now and I am doing quite well. But I am still not expanding or hiring. I am worried about health care costs. I am worried about more and more regulations. I am worried that my customers may not being able to pay me! When I see an administration that raids a guitar factory because they don't hire union labor, or sues Boeing for opening a new plant that doesn't use union labor, I get worried. When the POTUS openly declares war on the successful, I get worried.

Right now I am not hiring any new employees even though I could. If anyone quits I am not replacing them either. I am doing more with less. I am battening down the hatches and hoping to get through the next few years with as little pain for my key people as possible.

I work with a lot of other entrepreneurs and they all tell me the same thing- there is far too much uncertainty in the air. Is that all the fault of the Obama admin? Not all, but much of it stems from their anti-business statements and policies, class warfare politics, and the uncertainty of Obamacare . I don't know one business owner that likes Obama. Not one!! - and I live and work in Los Angeles one of the most liberal cities in America. Most feel that once we get this dilettante clown out of the white house and repeal Obamacare the country will rebound.

That is why the OBAMA tax cuts are not working, at least for me and the business owners I work with......

 

[DontBeStupid]

When I see an administration that raids a guitar factory because they don't hire union labor, or sues Boeing for opening a new plant that doesn't use union labor, I get worried. When the POTUS openly declares war on the successful, I get worried.

No one is declaring war on the successful. Gibson was raided not due to union issues but because they are suspected of illegally smuggling in wood for their products. Are you honestly insinuating that we should allow companies to break the law with no responsibility for their actions?

 

[CrusaderFrank]

Wow. Obama really is a Cult

 

[Zander]

When I see an administration that raids a guitar factory because they don't hire union labor, or sues Boeing for opening a new plant that doesn't use union labor, I get worried. When the POTUS openly declares war on the successful, I get worried.

No one is declaring war on the successful. Gibson was raided not due to union issues but because they are suspected of illegally smuggling in wood for their products. Are you honestly insinuating that we should allow companies to break the law with no responsibility for their actions?

It was political payback......CEO of Gibson Guitar a Republican donor; Democrat competitor uses same wood - Landmark Report


The gov't should be concentrating on getting ourselves out of debt and not raiding a company over semantics about a bunch of wood.. It is an American company that employs thousands of American citizens right here in the USA. These feckless Keystone cops that are running the gov't couldn't run a damn lemonade stand. The overhead on that raid and investigation cost millions of our tax dollars....all to confiscate a few thousand bucks worth of wood....fucking morons.

 

[Greenbeard]

I am worried about more and more regulations.

Regulations on what? What industry are you in?

If you want to offer a personal example, then ditch the generalities. You say you're worried about health costs--do you self-insure and, if not, which health insurers are you dealing with? If you could offer each employee a defined contribution and then let them shop for a plan of their choice in a statewide market (making up the difference, if any, between their chosen plan's price and your contribution with their own money), would you do it?

You reference "anti-business statements and policies." What are you referring to and how have they affected your bottom line? Are you having some kind of interaction with NLRB and, if not, what does Boeing have to do with your business? You're talking about uncertainty--what does certainty look like and at what point would you be facing enough "certainty" to hire?

It would be interesting to hear the small business perspective in concrete terms, not the standard trope.