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03-28-2018, 05:37 PM
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Senior Member
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Join Date: Mar 2013
Location: Sierras
Posts: 14,151
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Quote:
Originally Posted by whell
This thread is about supply side economics, not about tax breaks for the middle class. Sorry you got lost.
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This thread is about hog wash. Tax breaks for the middle class, that's truly Fake News. I spent mine at Starbucks in Oakland yesterday, $5.00 for a medium latte. Here is the reality.
Quote:
Even the Tax Foundation, generally regarded as the most sympathetic of the various Washington organizations that crunch tax numbers, doesn’t think the tax cut will boost growth enough to cover its cost to the federal budget. The group forecasts that the tax cut will leave Americans with an extra $400 billion in debt to pay back a decade from now.
Another group, the Committee for a Responsible Federal Budget, said it thinks the bill could cost the U.S. as much as $2.2 trillion.
The more debt the bill ultimately creates, the less it is likely to add to the economy. That’s because government borrowing competes for investment dollars with private industry. If the government ends up having to borrow too much, interest rates will rise and choke off private companies’ ability to raise money to invest in new equipment or to add jobs.
Those concerns have led many analysts to conclude that the bill may ultimately generate little if any growth at all. Other reviews of various iterations of the Republican tax bill, including one by the Joint Committee on Taxation, Congress’s budget scorekeeper, pegged the economic growth to be anywhere from one-third to one-tenth of the Tax Foundation’s forecasts.
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The bolded text is a reality check. What good does a measly tax cut do when the economy goes into a recession and incomes get depressed due to unemployment. Anyone remember the Reagan economic miracle, aka Woodoo Economics?
http://time.com/money/5071344/gop-ta...-middle-class/
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White Christian Nationalism:
Freedom for us, order for everyone else, and violence for those who transgress.
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03-28-2018, 05:46 PM
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Senior Member
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Join Date: Mar 2017
Posts: 13,286
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Starbucks!? Oakland!? You must be one a them dang lefties Whell keeps a’warning us on, son!
Don’t let on to ol’ Whell, but his Deetroit is dang near as leftist as Oakland! Wouldn’t want to frighten him, all them pinkos nearby and all.
http://www.oregonlive.com/today/inde...essive_th.html
__________________
"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
Last edited by Chicks; 03-28-2018 at 06:13 PM.
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03-28-2018, 07:21 PM
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Admin
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Join Date: Dec 2011
Location: Behind the Orange Curtain in California
Posts: 37,188
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Quote:
Originally Posted by whell
I'm fully aware to realize that you think that my post can be taken in an ironic context or play on words that slams the topic. Of course, if you think that, then you apparently have a grave misconception about what supply side economics is.
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When are you immigrating to Lower Brownbackistan, Mike?
Give my regards to Rumpelstiltskin when you get there.
__________________
I don't know half of you half as well as I should like, and I like less than half of you half as well as you deserve.
- Mr. Underhill
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03-28-2018, 07:51 PM
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Senior Member
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Join Date: Mar 2013
Location: Sierras
Posts: 14,151
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Quote:
Originally Posted by whell
I'm fully aware to realize that you think that my post can be taken in an ironic context or play on words that slams the topic. Of course, if you think that, then you apparently have a grave misconception about what supply side economics is.
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Quote:
Greg Fitzsimmons: Trickle-Down Economics
Trickle-down economics -- it didn't work. The whole idea was supply-side economics: give rich people a lot of money; they'll spend it, it'll go into the economy. Here's what we found out -- rich people, really good at keeping all the money. That's how they got rich. If you want it in the economy, give it to the poor people. You know what they're really good at spending all their money.
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Argue that one Trumptard ( )
__________________
White Christian Nationalism:
Freedom for us, order for everyone else, and violence for those who transgress.
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03-29-2018, 12:15 AM
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Senior Member
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Join Date: Mar 2017
Posts: 13,286
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More economic leaders weigh in on this unsustainable economy with these absurd tax cuts. Unlike local yokel Whell, these guys actually know what they're talking about.
Quote:
No less than five of the country’s most distinguished economic leaders sounded the alarm in The Post on Tuesday. Michael J. Boskin, John H. Cochrane, John F. Cogan, George P. Shultz and John B. Taylor warned in their Post Opinions essay, “A debt crisis is on the horizon,” that “even if economic growth continues uninterrupted, current tax and spending patterns imply that annual deficits will steadily increase, approaching the $1 trillion mark in two years and steadily rising thereafter as far as the eye can see.”
the reality of what Boskin, Hiatt and the others say could not be more clear or more serious. Just 10 years ago, our debt was $9.4 trillion. Today, it is $21 trillion. Of that, more than $15 trillion is held by the public. And according to the experts, the public’s debt burden could quickly rise to $20 trillion in just five years. If that happens and interest rates rise to 5 percent —1.5 percentage points higher than that which the Trump administration predicts — the aforementioned economists say “the interest cost alone on the projected $20 trillion of public debt would total $1 trillion per year.” That is more than America’s current $654 billion defense budget.
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https://www.washingtonpost.com/blogs...-crisis-looms/
__________________
"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
Last edited by Chicks; 03-29-2018 at 12:18 AM.
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03-29-2018, 06:40 AM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Quote:
Originally Posted by Chicks
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Of course, I fully agree with the comments of the economists in your WaPo post. The ballooning of the debt that they're bowling about occurred under St Barry. That was real, incurred federal debt. Were these guys howling then while money the Feds didn't have was flying out the door? Or did they wait, like you are, until St Barry leaves office to try to blame someone else for the debt St Barry ran up, and howl about projected debt?
I don't like the Omnibus either, but the funds haven't been spent yet. I will say that my optimism about getting federal spending under some control has dimmed a bit. But listening to folks like you crow about debt fears is a bit like listening to the builders of the Titanic discussing leaky plumbing in the galley.
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03-29-2018, 07:17 AM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,857
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Quote:
Originally Posted by whell
Of course, I fully agree with the comments of the economists in your WaPo post. The ballooning of the debt that they're bowling about occurred under St Barry. That was real, incurred federal debt. Were these guys howling then while money the Feds didn't have was flying out the door? Or did they wait, like you are, until St Barry leaves office to try to blame someone else for the debt St Barry ran up, and howl about projected debt?
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Are you really that dimwitted? Deficit spending is exactly what was called for in the midst of the second worst economic downturn in the nation's history. Obama brought the nation back from the brink of economic collapse with his economic policies (which the GOP fought every step of the way). One would think you'd realize this coming from Detroit, home of the domestic auto industry that Obama saved. Jeez.
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As long as the roots are not severed, all will be well in the garden.
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03-29-2018, 10:05 AM
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Senior Member
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Join Date: Mar 2013
Location: Sierras
Posts: 14,151
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Quote:
Originally Posted by whell
Of course, I fully agree with the comments of the economists in your WaPo post. The ballooning of the debt that they're bowling about occurred under St Barry. That was real, incurred federal debt. Were these guys howling then while money the Feds didn't have was flying out the door? Or did they wait, like you are, until St Barry leaves office to try to blame someone else for the debt St Barry ran up, and howl about projected debt?
I don't like the Omnibus either, but the funds haven't been spent yet. I will say that my optimism about getting federal spending under some control has dimmed a bit. But listening to folks like you crow about debt fears is a bit like listening to the builders of the Titanic discussing leaky plumbing in the galley.
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You suffer from either intellectual constipation or an IQ deficit.
__________________
White Christian Nationalism:
Freedom for us, order for everyone else, and violence for those who transgress.
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03-29-2018, 10:11 AM
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Senior Member
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Join Date: Mar 2017
Posts: 13,286
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Quote:
Originally Posted by finnbow
Are you really that dimwitted?
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He’s a diehard Trumpie. Kinda goes without saying.
__________________
"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
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03-29-2018, 10:40 AM
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Senior Member
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Join Date: Mar 2013
Location: Sierras
Posts: 14,151
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__________________
White Christian Nationalism:
Freedom for us, order for everyone else, and violence for those who transgress.
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