Supply-Side Economics

[Rajoo]

Originally Posted by Dondilion

There lies the crux.

My company got PPP funds and we immediately brought our people back to work even though we had been operating with a skeleton crew and there was insufficient work. We were an exception since we had a whole year to use up the money. I heard that a lot of small business owners remained closed and bought Ferraris instead, using this money as a windfall.

Government should have qualified and paid the employees directly.

[finnbow]

Originally Posted by whell

What you call a "lie" is what others call "fact". Examples:

From Discourse, a "right down the middle" publication from George Mason University: In Actual Dollars, Tax Cuts Boost Revenue Time After Time

Let’s take a look at the major post-war tax cuts. The first was the U.S. Revenue Act of 1964, which reduced the top personal income tax rate from 91% to 70% and the top corporate tax rate from 52% to 48%. Keynesian economists, as well as skeptical Treasury staffers, estimated that the cuts would result in a cumulative revenue loss of $32 billion by 1966 (in constant 1963 dollars).

But instead, federal receipts grew by 65%, or 32% in real terms, from 1965 through 1970.

Politico: U.S. sees biggest revenue surge in 44 years despite pandemic

From Oct 2021: Despite a pandemic, a recession and a slew of tax cuts, federal tax receipts are booming. Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977.

For example, corporate tax receipts leaped 75 percent, CBO says. At $370 billion, they easily top where they were immediately before Republicans slashed the corporate rate as part of the Tax Cuts and Jobs Act.

The overall revenue increase wasn’t only an anomaly compared to 2020, when receipts fell by just 1.2 percent to $3.420 trillion. Revenues in 2021 still rose 17 percent even when compared to 2019 levels, before the pandemic hit.

Here's one from the left side of the spectrum, Roll Call: Unexplained tax revenue growth vexes budget scorekeepers

In 2017, prior to passage of the GOP tax law, the CBO estimated that federal tax receipts would total $43 trillion over fiscal 2018 through 2027. Combining actual results in the early years after enactment with the latest forecast, [B]tax revenue is now expected to be $1.7 trillion higher during that time than the agency had forecast before the tax cuts became law./B]

There are more examples, but you get the idea.

The idea that tax cuts "pay for themselves" is Washington-speak for requiring "proof" that a tax cut will be budget neutral. That idea is a joke on its face since congressional spending is almost NEVER budget neutral. But, when there is a deficit, it does give Congress something to blame their over-spending on.

And these positive developments happened under the Biden administration and his policies to fix the US economy after the pandemic, further proof that the economy does better under Democrats. Indeed, the recession that the GOP has been squawking about never really materialized as gas and grocery prices drop precipitously and the Fed is now talking about inflationary pressures easing. Well done, Joe.

BTW, George Mason's Economics Dep't is very strongly influenced by the Chicago School and author of the piece you cited worked at Cato, so you can be assured his take would give credit to Trump's tax cuts rather than Biden's policies.

[Rajoo]

Originally Posted by finnbow

And these positive developments happened under the Biden administration and his policies to fix the US economy after the pandemic, further proof that the economy does better under Democrats. Indeed, the recession that the GOP has been squawking about never really materialized as gas and grocery prices drop precipitously and the Fed is now talking about inflationary pressures easing. Well done, Joe.

Yes, well done Joe and no repugnant gives him the credit he deserves. In my opinion, President Biden has put together an amazing cabinet which is professional that they draw very little attention to themselves while quietly go about managing our country's governance effectively and efficiently.

Biden tacking to Venezuela while giving the middle finger to MBS was brilliant.

[bobabode]

Originally Posted by finnbow

And these positive developments happened under the Biden administration and his policies to fix the US economy after the pandemic, further proof that the economy does better under Democrats. Indeed, the recession that the GOP has been squawking about never really materialized as gas and grocery prices drop precipitously and the Fed is now talking about inflationary pressures easing. Well done, Joe.

BTW, George Mason's Economics Dep't is very strongly influenced by the Chicago School and author of the piece you cited worked at Cato, so you can be assured his take would give credit to Trump's tax cuts rather than Biden's policies.

The Catoites are hardcore, batshit crazy rightwingnuts. Thanks Finn.

As usual, pbbbbbt to you Mikey.

[Rajoo]

Trump tax cuts did little to boost economic growth in 2018, study says

In all, GDP rose 2.9% for the full calendar year, the best performance since the financial crisis. But that came in an economy already poised to move higher, economists Jane Gravelle and Donald Marples wrote.

The study indicated that the tax changes contributed only marginally to the overall economic economic gains — maybe 0.3% of a “feedback effect.” The economists say that for the tax cuts to pay for themselves, as Trump has promised, GDP would have to rise by 6.7%.

Its why HW Bush called it Voodoo Economics. Why do they do it every so often? Its not their money and they fool people into thinking it goes for a good cause.

https://www.cnbc.com/2019/05/29/trum...tudy-says.html

[whell]

Originally Posted by finnbow

And these positive developments happened under the Biden administration and his policies to fix the US economy after the pandemic, further proof that the economy does better under Democrats.

Biden "fixed" the economy alright.

- Historically high inflation
- $4 - $5 dollar a gallon gasoline, up from about $2.40 per gallon when he entered office
- Heating oil prices higher than they've been in a long time
- Negative GDP growth in Q1 and Q2 2022
- Negative wage growth when adjusted for inflation

Thanks Joe!

[whell]

Originally Posted by Rajoo

Biden tacking to Venezuela while giving the middle finger to MBS was brilliant.

Yeah, getting oil from a leftist thug rather than a pariah nation is brilliant. That move will likely help Maduro stick around for longer than his own citizens want him to.

This Morton's Fork choice is the result of Biden's repeated vow to limit domestic drilling/production. What we should be doing is getting out of our own way and ramping up domestic production.

[Chicks]

US economy adds more jobs than expected in November
Data suggests demand for new workers remains strong despite Fed tightening campaign on interest rates

https://www.ft.com/content/85a619b7-...f-ac6f89f8d47e

Slow down, Joe! Your policies are working a bit too well. Just filled up yesterday at Costco: $3.99; gas prices are dropping off a cliff while the economy just keeps humming along. Oh, and rail strike averted. Thanks, Joe! This is what leadership looks like.

Does anyone pay attention to Whell's nonsensical posts? ROFL

[Rajoo]

Originally Posted by whell

Yeah, getting oil from a leftist thug rather than a pariah nation is brilliant. That move will likely help Maduro stick around for longer than his own citizens want him to.

This Morton's Fork choice is the result of Biden's repeated vow to limit domestic drilling/production. What we should be doing is getting out of our own way and ramping up domestic production.

Better than invading them.
Saves money, saves lives. I call that a win win.

[whell]

Originally Posted by Rajoo

Better than invading them.
Saves money, saves lives. I call that a win win.

Tell that to the Venezuelans...