[CLees]

Originally Posted by nep321

This was when Clinton raised the top tax rate from 35% to 39.6%. He RAISED taxes and the economy GREW. He also RAISED the minimum wage from $4.25 to $5.15, which further contributed to economic growth. That's an even higher percent increase than the $10.10 increase for CT.

Clinton Signs a Bill Raising Minimum Wage by 90 Cents - NYTimes.com

This is your shining thread nep. Refreshing since you usually complain about ridiculous things imo lol. Ive gained a lot of respect for you.

[Lalalally]

Originally Posted by nep321

This was when Clinton raised the top tax rate from 35% to 39.6%. He RAISED taxes and the economy GREW. He also RAISED the minimum wage from $4.25 to $5.15, which further contributed to economic growth. That's an even higher percent increase than the $10.10 increase for CT.

Clinton Signs a Bill Raising Minimum Wage by 90 Cents - NYTimes.com

Hmm seems like under Clinton's watch there was lots of tax cuttin Nep Just saying . P.s and lots of cuttin' for those evil top earners -- you know, the ones who benefit from lower capital gains tax rates ( and the ones who pay most of our salaries). Also, minimum wage raised twice under Clinton's watch and 3 times under that evil Bush. Take note too Clees....

The Taxpayer Relief Act of 1997 (Pub.L. 105–34, H.R. 2014, 111 Stat. 787, enacted August 5, 1997) reduced several federal taxes in the United States.
Subject to certain phase-in rules, the top marginal long term capital gains rate fell from 28% to 20%. The 15% bracket was lowered to 10%.

The act exempted from taxation the profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five. Taxpayers can only claim the exemption once every two years.
The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006.
Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in 1999, the $10,000 annual gift tax exclusion was to be corrected for inflation.
The act also provided tax exemptions for retirement accounts as well as education savings in the Hope Scholarship Credit and Lifetime Learning Credits. Some expiring business tax provisions were extended.

[dazzleman]

The real issue is depressed demand for labor, particularly low and medium skilled labor, coupled with a fiscal and monetary policy that has inflated asset values, making commodities like housing a lot more expensive (with the numbers not really showing up in the inflation statistics). This has further depressed the buying power of the bottom rungs of the economy while inflating asset values to the benefit of those who already have.

Raising the minimum wage is a Band-Aid on this problem. It's something the politicians do to fool people into thinking they're addressing a problem when they are not.

This is not an issue that will be solved with conservative or liberal dogma. Neither address the actual issues, and in practice, the policies have mostly been the same, regardless of who was in power.

The wonderful 1990s economy was built on a debt bubble, so it really wasn't sustainable. Debt levels for individuals rose steadily through the decade (and the next decade). Until we balance our trade accounts, we will be exporting jobs and wealth, and increasing the gap between rich and poor.

This minimum wage gambit does precisely nothing to address the real issues.

[rubygreta]

Originally Posted by Lalalally

Hmm seems like under Clinton's watch there was lots of tax cuttin Nep Just saying . P.s and lots of cuttin' for those evil top earners -- you know, the ones who benefit from from lower capital gains rates ( and the ones who pay most of our salaries). Also, minimum wage raised twice under Clinton's watch and 3 times under that evil Bush. Take note too Clees....

When Clinton became president in 1993, hardly anyone knew what the internet was and hardly anyone had a cellphone. There was a huge technological revolution that started under his watch that he had little or nothing to do with, which lead to a huge employment boom and the ridiculous stock market boom of the late 1990's that brought huge capital gains into the treasury.

The economy did not boom until early 1995 when the Republicans took over Congress. Clinton was effective checkmated, and agreed to welfare reform, ending the idea that a lifetime on welfare was OK (although that attitude seems to have returned). His idea of socialized medicine was history.

Did you mention the increase in the capital gain exemption on the sale of your house from $110,000 to $500,000? That is a huge tax cut that got the real estate market moving.

Finally, remember in 1998 and 1999 all of a sudden you could get gasoline for less than a buck a gallon. I paid 79 cents a gallon for a heating oil delivery in 1999. The extra money in everyone's pocket certainly had a tremendous positive impact on the economy (offsetting losses in the oil industry). Can you imagine what would happen today if the price of gasoline plummeted to $1.50 or $2.00/gallon?

And thank you for mentioning the capital gains tax cut. The Left would love to raise the top rate to 39.6%. The unintended consequence, of course, is less demand for stocks, lower stock prices, and smaller pensions and 401K's.

[Lalalally]

Originally Posted by rubygreta

When Clinton became president in 1993, hardly anyone knew what the internet was and hardly anyone had a cellphone. There was a huge technological revolution that started under his watch that he had little or nothing to do with, which lead to a huge employment boom and the ridiculous stock market boom of the late 1990's that brought huge capital gains into the treasury.

The economy did not boom until early 1995 when the Republicans took over Congress. Clinton was effective checkmated, and agreed to welfare reform, ending the idea that a lifetime on welfare was OK (although that attitude seems to have returned). His idea of socialized medicine was history.

Did you mention the increase in the capital gain exemption on the sale of your house from $110,000 to $500,000? That is a huge tax cut that got the real estate market moving.

Finally, remember in 1998 and 1999 all of a sudden you could get gasoline for less than a buck a gallon. I paid 79 cents a gallon for a heating oil delivery in 1999. The extra money in everyone's pocket certainly had a tremendous positive impact on the economy (offsetting losses in the oil industry). Can you imagine what would happen today if the price of gasoline plummeted to $1.50 or $2.00/gallon?

And thank you for mentioning the capital gains tax cut. The Left would love to raise the top rate to 39.6%. The unintended consequence, of course, is less demand for stocks, lower stock prices, and smaller pensions and 401K's.

See my post -- yes I included info re exemption on primary residence

[bobtn]

Originally Posted by nep321

Did you even read my post? Clearly not.

Your sister and her colleagues are a tiny portion of the state employee population.

You're using anecdotal evidence to draw broad conclusions on the entire population.

What happens to a few people or a few companies is not necessarily representative of the entire population.

I'd read your nonsensical post.

National retailers have announced several, major layoffs.

You can bet corps are not spending mega millions in R&D on RFID and automated kiosks within having a marketing plan, "We can help you get more efficient (means fewer employees)", and our largest employer, Wal Mart, has more positions ripe for elimination than the total jobs at America's next largest employer.

[nep321]

Originally Posted by bobtn

I'd read your nonsensical post.

National retailers have announced several, major layoffs.

You can bet corps are not spending mega millions in R&D on RFID and automated kiosks within having a marketing plan, "We can help you get more efficient (means fewer employees)", and our largest employer, Wal Mart, has more positions ripe for elimination than the total jobs at America's next largest employer.

So then....tell me what YOUR solution to the problem is.

[bobtn]

Originally Posted by nep321

So then....tell me what YOUR solution to the problem is.

People MUST continuously add skills, and get beyond minimum wage jobs. We need these to return as they were when i was a teen to a few groups: teenagers , most of whom added education and training to leave them behind a few years later, 2nd income in family types (but even that is risky with 50% divorce), and retirees supplementing SS.

I laugh when I hear people say "You can't raise a family on X $", as they are complaining that their round peg will not fit in a square hole. The problem is not that these jobs can't do that, it is the fact many are too unmotivated to fix the root cause problem, a lack of skills having developed a lifestyle dependent on them having obtained more skills.

[Mr_250]

Could someone explain to me what happening in New London? Didn't they just raise the minimum wage?
Understand that they have had trouble with budgets, needed to borrow money to pay bills and have stagnant job growth. Sounds familiar. Maybe law makers in Hartford should look at that.

[HeadedWest]

Originally Posted by nep321

You all need to watch the documentary Inequality for All. It's available NOW on Netflix. It was produced by Robert Reich.

Yeah, that's going to be unbiased.