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Yea, the great Ronald Reagan did that and it worked perfectly.
He lowered taxes and created tons of revenue into the system.
He lowered taxes and INCREASED government spending with a massive military arms build up. Folks can argue 'till the cows come home whether it was the tax cuts or the deficit spending that was responsible for his economic success - either way the result was an increase in revenue but an even bigger increase in the deficit. Still the strategy worked and produced the desired result - a vibrant economy and the creation of many, many jobs (including my own at the time).
Now wait a minute, the obamatrons are saying " But, but, the jobs losses are slowing"
That's right - they are SLOWING. It has to slow before it stops.
You're not going to go from 700,000+ jobs losses in January to a net job creation in one fell swoop. We'll see on Thursday what the July numbers are, but the consensus is that it will be under 400,000 - and possibly as low as 350,000. IF that turns out to be the case, job losses will have been cut in half in 6 short months. Keep in mind too that even in a healthy economy it's normal to have something like 250,000 new layoffs every single month - so if it does indeed drop into the 350,000 range we're getting pretty close to a normal (healthy) situation. Even if it doesn't drop quite that low, clearly it is WAY down from the high in January - which is definitely good news.
U.S. consumer bankruptcy filings reached 126,434 in July, the highest monthly total since the Bankruptcy Abuse Prevention and Consumer Protection Act was implemented in October 2005
America is shutting down, and all this borrowing isn't going to stop it.
Municipal, hospital and school defaults are going to have a HUGE and IMMEDIATE impact on our lifestyle and public safety and it's inevitable due to reckless spending and borrowing. So will the loss of millions of additional jobs.
Well of course job losses will slow down...companies are running out of people to let go.
Also there is the matter that people on unemployment are running out of benefits and so will no longer be counted....don't forget that little slight of hand by the fedgov.
And then there is the several million on supplemental unemployment,they aren't included in the official U-3 figures...
It is all getting better,please ignore the fact your neighbors have no job and are losing their house.
Happy thoughts.
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