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I agree with you. This mess has been going on for awhile. Bush and Paulson knew it would get this bad. "Every American a homeowner" That was Bush's quote in 2003, it made him look good during the war. Interesting how all his statments and proclamations are now swept under the rug.
How is it going to be better? The government will have to ration care to reduce costs.
You act like health care isn't being rationed now by health insurance companies. Once you hit your lifetime limit YOU HAVE NO MORE COVERAGE. If you have a family and for some reason you have multiple medical issues once you hit your limit YOU HAVE NO MORE COVERAGE. Prior to the passage of health care reform legislation is you had a pre-existing condition YOU COULDN'T get coverage.
doesnt matter if you are losing 1 million a month, or losing 1 a month....a loss is a loss
For the last several months private sector employment has actually INCREASED. In fact for both August and September the majority of job losses were from the FEDERAL GOVERNMENT which reduced workers in the Census Bureau.
It's not your house until it's paid out. Remember it's called a mortgage aka dead pledge.
This is very true. Most people have been lead to believe that a house is a CAN'T LOSE investment. There is NO SUCH thing as a can't lose investment. Every investment has the inherent risk of loss associated with it.
You are very true that if you carry a mortgage you don't own your home. A home is a FINANCIAL LIABILITY until it is paid off.
That's not the only factor. Lots of people brought homes at the top of the market and lots of people were flipping homes and got with multiple mortgages and no way to get out of them once the downturn started. Even more people with good credit brought more home than they could afford.
Capital gains tax revenue to the federal government under Bush DOUBLED. Whats your point?
Sub prime lending took off in the mid 1990's..
Why? Because the GOVERNMENT is guaranteeing them so the banks dont care..
The buyers are getting the home they cant afford, albeit it for 3-5 years, so they dont care..
See, everyone is happy!!..
But overall tax revenue gains were dismal. When Bush came into office tax revenues were about $2 trillion a year. Even with the Bush Tax cuts the biggest year for tax revenue was 2007 when is was just over $2.568 trillion a year. Compare that to the growth in tax revenue during the Clinton Administration. In 1992 tax revenue was 1.092 trillion in 2000 tax revenue it was 2.025 trillion. In the eight years Clinton Administration tax revenue rose almost 100%. In the eight years of the Bush Administration they rose at the most 20%. In 2009 tax revenue actually fell to $2.105 trillion.
It proves that tax cuts by themselves don't increase tax revenue. If there aren't other factors in the economy to spur economic growth tax cuts won't increase tax revenue significantly.
But overall tax revenue gains were dismal. When Bush came into office tax revenues were about $2 trillion a year. Even with the Bush Tax cuts the biggest year for tax revenue was 2007 when is was just over $2.568 trillion a year. Compare that to the growth in tax revenue during the Clinton Administration. In 1992 tax revenue was 1.092 trillion in 2000 tax revenue it was 2.025 trillion. In the eight years Clinton Administration tax revenue rose almost 100%. In the eight years of the Bush Administration they rose at the most 20%. In 2009 tax revenue actually fell to $2.105 trillion.
One thing to note about your numbers is that it includes income from social security taxes. Neither the Clinton tax hikes or Bush tax cuts affected social security, so you cannot include those figures if you wish to make comparisons. As I recall the SS tax rate was capped at 6.2% under Reagan anyway, so there would be no difference there. Instead numbers look like this:
So in fact tax revenue increased 31% to the peak of the economic cycle after the Bush tax cuts, even though economic growth between 2001-2008 was about half of what it was 1992-2000. A near equal gain on weaker economic growth.
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Originally Posted by JazzyTallGuy
If there aren't other factors in the economy to spur economic growth tax cuts won't increase tax revenue significantly.
That is the point. The increased economic activity resulting from the tax cuts leads to a wider tax base and more revenue, which is the exact pattern we saw 2002-2008.
Of course, the same effect could probably be achieved through tax breaks and deductions, because changing the marginal rates themselves is a b-tch.
I see you have taken not one, but several gulps of the kool-aid.
How do we restore prosperity?
1. Cut taxes
2. Cut spending
3. Cut corporate taxes
4. repeal Obamacare
5. reduce government regulation
6. defang the EPA
7. enforce the borders
As you have never owned a buisness and have never employed people, these concepts are alien to you. When you grow up and become responsible, it will be more clear to you.
I've owned a business and currently work for myself.
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Cut taxes
Corporate profits are near pre-credit crises high. There is NOTHING wrong with corporations in terms of profits. What is going on in corporations is that they are investing heavily in emerging markets with lower wages than we have in the United States. Also executives get big raises and stock options while non-executive get peanuts. Corporations DON'T need tax cuts. Middle class wage earners whose incomes have stagnated need tax cuts.
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Cut Spending
I agree that federal spending needs to be cut but if you don't consider cuts in military spending then you aren't really serious about cutting federal spending.
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Cut Corporate Taxes
This is just more greedy folks "Talking Their Book" corporate taxes as a percentage of GDP is DECLINING while corporate profits are near pre-credit crises highs. Corporations have numerous way to cut their taxes. The kicker here is that U.S corporations with overseas operations don't pay taxes on those operations UNTIL THE MONEY IS REPATRIATED TO THE UNITED STATES. So what are corporations doing? Keeping that money in emerging markets with low wages and re-investing the profits.
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Repeal Obmacare
The failure of the Health Care Reform was not the changes, it’s that the changes didn't go far enough. As long as you have health insurance CEO's making tens of millions a year you are NOT going to have a health care industry that has the best interest of the American people at heart.
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Reduce Government Regulation
The Bush 43 allowed the financial services industry, mining industry, petroleum industry, and other industries to operate in a relaxed regulatory environment. We had employees in the SEC watching porn and not the financial markets and people in the Materials and Mining Services snorting coke and carousing with hookers supplied by the companies they were supposed to regulate. We got a credit crisis from have no regulation of mortgage backed securities and credit default swaps. We got mines that weren't inspected property resulting in unsafe mines that ultimately got miners killed. We got unsafe oil rigs that caused oil spills.
Regulation aren't about business, it's about protecting people from the abuses of business. Businesses has shown time and time again without regulation THEY WILL **** OVER THE AMERICAN PEOPLE.
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Defang the EPA
Hell no, now more than ever we need an effective EPA. Pollution KILLS people and without proper government regulation businesses will keep on polluting and KILLING people. Not only that does pollution kill people it destroys natural resources i.e. the Great Lakes that have a HUGE economic impact.
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Enforce The Borders
We finally agree on something here BORDER SECURITY IS NATIONAL SECURITY. We need MORE resources both technical and manpower devoting to securing our bordrs and making our border area safer.
I've seen this type many times. You can provide endless factual data and they'll never admit they're wrong. They either abandon the thread and move on or keep on parroting their false talking points over and over again until the other person gets tired of their idiocy and moves on.
The true mark of a Conservative is they NEVER let facts get in the way of ideology.
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