Question for Republicans... (unemployment rate, millionaires, cost, dollar)
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If the Bush tax cuts and deregulation worked out so well, why did we end up in a recession surrounded by record breaking deficits because of it?
lets start with the fact that during the bush 43 era, there was 52 straight months of job growth that ended in late 2007. let us also recognize the fact that the deficits were in fact dropping until FY 2007 when they started back up again. what happened in 2007? the democrats took over congress, and since congress is the arm that determines how much the government spends, not the president, budget deficits went up substantially.
the housing bubble that started during the clinton years burst in 2008 when oil prices skyrocketed and people on the edge had to make a choice of paying the mortgage or buying food and gas, and other staples of life. at this time consumers also made the choice to cut back on spending and pay off debt, which meant that expensive items like automobiles, washers, driers, and other high ticket item sales slowed down substantially.
in short low interest rates, easy credit, and people spending above their means caused an economic meltdown. as for the record breaking deficits, those in reality started during the obama administration, and despite the fact obama and the democrats campaigned on fiscal responsibility, they have been anything but fiscally responsible.
Quote:
Originally Posted by Recovering Democrat
Bush-43 and his Republican cronies are every bit to blame for our current economic mess as Frank and Dodd. Are you intellectually honest enough to admit that?
true, but dont forget that bush and the republicans tried to reign in fannie and freddie, but the democrats in both houses blocked the efforts.
Kerby mostly it comes down to us. We were buying houses that we couldn't afford. Treating cars like they were disposable razors, getting credit cards from everyone that would offer from Visa to Home Depot and even Starbucks if they had one. We even treated marriage that way and when it ended it left debt and multiple kids.
Instead of taking the good fortune we were experiencing and act responsible for the future to avoid this era we chose to act like drunks in a liquor store with $100 gift card to Jose, Jim and Jack.
While there is a percent of responsibility on our elected officials in the end it's our own dam fault
Tax cuts and the recesssion are not linked. The recession was a result of the bursting of the housing bubble. Which is in no way conneected to tax policy.
Studies show it makes more sense to give those on unemployment money than those who are rich to stimulate the economy.
The rich will spend their money in other countries and on outsourcing which does not help the U.S. economy.
When the unemployed are given money they can only spend it on local goods and therefore they actually help the U.S. economy.
Got any real link to those 'studies'? Or just perky quotes from Pelosi?
Ya think all that money is destined for the economy, check your local corner, it's also spread around other venues.
I sympathize with the unemployed. But you need to know who also pays into that fund......business owners are contributing as well.
Right, and those business owners are paying even more now b/c of all the UE given out (the percentage was raised). I also sympathize with the people who are genuinely unable to find a job, but people need to understand that these UE payments are funded through tax money, it's not like the money just magically appears in the gov't coffers so they can dole it out. Business profits will continue to suffer as long as UE remains high, it's a vicious cycle.
I would also like to see a study proving that handouts to the poor stimulate the economy more than allowing the rich to keep their hard-earned money so they can spend it on goods, services and starting new businesses and overall allowing more people to get back to work.
If the Bush tax cuts and deregulation worked out so well, why did we end up in a recession surrounded by record breaking deficits because of it?
because the government continue to spend money as if there were no tax cut.it is that simple.it is common sense. tax cuts have to come along with spending cuts, the latter never happen.that is the reason for our record breaking deficits
lets start with the fact that during the bush 43 era, there was 52 straight months of job growth that ended in late 2007. let us also recognize the fact that the deficits were in fact dropping until FY 2007 when they started back up again. what happened in 2007? the democrats took over congress, and since congress is the arm that determines how much the government spends, not the president, budget deficits went up substantially.
the housing bubble that started during the clinton years burst in 2008 when oil prices skyrocketed and people on the edge had to make a choice of paying the mortgage or buying food and gas, and other staples of life. at this time consumers also made the choice to cut back on spending and pay off debt, which meant that expensive items like automobiles, washers, driers, and other high ticket item sales slowed down substantially.
in short low interest rates, easy credit, and people spending above their means caused an economic meltdown. as for the record breaking deficits, those in reality started during the obama administration, and despite the fact obama and the democrats campaigned on fiscal responsibility, they have been anything but fiscally responsible.
true, but dont forget that bush and the republicans tried to reign in fannie and freddie, but the democrats in both houses blocked the efforts.
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