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Now that we've had 30some years of trickle down economics, we can safely say that it does not work. It is no longer a theory, it's failure is proven history.
Right? And just over 30 years ago all was honky dory and most of the world was just about to emerge from the total destruction it received during WWII.
Now that we've had 30some years of trickle down economics, we can safely say that it does not work. It is no longer a theory, it's failure is proven history.
Perhaps we can put it on the scrape heap of history.
Obama has not overturned or changed one economic policy of the Bush years in any significant way. Not one.
Your post might have some validity if he did.
And just for your information. People paying too much for homes set in motion the course of events that led to the recession that Obama has kept us in the last 2 1/2 years.
The so called Wall Street Reform bill?
People paying too much for houses was not the main cause of the recession. The underlying factors of what caused the hyper inflated housing prices was the cause of the recession. Which was under Bush.
Obama inherited a truly horrific recession. One that is slowly ending. However, he is putting policies in place as to prevent another crisis like this from occurring.
Trickle down works very well at creating revenue and roaring economies.
The problem is the other end of the spectrum.
The spending.
Creating more and more spending expenditures, nullifies the whole thing.
It gets really bad when spending is increased dramatically and trickle down can't keep up.
If people didn't feel so entitled and lazy they can also get out of that 95% bracket easily. But instead they want people who work hard to give them free money by taxing the crap out of them intead.
How come you aren't a billionaire? Why aren't you in the top .01%?
Bush didn't plant the seeds of the mortgage crisis. That happened because the Democrats before him put in place policies that made it too easy for Americans to buy homes.
Bush made many mistakes, but he doesn't deserve the blame for this. All Obama has done is increase the size of the federal government. The only jobs he can reasonably take credit for creating are civil service jobs.
Under Bush's watch we saw the most dramatic decrease in interest rates, more relaxed regulation of wall street and financial services, and less taxes on the wealthy (while resulting in less social programs for the poor).
The tiny seed was, granted put under Clinton, however, Bush supplied the manure...and tons of it.
Bush didn't plant the seeds of the mortgage crisis. That happened because the Democrats before him put in place policies that made it too easy for Americans to buy homes.
Bush made many mistakes, but he doesn't deserve the blame for this. All Obama has done is increase the size of the federal government. The only jobs he can reasonably take credit for creating are civil service jobs.
I'm sorry but George W. Bush Jr. PERSONALLY endorsed housing frenzy with his "Ownership Societry" speeches.
Quote:
We're creating... an ownership society in this country, where more Americans than ever will be able to open up their door where they live and say, welcome to my house, welcome to my piece of property. - President George W. Bush, October 2004.
He was perfectly willing to leave the mortgage brokerage industry unregulated which was a major source of either fraudulent mortgages or mortgages given to people that had no business owning houses.
He also left the mortgage back security and credit default swap markets unregulated which was a major factor in the credit market meltdown.
1. Without the desire to create profits, you'd have very little private investment. You may prefer to call profit greed, if you wish, but that's just semantic tic tac toe.
2. Without private investment, you'd have very little private sector employment.
I agree with you that true greediness and stupidity are negative qualities; but it is dangerous to categorize anyone who wants to make money -- either through investment or by working, directly or indriectly, for the investor -- as somehow evil.
Doing that comes perilously close to condemning 80% of our economy to some sort of moral hell. Keep in mind that that would have to include Ben and Jerry's, Starbucks, Apple, Dreamworks, The Daily Show, Whole Foods, Amaozon, Salon magazine, the NEA, the AFL-CIO, Teamsters, SEIU, and all your fave raves...
You totally misconstrued my meaning of the word greed. I find nothing wrong with people going into business, making an investment and getting a profit. I get the majority of my income from the financial markets. I make an above average income and I would have no problem paying the 39% tax rate under the Clinton Administration.
By greed I mean the pursuit of profit above long range health and environmental consequences i.e. hydraulic fracking. Above the national interests i.e. outsourcing, and destruction of the manufacturing base. Above concern for other human beings i.e. the Bernie Madoff scandal. And above moral ethics i.e. the use of fraudulent documentation by banks to foreclose on people's homes.
We've seen to have reached an ethical crises in this country where the pursuit of profit and wealth has distorted many people's sense of morality, fairness, justice, and their regard for their fellow human being.
In fact I now call it F**k You Capitalism.
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