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Lafer's theory is discredited by history. When Reagan lowered taxes, government revenues fell. The same thing happened under Bush.
The reason is very simple, when a business is already operating with unutilized resources, it doesn't need to buy more resources.
Were you around during Carter and Reagan? I'd bet you weren't, or maybe a young child at the time.
According to your charts the Carter years look like a boom time. That's hardly the case. I was there and believe me, it sucked! I can also tell you that the Reagan years were some of the best years ever (happy days). You can throw all the charts up that make your arguments sound credible, but anyone who had to pay bills, buy gas and pay rent during those 12 years will tell you that Carter was a horrible President and it took Reagan his first four years to turn his fiasco around.
Bush and Obama have combined to sucker punch this nations economy. You can't tell where one stopped and the other started. Bush was just the opener to Obamas' main act.
Were you around during Carter and Reagan? I'd bet you weren't, or maybe a young child at the time.
According to your charts the Carter years look like a boom time. That's hardly the case. I was there and believe me, it sucked! I can also tell you that the Reagan years were some of the best years ever (happy days). You can throw all the charts up that make your arguments sound credible, but anyone who had to pay bills, buy gas and pay rent during those 12 years will tell you that Carter was a horrible President and it took Reagan his first four years to turn his fiasco around.
Bush and Obama have combined to sucker punch this nations economy. You can't tell where one stopped and the other started. Bush was just the opener to Obamas' main act.
Reagan years seemed like good times because we were eating the seed corn.
Were you around during Carter and Reagan? I'd bet you weren't, or maybe a young child at the time.
According to your charts the Carter years look like a boom time. That's hardly the case...
The economy wasn't doing great when Carter took the office, or was it? Still, the economy did grow better than it did under HW Bush and W Bush, and tax revenue were higher. To argue against those facts you disagree with, perhaps you have data to share?
Reagan years seemed like good times because we were eating the seed corn.
They didn't just "seem like good times". Can you expand on what "eating the seed corn" means? Right now we are burning our corn in a blind craze to move to green energy. Consider that we built our entire economy on fossil fuels. Woudn't it seem wise to develop green energy while remaining reliant on our native resources as we slowly ease to a green economy? You can't wipe out millions of jobs in a down economy and expect good things to happen.
It's really the ideological left and ideological right that are keeping the country in debt. The left has to give in on spending cuts for entitlements and low income folks and the right has to give in on military spending and tax revenue increases. We don't need radical cuts to solve the debt problem or radical tax increases to solve the debt problem or privatizing entitlements to solve the debt problem. We need a balanced approach that balances the budget over time and then we start running surpluses that go directly into paying off debt.
Absolutely, we have pushed for the top 1% to start paying their fair share and we have pushed for a smaller military budget. It is the Republicans who will not allow that to happen.
Can you expand on what "eating the seed corn" means?
Borrowing from future generations by incrementally increasing levels of debt in the public and private sector.
This can be seen in a variety of ways, but mainly through increasing access to credit and borrowing for the common person, encouraging firms to take more risks, and relying increasingly on debt to fund the U.S. Government's obligations.
I think the question is illogical. Everyone cares.
I've got a progressive friend that tells me that since Reagan said "let the debt take care of itself", obama has free reign, and the debt won't matter.
Quote:
Originally Posted by hotair2
Absolutely, we have pushed for the top 1% to start paying their fair share and we have pushed for a smaller military budget. It is the Republicans who will not allow that to happen.
Is it "fair" to make them pay a higher percentage of their income?
In the last 60 years conservatives have had control just 14 years. Democrats have spent us into oblivion for decades. The new Reps weren't even in their seats a month before Dems were screaming about how they caused all the problems. They couldn't wait to offload blame, and it wasn't even a surprise. They'll be blaming Bush forever, regardless of how badly they fail. Look around, read the threads, it's happening right now THREE YEARS LATER.
Everyone's drinking their own brand of partisan Koolaid these days, and it's sad and scary.
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