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Greece and Kansas prove that austerity never works. Spending cuts remove money from the economy; middle class has less to spend; businesses see sales revenue and profits decline; employees get laid off; less income taxes are collected, triggering a new round of spending cuts. Austerity is a vicious downward spiral, and is a sure ticket to negative GDP growth.
Pence's claims about balancing budgets and lowering taxes aren't much to brag about. His biggest contribution to "low taxes" was a reduction of Indiana's income-tax rate from 3.4 percent to 3.3 percent last year — a savings of about $50 a year for someone with $50,000 in taxable income.
And while Pence has balanced the state's budget, all states with the exception of Vermont have some legal requirement to do so, according to the National Conference of State Legislatures.
California can't seem to live within it's means either.
lol..too funny
"California’s finances are in a “decidedly positive” position, evidence of continued progress after the state emerged from a damaging recession years ago, legislative analysts said in a new report Wednesday.
By the summer of 2017, the analysts said, the state could have $7.2 billion socked away in a rainy-day fund." By 2017, California could have $7.2 billion socked away in rainy-day fund - LA Times
There is no such economic theory as trickle down as it goes against the basic principles of economics.
When businesses save money because they pay less taxes we the people see the money right away. In good times we get hired and promoted. More goods are made. In bad times we retain our jobs because the cost of training is high. R and D, which is usually the first to go, does not get shut down, so jobs are saved.
You are assuming that businesses had a need for more employees and a demand for more product before their taxes were cut. You are also assuming that they have no other use for the money saved via the tax cut other than reinvesting in their business. Actually cutting taxes on consumers seems to have a greater impact on growing the economy because they spend the extra money, unlike the wealthy who tend to hoard it.
There is no such economic theory as trickle down as it goes against the basic principles of economics.
When businesses save money because they pay less taxes we the people see the money right away. In good times we get hired and promoted. More goods are made. In bad times we retain our jobs because the cost of training is high. R and D, which is usually the first to go, does not get shut down, so jobs are saved.
On that point our growth as a Nation is 1% GDP . This is important because it all so dictated business growth and American out bound products. So that being said, it is a combination of Gov. Spending efficiency and what the tax payers want for services provided by the state.
There is no such thing as free.
Trickle down Economics work when the GNP was 5% (under GW Bush). Not the Poor rating of 1%. Obama had 8 years to at least get a 3% GNP . His policies of taxations bad trade deal has held this country from a pro growth Nation.
Clinton has the same polices going forward.
Again its a total package to make the economy work for the Federal and State Gov.
2012-2013, lawmakers in Kansas slashed personal income taxes because it would supposedly 'stimulate the economy'. Today Kansas now faces horrendous budget deficits and is struggling to repair roads, fund schools, and has slashed funding for research at universities. They should just write this saga into a novel entitled 'The GOP Economic Playbook: How to Ruin a State.'
GA-GA-GA-GAWRSH! There must be like NO Republicans left in the Kansas legislature. I better check....
NEWP! We're talking about a primary, where Republican legislators are being replaced by other Republican legislators.
Greece and Kansas prove that austerity never works. Spending cuts remove money from the economy; middle class has less to spend; businesses see sales revenue and profits decline; employees get laid off; less income taxes are collected, triggering a new round of spending cuts. Austerity is a vicious downward spiral, and is a sure ticket to negative GDP growth.
The unemployment rate in Kansas is 1.5% below the national average.
The only thing Kansas proves is tax cuts do not pay for themselves.
Austerity was only tried in Greece after it was proven spending beyond your means would bankrupt a nation.
Greece and Kansas prove that austerity never works. Spending cuts remove money from the economy; middle class has less to spend; businesses see sales revenue and profits decline; employees get laid off; less income taxes are collected, triggering a new round of spending cuts. Austerity is a vicious downward spiral, and is a sure ticket to negative GDP growth.
That's not what happened there.
Greece got into trouble not because of austerity but because they boosted their economy by creating tons and tons of govt. jobs on the back of borrowing lots and lots of money. They had no choice but austerity due to several factors.
KS has issues because they cut taxes expecting more revenue immediately (stupid move by brownback) and then had to raise taxes in other places because it didn't work and also make spending cuts.
KS didn't really embrace austerity and gov spending was half their economy.
Really, I fail to see any merit in your comparison.
This was last years news, they said were voting dem but too late,,, they still sunk, giving the reps the free ride, and they stole the bus! The whole place broke. Disaster
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