Obama administration is an abject failure?
- Thread starter maxpi
- Start date
How can a country running a budget deficit the size of ours actually be described as engaging in austerity? Are the Krugmaniacs totally in denial or just assume the rest of us are too dense to see past their rhetoric?
We can debate whether the bailouts were a good idea or not. What is clear is that Obama and the democrats have doggedly pursued a path to hurt our economy and job prospects. Obamacare, higher taxes, radical enviromental policies, the war on all forms of energy, slavish support for unions through the NLRB, even dragging out the open sore that is afghanistan and its attendant costs, the idiotic middle east policy that created chaos and instability in the name of getting islamists in power, etc.
We should be riding high with the world's cheapest energy, a housing boom, resurgent manufacturing and world-beating agriculture. Instead, we are barely crawling along and rejoice in even the mildest signs of recovery.
We can debate whether the bailouts were a good idea or not. What is clear is that Obama and the democrats have doggedly pursued a path to hurt our economy and job prospects. Obamacare, higher taxes, radical enviromental policies, the war on all forms of energy, slavish support for unions through the NLRB, even dragging out the open sore that is afghanistan and its attendant costs, the idiotic middle east policy that created chaos and instability in the name of getting islamists in power, etc.
We should be riding high with the world's cheapest energy, a housing boom, resurgent manufacturing and world-beating agriculture. Instead, we are barely crawling along and rejoice in even the mildest signs of recovery.
The tax cuts were followed by an increase in revenue.
the leftist lie needs to be re spun.
http://www.forbes.com/sites/beltway...-cuts-payments-by-wealthy-actually-increased/
The second, and more critical conclusion from Table 1 is that the next four years of the Bush Presidency after the 2003 reduction in tax rates saw a 44% increase in Federal tax revenues from $1.782 trillion to $2.568 trillion. Thatâs correct â a 44% increase in revenues after the so-called âtax break for the wealthy.â
The key question here is what did the wealthy contribute to this impressive increase in tax revenues? Letâs examine four income groups based on their adjusted gross income: the top 0.1% of earners representing about 129,000 tax returns in 2003 and 141,000 tax returns in 2007; the top 1% of earners representing 1,286,000 returns in 2003 and 1,411,000 returns in 2007; the top 25-50% of earners representing 32,152,000 returns in 2003 and 35,268,000 returns in 2007; and finally the bottom 50% of earners representing 64,305,000 returns in 2003 and 70,535,000 returns in 2007. Table 2 shows the total income tax and percent of total Federal tax revenues paid by each income group in 2003 and in 2007. As Table 2 shows very clearly, the top 0.1% and top 1% of earners (which includes all millionaires and billionaires) had major increases in their income tax payments between 2003 and 2007, both in absolute dollars as well as in their % contribution to total taxes while the 25-50% income group and the bottom 50% income group saw their share of total taxes fall and their absolute tax payments increased trivially. When we look at the daily cost of increased taxes for the average tax payer in each income bracket we see that the top 0.1% paid $1,887 per day more in 2007 than in 2003. (Remember this is despite the fact that their tax rates were reduced.) The top 1% of earners paid an increase of $58 per day, the top 25-50% of earners paid an extra $1 per day, and the bottom 50% paid an increase of 14 cents per day.
the leftist lie needs to be re spun.
http://www.forbes.com/sites/beltway...-cuts-payments-by-wealthy-actually-increased/
The second, and more critical conclusion from Table 1 is that the next four years of the Bush Presidency after the 2003 reduction in tax rates saw a 44% increase in Federal tax revenues from $1.782 trillion to $2.568 trillion. Thatâs correct â a 44% increase in revenues after the so-called âtax break for the wealthy.â
The key question here is what did the wealthy contribute to this impressive increase in tax revenues? Letâs examine four income groups based on their adjusted gross income: the top 0.1% of earners representing about 129,000 tax returns in 2003 and 141,000 tax returns in 2007; the top 1% of earners representing 1,286,000 returns in 2003 and 1,411,000 returns in 2007; the top 25-50% of earners representing 32,152,000 returns in 2003 and 35,268,000 returns in 2007; and finally the bottom 50% of earners representing 64,305,000 returns in 2003 and 70,535,000 returns in 2007. Table 2 shows the total income tax and percent of total Federal tax revenues paid by each income group in 2003 and in 2007. As Table 2 shows very clearly, the top 0.1% and top 1% of earners (which includes all millionaires and billionaires) had major increases in their income tax payments between 2003 and 2007, both in absolute dollars as well as in their % contribution to total taxes while the 25-50% income group and the bottom 50% income group saw their share of total taxes fall and their absolute tax payments increased trivially. When we look at the daily cost of increased taxes for the average tax payer in each income bracket we see that the top 0.1% paid $1,887 per day more in 2007 than in 2003. (Remember this is despite the fact that their tax rates were reduced.) The top 1% of earners paid an increase of $58 per day, the top 25-50% of earners paid an extra $1 per day, and the bottom 50% paid an increase of 14 cents per day.
