Comments on: American Debt Threatens Status as World Power
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- hotrod: "keep attacking the hard working wealthy Americans and they will leave"
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So what? Just like the drug cartels, when the top kingpin gets arrested or killed, there are hundreds to take his place!
Good riddance to the wealthiest in the top 2%, since those making $10 million in income, pay an average of 19% in income tax -- much less than the hard-working middle class -- so let them go live with their offshore accounts in the third world or "socialist" Switzerland!
Don't you ever get tired of spewing the same political nonsense, showing your utter cluelessness over and over again? - Reply to this comment
- We keep pointing fingers, "Repubs. did it" ,"No Democons did it". Stop pointing fingers. What we really need to do is what we did in the 80's to stop the recession we were having. Stop buying foreign junk. Stop our companies from building overseas. Buy American products made in America. Sell American made products to overseas buyers. What happened to our spirit and the phrase "BUY AMERICAN"? Our governement needs to be reigned in not expanded. Smaller government means smaller government spending. Less spending means that we can still get things done without having to tax the people to death.This will also reduce the deficit as reduced spending means that more money will be available for paying off the debt. Less debt means less interest to be paid. Basic economics here. If people are more willing to work hard for a decent wage we can produce American made products at a reasonable price and still compete in the market.We need to tell our government and our companies that this is our nation. We the people built it and we the people will make it great again. Stop sending our jobs and production overseas. Put higher import tax on foreign products that are in direct competition with us made products. Import less and export more. You know the whole GDP thing. Come on people,are you with me? If so, say "BUY AMERICAN" really loud so that our government and corporations hear us loud and clear.
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- Lakota: "high unemployment rate brought on by the bush/cheney Great Recession of 2007-2009"
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hotrod: "who was in control of the House and Senate at this time?"
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Again, all you can spew is the typical FAUX NoNooz talking points, trying to blame the Dem slight majority on all the terrible bushevik policies that ran from 2001 to the present. Instead of conservitard talking points, try telling us all which of the bushevik policies including "trickle-down" economic lunacy, were changed after the Dems got the slight majority in 2007. The Senate has been full of obstructionists ever since 2007, and the Dems only had a super majority for about 6 months in the second half of 2009.
So hotshot, please tell us all what bushevik economic policies changed due to the slight Dem majority, while bush was still in control, or for that matter, what has changed due to President Obama, since the bush tax cuts for the wealthy are still in place today and sunset in 2010. - Reply to this comment
- hotrod: "lookup the facts from 2003 to 2006 federal revenue increased 35%"
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Unfortunately, spewing the usual FAUX NoNooz republiCON talking points gets you nowhere, since as I already pointed out, federal revenue in 2001-2003 was LOW, LOW, LOW and VERY PUNY, so any increase from the normal business cycle after the first bushevik recession and first JOBLESS RECOVERY in our history, would appear better.
Why not compare the meager increase for ONE LOUSY YEAR after MANY BAD YEARS of reduced federal revenue due to bush's "jobs and growth" package of "trickle-down" economic lunacy, to the soaring economic expansion from March 1991 to March 2001, and the highest federal revenue in the POST-WWII era, of a whopping 22% of GDP. All federal revenue during bushworld was anemic at best, and barely returned to the POST-WWII AVERAGE only in ONE YEAR, 2006, of barely 18% of GDP.
You continue to show your utter cluelessness, especially in economics! - Reply to this comment
- by Mortar_29 April 9, 2010 9:32 AM EDT
Wasnt lack of revenue. Reagan tax cuts caused the amount of money coming into the Treasury to soar. It is you that are missing whole swaths of facts, tailoring a few stats to fit your Marxist ideology.
The facts are that the Democrat Congress cut taxes in the 1980s, and the amount of money in real dollars into the Treasury soared. At the same time, I think the stat was, the Democrat Congress spent $1.50 for every dollar brought in. Thus, the deficit spending.
So, we almost doubled the amount of money coming into the Treasury due to tax cuts, but we spent all of that plus more, going into debt.
My problem with Reagan was that he should have vetoed ANY spending bill that wasnt balanced.
Actually once again it is you who presents skewed facts.
Tax revenues never "soared" during the Reagan years in fact:
The actual numbers and sources can be found at recgro09.html. As can be seen in the first table, total receipts increased 76.06 percent from 1981 to 1991. However, this was the slowest 10-year growth rate since a 75.41 percent growth in total receipts from 1956 to 1966. Of course, these results are likely skewed by the high inflation that occurred during the 70's. Hence, it makes more sense to look at the "real" growth rates, that is, the growth rates corrected for inflation. The second table shows that the real growth rate from 1981 to 1991 was 19.04%. The 10-year growth rate increased in the following years to a high of 39.07% from 1984 to 1994. However, the real growth rate of total receipts reached higher highs of 45.03% in 1971 to 1981 and 54.68% from 1990 to 2000.
Another serious flaw in the doubling of revenues argument is that it looks at all revenues. The FICA tax rate increased from 6.13 percent in 1980 to 7.65 percent in 1990. To include an increase in revenues gained through a tax hike in order to argue in favor of tax cuts would seem extremely hypocritical. Hence, we need to look only at revenues obtained from individual income taxes. According to the second table, the real growth in individual income tax receipts was 10.63% from 1981 to 1991 and 11.94% from 1982 to 1992. These were the lowest growth rates of any of the 58 10-year spans from 1940 to 2007. Incidentally, these record lows are projected to be surpassed by 1999 to 2009 (10.11%) and 2000 to 2010 (9.18%).
Hence, the evidence is that the Reagan tax cuts DECREASED revenues over what they would have been, at least over the short (10-year) term. The only remaining argument in favor of the Reagan tax cuts, at least from a revenue point of view, would seem to be that they permanently raised the level of the GDP, thus bringing in slightly higher revenues far into the future. According to the graph and second table, the GDP reached a high 10-year growth rate of 36.79% from 1983 to 1993. However, it reached a similar high of 36.21% from 1991 to 2001 and a higher high of 40.15% from 1947 to 1957 and 51.11% from 1959 to 1969. In fact, the above graph shows that the 10-year growth rate in the GDP has been relatively stable since 1975 to 1985. Hence, these figures don't provide any strong evidence that the Reagan tax cuts permanently affected the GDP one way or the other.
And regarding the "marxist" Comment. It's a typical Republican response when facts disagree with the Kool-Aid that keeps getting pumped out.
It's also very interesting that Republicans always need a "label" for whatever they may not agree with. Also you really should read up on Marxist theory before you open you mouth. - Reply to this comment
- All IN hear from the retardlicans is the Democrats spend to much. Where were all of your voices as the retardlicans spent us into the poor house while at the same time beating the drums of unfunded wars and republican spending at a rate that has never been seen by any administration Dems. or retards. Your party talks a good line for smaller government and small budgets but the proof is in your history of huge deficits in the last 8 retardlican presidents administrations. While in the same time span the Democrats have been in office three times and left a surpluss all three administrations. You all whine a good tune but are not about to deliver on your promisses. Get out of the way and let the true masters of surpluss get to work rebuilding the massive mess handed down by Quick Draw George and Darth Cheney. Your plan of being obstructive untill Obama crashes and burns at the hands of the conservative right is so transparant and destructive to the country you will pay a heavy toll for standing in the way of progress in the name of party power and retardlican dominance as you should. God bless America as well as the working class and their families.
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- Keep buying foreign crap and what you get is still crap.
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- Have you seen the price of bicycles at Wal Mart ?
Almost double what they were 2 years ago ?
The price of things from China is going way up but the quality is not.
I quess we put up with low quality products made by people getting slave wages because the price was so low and the product looked new and shiny in the box at Wal Mart.
Have you even checked out the bicycles at Wal Mart ? Loose spokes and bent rims abound.
When the Middle East melts down and the oil can't flow maybe we can start making the bicycles at Wal Mart in the USA again. We will need lots of them ! - Reply to this comment
- It's a well known fact that the republicans are in favor of big business and the democrats are for the poor slobs. When you take from the poor and give to the rich then our society fails. When you take from the rich and give to the poor it fails again. There has to be a balance and until both parties start protecting the people that pay them there will be no success in politics or keeping us out of recessions. As far as I'm concerned both parties are to blame for the position we are in. GREED PUT US HERE. Rome fell so will we.
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- It been fun! Got to clean some "tar" from my shoes and get to work. Got a machine that needs repair and taxes to pay.
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