This is what I never understand about the people who tout the Bush tax cuts as a big economic stimulator. Unless my memory fails me big corporations used those cuts to pay to move their manufacturing base overseas. Anyone remember “transitioning to a service economy”? For some reason we don’t hear that phrase anymore.
As for the prosperity I would venture to guess Barney Frank had more to do with it than George Bush. Barney’s loosening of credit had homeowners across the land using their equity as a piggy bank and we saw where that ended up leading us. Our prosperity was built on credit cards, not tax cuts, and in the long run it’s been a disaster.
I’m not against tax cuts. I just don’t see how they helped or how the GOP can reasonably expect businesses to suddenly start manufacturing here again if they cut them more or make the present ones permanent. I see them just moving more away.
He!!, Other than hands on service that has been outsourced too!
My son does data/phone troubleshooting for one of the large providers.
Management actually had the ba!!s to have him train a guy in India to do the job.
Guess where that is going.
I recently read that Americans pulled out $5.6T in home “equity” from 2000-2007. What struck me about that was when I noticed that it was $700B/yr. And we did it to ourselves. Eight years in a row. Good thing housing prices will always go up and we’ll never have to pay it back, or we’d be really hosed.