I’m upset with Bush over his amnesty nonsense. But his tax rate reductions were monumental in taking us out of the clinton recession. Clinton had everything going for him when he took office. We were coming out of a recession when he took over, and we had a technology boom that he had absolutely nothing to do with. In fact I believe his lawsuit against Microsoft was the tipping point that caused the stock market to tank in 2000.
The Bush tax rate reductions have increased jobs, wages and revenues to the federal government. Just as the Kennedy and Reagan tax rate reductions did. I think the solution to the credit crunch is not the fed. It’s another round of tax rate reductions. It’s becoming energy independent. It’s deporting illegals and cutting the trial lawyers down to size. Doing these things would get us out of the red and back into surpluses.
It's amazing how the public has no idea that Slick inherited an economy coming OUT OF RECESSION--and left office with the 'tech wreck' and an economy IN RECESSION. Add into those facts, the fact that Bush41 had removed Saddam Hussein from Kuwait and President Reagan presided over the US victory in the Cold War (Slick didn't have to worry about the USSR either).
Slick inherited an absolutely perfect environment (coming out of a recession with TWO major threats removed for him)--and left the US IN A RECESSION, with terrorists attacking our facilities worldwide while underfunding our intelligence agencies AND our military.
We are STILL paying for the malfeasance, dereliction of duty and reckless disregard for our security from the Clinton years. We will be paying for the malfeasance for a LONG TIME.
I agree, except for energy independence. Reagan spurred growth by eliminating Carter's many tax-subsidized plans for energy independence. These cause weakness because they're tax subsidized, and always produce energy that costs more per energy unit than the energy sources we're currently using. Furthermore, they ignore the fungibility of the world energy market.
Reagan, upon coming to power, immediately cut the funding for many of these alternative energy projects, and immediately opened domestic oil markets to international crude. The price paid for energy dropped immediately, spurring a decade of economic growth.
Today, our glorious goberment officials are doing just the opposite. It weakens us economically to have to use energy that costs twice as much as the rest of the world is paying for energy; and it doesn't really hurt the energy producers (that it is supposed to hurt), since they just sell to the rest of the world that doesn't practice energy independence.
Wow good thinking, I like your plan! You know I read a great deal about the economy and you are the first to point out why not more tax cuts to get more money into the economy.
and into hyper-inflation.
Oh it’s great to have that high BIP but what if it’s been made by selling the same house back and forth not only 8 times like in th fist quarter but now for 10 times. (In reallity CPs and other derivates are sold back and forth it’s really just about paper)
I talked to an ABN Amro incestmentbanker lately - he said that clintons financial politics where insane but somehow paid off - this feeling - he siad has increased dramatically just not for the pay off part.
Great points. I saw your screen name, I live in Sanford.