October 3, 2008 — Emergency Economic Stabilization Act of 2008 = 110th United States Congress
February 13, 2008 — Economic Stimulus Act of 2008 = 110th United States Congress
Worst Congress, ever. Worst President, ever.
Was this a new idea, or did he think this before it was passed? Did he communicate it when the Congress was considering it?
FlashBack 2006: Are the Bush Tax Cuts Working?[1.4 million Jobs the Nine Months After August 2003]
http://www.freerepublic.com/focus/f-news/2364667/posts
GDP Growth [Charts at link]
After the recession in 2001 and the first round of tax cuts, economic growth speeded up and is expected to pickup even faster in 2004.
The real annual GDP growth rate increased from 0.3 percent in 2001 to 2.5 percent in 2002. In the third quarter of 2003, GDP grew at a 7.2 percent annual rate. Forecasters are expecting GDP to grow by 4.6 percent in 2004, the highest in 20 years.
2003 and 2004 economic growth levels surpassed Congressional Budget Office (CBO) estimates by 150 basis combined, resulting in $300 billion of additional growth, which is roughly $2,500 per household.
^
What happened 3rd quarter 2003 before GDP grew at 7.2%:
May 28, 2003 — Jobs and Growth Tax Relief Reconciliation Act of 2003 = 108th United States Congress—Thank you Republicans
^
Next, to credit the regression of the GDP and irresponsible budgeting, Thanks Democrats;
110th United States Congress
http://www.freebase.com/view/en/110th_united_states_congress
between January 3, 2007, and January 3, 2009, during the last two years of the second term of President George W. Bush. The Democratic Party controlled a majority in both chambers
^
https://www.cia.gov/library/publications/the-world-factbook/geos/us.html
GDP - real growth rate:
2.8% (2006 est.)
2% (2007 est.)
1.1% (2008 est.)
He’ll be drummed out of Harvard like Larry Summers.
bookmark.
stupid
I mean really, what piece of legislation passed by the rats was not harmful?
And it’s very unfair that Obama has blamed that program for part of the current financial collapse,” Barro argues. “There’s really no linkage between the tax rate cutting program of 2003 and the financial and housing collapse we’ve seen in recent months.”
Bravo! Someone who hasn’t swilled the kool-aid .
bump
Yes and too many Harvard grads suck.
Obama is an economically illiterate demigogue who despises the country he governs, precisely for the mass wealth is enables. He welcomes the economic collapse of the United States, he just wants to blame it on the Republicans.
What's next, 2 + 2 = 4?
Obama agreed to three one-hour debates with Professor Barro, to be broadcast to the schoolchildren of America.
The President vowed, on his side, to “keep it simple”, and suggested the kids should sing the “mmm-mmmm-mmmOBama song” when Barro was talking.
Barro should have gotten his Nobel Prize already. His Ricardian Equivalence concept is widely used in macroeconomics.
Get rid of business and capital gains taxes. Eliminate social welfare programs disguised as tax credits. Pass a flat rate tax of 20% or so and exclude the first $10,000 from it. Stop the insanity of massive tax write-offs for homeowners which artificially drives up their prices.
Remember, not a single Republican Congressman voted for this disaster. We should run ads saying this.
Duh.