Posted on 08/01/2011 1:00:23 AM PDT by neverdem
Among the long string of bad economic news from the last few years, there is something to celebrate: The political consensus in Washington that government could keep on growing at no cost to the growing economy has finally broken down. The size and scope of government is now the defining issue of our time. It is a welcome debate. However, it has centered on spending, which is only part of what government does. Regulation and tax policy are equally important.
Legendary entrepreneur Steve Wynn (who usually supports Democrats) put it bluntly a few days ago, when he said: "[T]his administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next three hours giving you examples of all of us in this marketplace that are frightened to death about all the new regulations, our health care costs escalate, regulations coming from left and right… And it makes you slow down and not invest your money."
Wynn is right. If we want Americans to get back to work, we must tackle overweening government now. A recent survey by the U.S. Chamber of Commerce found that 64 percent of small businesses will not hire anyone in the next year. The reasons given all concern government: taxation, regulation, and the threat of new legislation.
A sterling example of Wynn's point is...
--snipp--
We have dug ourselves into a mighty hole. In the 1990s, federal spending increased by $300 billion. In the 2000s, it increased by over $1 trillion. Since 1995, federal bureaucrats have issued over 60,000 new regulations, all of which carry the force of law. The tax code is now 2.1 million words long. Ample evidence shows that this growth in government hinders growth and fosters unemployment...
(Excerpt) Read more at spectator.org ...
The economic growth under W was from government growth, a weak dollar, wars, a housing bubble, and a commodities bubble. It was all smoke and mirrors, and unsustainable.
Whose signature was on that 2009 budget that created the largest deficit? Who went around clucking that "suprime was contained," when it really wasn't?
Whose signature was on the 2009 budget that created the largest deficit?
See if you can stay on subject for a moment...
Federal Revenue was at an all time high under Bush tax rates.
The largest deficit was in 2010 and will be exceeded in 2011.
Bush tried 3 times to shut down the Fannie, Freddie, subprime mess, only to be rebuffed by the Dodd, Franks, Schummer, et al.
And you’re simply WRONG about the economic growth being government growth. It was in fact PRIVATE SECTOR GROWTH, under Bush.
The subject is what a terrible economic president W was, and how Obama is more of the same.
Federal Revenue was at an all time high under Bush tax rates.
Based on fake, unsustainable economic growth.
The largest deficit was in 2010 and will be exceeded in 2011.
Based on the chart, it was 2009, and it was W's signature on that budget.
Bush tried 3 times to shut down the Fannie, Freddie, subprime mess, only to be rebuffed by the Dodd, Franks, Schummer, et al.
He failed, which is not surprising since he pretty much went along with everything Congress wanted as indicated by his veto record. He also encouraged people to buy homes who couldn't afford them.
And you’re simply WRONG about the economic growth being government growth. It was in fact PRIVATE SECTOR GROWTH, under Bush.
Resorting to the caps lock isn't going to help you. The only private sector growth of note was commodities, which benefited from W's weak dollar, government spending and wars; Defense contractors who benefited from W's wars, and government spending; The housing industry, which benefited from the lack of anything else to invest in. The major stock indices actually declined during W's eight long years.
The notion that you're in a position to label the Bush economy as “fake and unsustainable” is laughable.
Are you supposing that increasing taxes on top of Obamacare, Obama energy policies, and the job killing agenda of his newly created czars, is some kind of economic utopia?
Just for the record, the chart in Post #6 illustrates OBAMA’S DEFICIT, not the Bush budget!
"I've abandoned free-market principles to save the free-market system."
It’s clear that your hatered of Bush blinds you to Obama’s destruction of the free market system as well as the Constitution.
Not at all. W was terrible and put us on this path. Obama is a bit worse.
Don’t worry soon we’ll get that Muslim Negro out and a good white Christian man in to raise the debt and keep us headed towards being China’s whores.
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