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JPMorgan Chase & Co. Message Board

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  • notarethug notarethug May 13, 2010 12:08 PM Flag

    WAKE UP, AMERICA!! We are NOT going to get out of this mess

    The supply side idea--which is that tax cuts have such a positive effect on the economy that one need not worry about paying for them with spending cuts--persists in spite of no actual evidence in its favor.

    In 1993, after the Clinton administration had pushed through an increase in taxes on upper-income families, the very same people who persuaded BobDole to run on a tax-cut program were very sure about what would result.

    Newt Gingrich confidently predicted a severe recession. Articles in Forbes magazine urged readers to get out of the stock market to avoid the inevitable crash. The Wall Street Journal editorial page had no doubts that the tax increase would shaprly increase the deficit instead of reducing it.

    Result - the deficit was reduced to zero and the U.S. enjoyed the greatest economic boom in history. Unfortunately the boom ended with Bush tax cuts in 2001.

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    • There is a major problem when 50% of individuals do not pay or contribute to tax base. Everyone uses same hospitals, roads, fire depts, etc. But for some reason we are stuck on the notion that since some people have more money, they should be my share.

      Where are the days of work your A$$ off or die in the gutter? Somehow that motivation always seemed to work pretty well. Entitlements have killed the once thriving free spririt of this Country.

      • 1 Reply to dung_slayer
      • You are half right. Yes, half the people do not pay; but it is no longer the bottom half. But since Clinton got rid of welfare, now it's welfare for the rich and and tax cuts for the rich and loopholes for the corporations where they hide their money that they got by working the rest of us to death.

        That is NOT Adam Smith's idea of capitalism. THAT'S why they call themselves NEO-cons; because they have a brand new form of NEO-capitalism.

        But it isn't brand new. It's borrowed. It used to be called fascim. But Robert Heinlein was right. "Those who forget their history have no past, and no future".

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