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Thread: United States loses its AAA Credit rating from S & P

  1. #231
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by apdst View Post

    Glad you agree. How does it feel to be as knowledgeable as me?
    Let me remind you what you said since you already seem to have forgotten ...

    "Actually, it was the tax cuts after WW2 that did it." ~ apdst
    I don't agree with that at all.

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by RStringfield View Post
    It's not a strawman because I did not attribute the argument to you or anyone (at least not currently, it would be the argument in the long term from the left as they would refuse to admit failure when Clinton era levels proved to not be enough).

    Clinton era rates on the "rich" are not going to be able to finance the looming deficits in SS and Medicare. You are delusional, uninformed or lying if you suggest it will.
    Your argument is itself a strawman. Here is an article from 1999.

    Had Clinton-esque management of the federal budget been maintained throughout the last decade, the national debt would be far less of a concern.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Eighty Deuce View Post
    Which is true. It did not end until the war ended.

    Now, can you add anything to the thread, or are you just a snipe ?
    Have you reviewed the evidence?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

  4. #234
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Eighty Deuce View Post
    That is incorrect. Grossly so. Repeal of all the Bush Tax Cuts, if they did not change spending behavior one iota, would yield about $340 billion per year. Well less than 3% of current GDP. Our current Federal Spending is projected at about 25.5% of GDP, and climbing. Historic Federal spending is closer to 19-20% of GDP. Full implementation of Clinton taxes, which were on the boom-time dot-com bubble, would not close half the gap as compared to historic averages. Not to mention that such implementation would drive down GDP, and revenue, and possibly produce no net increase at all in revenue.

    We have a spending problem.
    Eliminating the Bush tax cuts would raise an additional $4 trillion over the next decade, which was the targeted amount of overall deficit reduction in the debt ceiling "negotiations."

    But you are right -- I was mistaken; eliminating the cuts now would not buy itself flatten the debt curve. I was thinking of a study that analyzed the situation under the assumption that the tax cuts had never been implemented. In that scenario -- even with the wars and the financial meltdown -- the debt would still be quite manageable.
    Last edited by AdamT; 08-06-11 at 02:32 PM.

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by apdst View Post
    It didn't...
    You really have no idea what you are talking about do you?

    Unemployment
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Eighty Deuce View Post

    Which is true. It did not end until the war ended.
    Here ya go ... here's a link to contact the Encyclopędia Britannica ...

    Encyclopdia Britannica, Inc. Corporate Site

    ... contact them and tell them they're wrong.

    Great Depression

    Great Depression, worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory. Although it originated in the United States, the Great Depression caused drastic declines in output, severe unemployment, and acute deflation in almost every country of the world. Its social and cultural effects were no less staggering, especially in the United States, where the Great Depression represented the harshest adversity faced by Americans since the Civil War.


    Quote Originally Posted by Eighty Deuce View Post

    Now, can you add anything to the thread, or are you just a snipe ?
    Correcting idiocy is sniping? I'm not sniping ... I'm educating.

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Sheik Yerbuti View Post
    Let me remind you what you said since you already seem to have forgotten ...

    "Actually, it was the tax cuts after WW2 that did it." ~ apdst
    I don't agree with that at all.
    And, you would be wrong. The United States was staring bankruptcy in the face, until after 1945. There's no way the depression was over, with bankruptcy right around the corner.

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    Re: United States loses its AAA Credit rating from S & P

    Unemployment leveled off before America entered the war. The government was paying contractors price plus profit which helped hiring and productivity. These are facts. This doesn't mean the New Deal was the greatest thing since sliced bread. It created some more problems, namely worker riots. However Keynesian economics did work. Government spent money on factories and contractors and they hired people and increased American productivity.

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Goldenboy219 View Post
    You really have no idea what you are talking about do you?

    Unemployment
    Everybody was in the army, or working in a defense factory. Doesn't mean that the depression was over, since the private sector hadn't recovered.

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Flyersfan314 View Post
    Unemployment leveled off before America entered the war. The government was paying contractors price plus profit which helped hiring and productivity. These are facts. This doesn't mean the New Deal was the greatest thing since sliced bread. It created some more problems, namely worker riots. However Keynesian economics did work. Government spent money on factories and contractors and they hired people and increased American productivity.
    If Keynesian economics had worked, the depression wouldn't have lasted as long as it did.

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