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Thread: White House Tax Plan Would Ask More of Millionaires

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Conservative View Post
    38% looks pretty good if you compare it to the approval rating of congress which is 11%, I have bolded the parts for you that will determine the 2012 elections

    Congress' Approval Rating Sinks to 11%; Majority Support Millionaires Tax - International Business Times


    The news regarding the American public's attitude toward Congress just gets worse: A record-high number of citizens are greatly dissatisfied by the job Congress is doing.

    Just 11 percent of Americans approve of the job being done by Congress -- a record low -- according to the latest CBS News Poll. That's also down from the 12 percent approval rating in September.

    The news is not good for incumbents in Congress, regarding public opinion. Only 11 percent of Americans approve of Congress' performance; 80 percent disapprove, according to a CBS News Poll.

    What's more, an overwhelming 80 percent of Americans disapprove of Congress' performance. In other words, 4 out of 5 Americans don't like the goings-on inside the beltway on Capitol Hill.

    All Party Identifiers Dissaprove of Congress' Performance

    Further, when considering party affiliation, the disapproval factor doesn't change much -- and that suggests widespread dissatisfaction across the electorarte with the nation's legislative branch. In the survey, 78 percent of Republicans disapproved of Congress' performance; 77 percent of Independents held a negative stance, and 86 percent of Democrats, did as well.

    In contrast, in October 2008, when Democrats controlled both chambers of Congress, 12 percent approved of Congress' performance and 74 percent disapproved.

    In other words, despite the Republican Party's return to majority party status under Speaker John Boehner, R-Ohio, in the U.S House of Representatives, a higher percentage of Americans disapprove of Congress' performance than when Democrats were in charge of the house under former Speaker Nancy Pelosi, D-Calif.

    Most Americans Also Want Tax on Millionaires Increased

    Further, an overwhelming majority of Americans -- but not a majority of Republicans -- believe that taxes should be raised on adults with adjusted gross incomes over $1 million per year.

    In all, 64 percent of Americans support the so-called "Buffett Rule" that would return the income tax rate structure to levels prior to the 2011 Bush income tax cut; 30 percent are against the tax increase.

    However, Republicans were not supportive of the millionaires tax proposal: only 40 percent of Republicans favored the high tax, while 54 percent opposed it.

    Among Independents, 65 percent favored the millionaires tax proposal, 28 percent opposed it. Among Democrats, a whopping 83 percent favored the tax, and only 13 percent opposed it.

    The CBS News Poll that surveyed 1,012 adults was conducted Sept. 28 thru Oct. 2, 2011 and has a margin of error of plus or minus three percentage points.

    Political/Public Policy Analysis: The disapproval rating for Congress is decidedly bad news for incumbents, if history is any indicator.

    Political science research shows that if the approval rating remains this low a year from now, voters will remove many incumbents from both chambers, in a classic "throw the rascals out" scenario.

    However, in 2012, due to divided government, the end result of that could be a status-quo distribution of power. The reason? Republicans control the House, Democrats the Senate, hence if American voters are true to form, both House Republicans and Senate Democrats would lose a disproportionate number of seats. Whether each party will lose enough seats to lose control of their respective chambers remains an open question.

    Further, as the above suggests, Democrats should hardly dance for joy. It's entirely possible for voters to blame Democrats disproportionately, and assess less blame to Republicans -- a scenario that would result in Republican majorities in both the House and Senate.

    Finally, one heads-up regarding public opinion: it captures current sentiment -- the 2012 election is a 13 months from now, and as the Washington axiom goes, "A year is a long time in politics, longer than a year is an eternity." In other words, the electorate's sentiment could change, i.e. improve. But as of now, the operative phrase is "incumbents beware
    Republican candidates referring to the OWS demonstrators as mobs, republicans referring to OWS demonstrators as idiots and worst will be on the minds of the demonstrators when they enter the voting booth in 2012

    The American jobs bill has the support of the majority of Americans they will remember who heard them when they enter the voting booth in 2012
    Last edited by EarlzP; 10-07-11 at 10:57 PM.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by winston53660 View Post
    But you said a President had never been re-elected with a higher than 8% UE in their first term....Reagan had a higher UE than Obama.
    Better get your eyes checked, Reagan didn't have an unemployment rate over 8% at the time of the election in 1984

    Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
    1981 7.5 7.4 7.4 7.2 7.5 7.5 7.2 7.4 7.6 7.9 8.3 8.5
    1982 8.6 8.9 9.0 9.3 9.4 9.6 9.8 9.8 10.1 10.4 10.8 10.8
    1983 10.4 10.4 10.3 10.2 10.1 10.1 9.4 9.5 9.2 8.8 8.5 8.3
    1984 8.0 7.8 7.8 7.7 7.4 7.2 7.5 7.5 7.3 7.4 7.2 7.3

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Conservative View Post
    Better get your eyes checked, Reagan didn't have an unemployment rate over 8% at the time of the election in 1984

    Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
    1981 7.5 7.4 7.4 7.2 7.5 7.5 7.2 7.4 7.6 7.9 8.3 8.5
    1982 8.6 8.9 9.0 9.3 9.4 9.6 9.8 9.8 10.1 10.4 10.8 10.8
    1983 10.4 10.4 10.3 10.2 10.1 10.1 9.4 9.5 9.2 8.8 8.5 8.3
    1984 8.0 7.8 7.8 7.7 7.4 7.2 7.5 7.5 7.3 7.4 7.2 7.3
    Pretty broad brush you wanna paint with there spin Dr.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by winston53660 View Post
    Pretty broad brush you wanna paint with there spin Dr.
    what broad brush, was Reagan's unemployment rate higher than 8% in the election year 1984? You think the Obama unemployment rate will be below 8% in 2012? Economists say not a chance. Why do you believe that it will dip below 8%?

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Conservative View Post
    what broad brush, was Reagan's unemployment rate higher than 8% in the election year 1984? You think the Obama unemployment rate will be below 8% in 2012? Economists say not a chance. Why do you believe that it will dip below 8%?
    We shall see where it goes

    I'm not going to rely on a crystal ball and hope like you are right now as far as getting re-elected or not.

    BTW FDR had a 14% in 1937 UE and got re-elected.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by winston53660 View Post
    We shall see where it goes

    I'm not going to rely on a crystal ball and hope like you are right now as far as getting re-elected or not.

    BTW FDR had a 14% in 1937 UE and got re-elected.
    The real Obama rate is 16.5% and the real FDR rate was 14% although the Obama rate with Discouraged workers is closer to 10% in September. don't forget the discouraged workers were eliminated from the reported rate in 1994.

    In addition Obama has a very low approval rating at 38% today according to Gallup
    Last edited by Conservative; 10-07-11 at 11:24 PM.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Conservative View Post
    The real Obama rate is 16.5% and the real FDR rate was 14%. don't forget the discouraged workers were eliminated from the reported rate in 1994.
    Are we jumping btwn U6 and U3 again?

    Like when you indiscriminately compare real and nominal numbers.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by winston53660 View Post
    Are we jumping btwn U6 and U3 again?

    Like when you indiscriminately compare real and nominal numbers.
    Because I know how fair you want to be to compare "apples to apples," right? What was the U-3 and U-6 rate for FDR?

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Conservative View Post
    Because I know how fair you want to be to compare "apples to apples," right? What was the U-3 and U-6 rate for FDR?
    I think it was 9% for the equivalent of what was used back then as a metric.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Conservative View Post
    what broad brush, was Reagan's unemployment rate higher than 8% in the election year 1984? You think the Obama unemployment rate will be below 8% in 2012? Economists say not a chance. Why do you believe that it will dip below 8%?
    The question should be how can the unemployment rate be below 8%. President Reagan stradegy worked well, he lowered the high tax rates and started to gear up to fight a war, that created jobs the problem was that he left the tax cuts in place to long.

    President Obama can't cut the tax rates by 50%, the wars he has in progress are a drain on our economy. Efforts to deal with the Chinese undervalued currency are being opposed by members of both parties. If we want our jobs back we need to realize that the war we are engaged in is an economic war and we are not winning it

    We can all keep pointing our fingers at the other side but the truth is both sides share in the lost of American jobs. The trade deficit is the driver of lost jobs in America, the only way to see the lost jobs return is for us to demand that trade agreements are adhered to, if we don’t nothing is going to bring those jobs back. Any politician who opposes the enforcement of trade agreements should be voted out of office.

    U.S. Trade Deficits Worth 26 Million Jobs

    Unemployment Today and the Counterfactual Labor Shortage

    The total number of people employed today according to the latest BLS (Bureau of Labor Statistics) data is 139.3 million. If just half of the exported jobs were retained in the U.S., there would be about 153 million employed. The current civilian labor force is only 153 million so there would be no slack in the labor force at all. However, the labor participation rate has fallen from 67% in 2000-01 to 64.2% today. If the participation rate returned to 67% the civilian labor force would be 160 million. With 153 million employed the unemployment rate would be 4.4% and we would be complaining of labor shortages.

    The Sweet Spot
    If only some, even less than half, of the manufacturing that has been outsourced had been retained in the U.S., it is likely that there would still be an emerging market boom, but there would not be the severe structural unemployment problem that exists today in the U.S. It seems, looking at these numbers, that where we are is not the result of doing a fundamentally bad thing. It could be argued that it is actually the result of taking a good thing too far. It seems we missed the sweet spot and simply botched a beautiful shot.

    Free Trade is a very good thing, but free trade taken too far is destructive. Hard data shows why

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