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Thread: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

    Quote Originally Posted by MTAtech View Post
    Ahem, employment in California is up 3.6 percent in the past 18 months, compared with a national average of 2.8 percent and, yes, the budget is back in surplus. I expect no soul-searching among you prophets of California doom, asking why you were so wrong? Nah.
    Really? California is doing great, a new liberal success story, Unemployment 7.4% ranking near the bottom, Unemployment Rates for States

    California has the highest number in the nation below the poverty level, the most in the nation earning a minimum wage, billions in long term debt but this is a success to you? Percentage change must make you feel good but not when you put a face on those percentages, over 1.5 million making California minimum wage, highest numbers in poverty, jobs leaving the state yet illegals entering the state to take advantage of the California free lunch paid for by the taxpayers. This your idea of a success?

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

    Quote Originally Posted by MTAtech View Post
    Seems like you skipped right over Clinton and Bush I. I am sure that was purely accidental.

    Let's see (we'll use your unadjusted for GDP figures:

    Clinton: $6.4 trillion to $10.4 trillion (+62.5%)


    Bush I:
    Seems you slipped over the reality of a Republican Congress during the Clinton term, implementation of the Contract with America and the tax cut of 1997. Not surprising, you have selective research skills.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

    Quote Originally Posted by MTAtech View Post
    Ahem, employment in California is up 3.6 percent in the past 18 months, compared with a national average of 2.8 percent and, yes, the budget is back in surplus. I expect no soul-searching among you prophets of California doom, asking why you were so wrong? Nah.
    Oh, by the way, what is that Wall of debt being talked about in California?

    We should remain laser-focused on paying down the Wall of Debt, reversing the many accounting gimmicks to which weíve become addicted and keeping the State as liquid as possible to avoid experiencing the payment delays and IOUs that plagued our State during the Great Recession."

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by jmotivator View Post
    The only thing that has been keeping the economy "growing" is the insane influx of QE dollars into the market. The stock market growth has not been an indicator of a growing economy, it is the bellwether of coming hyper-inflation the likes of which we haven't seen since the Carter administration.
    Wait for the Wall Street bubble to burst.
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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

    Quote Originally Posted by Conservative View Post
    Tripling the debt to 2.6 trillion dollars and creating 17 million jobs along with doubling GDP is a pretty good use of money in a 5.2 trillion dollar economy. What percentage of GDP is that 2.6 trillion vs. what it is today?

    Our economy had a lot of help in crashing. The problem is Obama said he had the answers, he ran for the job and now he is running from the results he has generated.
    Every candidate tells the electorate he/she has the answer to the problems, rarely is that true. Your problem is that you think only the democrats lack solutions. Bush 2 double the ND and crashed our economy!!
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

    Quote Originally Posted by eohrnberger View Post
    Well, given that many multinational corporations which were based in the US are entertaining 'inversions' to take themselves off shore, seems that we have an answer if their US tax rates are confiscatory or not. Yes?
    No.

    When a company does an inversion, they aren't swapping a US tax rate for that of another country. Because they have become a foreign nation, their US sales get taxed at a different rate. They are simply exploiting a loophole.

    So if a company's corporate tax rate was 10%, and by doing an inversion they can cut it to 5%, they'd still do it. Not because 10% is "extortionate," but because it would cut their tax bill in half.

    The reality is that corporate tax rates for many industries are fairly reasonable, and are within line of most other industrialized nations. We aren't charging 90% marginal tax rates, and most effective corporate tax rates are in the 20% range. They're just doing it to cut their tax bills, which will increase their profits. They won't lower their prices, it does nothing for consumers, it means billions of tax revenues lost. And it certainly doesn't prove that US tax rates are "confiscatory."

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q


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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Conservative View Post
    Oh hell! If I knew that we could quote comedians to prove the republicans are pro big government and pro big spending, I'd have done so long ago. Lol.
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

    Quote Originally Posted by Conservative View Post
    Right, and of course there are no resources in California or along the East Coast.
    Well, at least not any natural resources that you are allowed to exploit on either of those coasts.

    Quote Originally Posted by Conservative View Post
    It is very easy to show what you are unwilling to accept, red states have a growing population, growing job market and a growing GDP. What is wrong with people like you, jealousy trumps reality. Steal shamelessly and you could create a Red state economy in your blue state
    the Fix-is-in Bureau of Investigation

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

    Quote Originally Posted by MTAtech View Post
    Correction, when Reagan took office, GDP was $3.2 trillion not $2.6 trillion. Thus, he did not double GDP.

    Seems like you skipped right over Clinton and Bush I. I am sure that was purely accidental.

    Let's see (we'll use your unadjusted for GDP figures:

    Clinton: $6.4 trillion to $10.4 trillion (+62.5%)


    Bush I:
    By the way the election was in 1980 so Reagan's first year was 1981. The 1980 GDP was 2.8 and when it went to 5.7 in 1989. Looks pretty close to doubling to me, 2.8 to 5.6. You posted the 1981 GDP number

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