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Thread: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

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    Re: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    Quote Originally Posted by washunut View Post
    Was that part of the Bush tax cuts? That is what is being discussed.
    I'm pretty sure we were talking about Obama's campaign pledge to lower taxes on 95% of American's.
    The Obama Deficit

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    Re: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    First you write:
    Quote Originally Posted by damianvincent View Post
    Most of the extra spending during Reagan's term was due to the Democrats who controlled Congress, just like most of the rolled back spending during Clinton's term was due to the Republican's in Congress.
    A few posts after, you write:

    Quote Originally Posted by damianvincent View Post
    He could, but, he made concessions to get defense increases.
    Can you properly identify the spending increases to back up your statement?
    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: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    Yesterday, Krugman had an interesting article:


    Ah: in this post on interest rates and inflation, I neglected to point out that right now we’re not on the Taylor rule line, because of the zero lower bound. The picture looks like this:


    with the blue arrow pointing to our current position. We got here, of course, thanks to a huge financial shock that shifted the natural real interest rate way down. Now, at this point any Taylor rule fitted to past Fed behavior says that the Fed funds rate should be something like minus 5 or 6 right now, but you can’t do that, so we’re stuck with an interest rate that’s too high given low inflation and very high unemployment.

    The crucial thing to understand about this position is that it’s not self-correcting. On the contrary, as inflation falls over time and possibly goes to actual deflation, we sink deeper into the trap.

    That’s why the Fed’s wait-and-see policy is so wrong-headed: to the extent that the Fed thinks it can use unconventional measures to get some traction, it should use them now now now, not wait until expectations of below-target inflation have gotten embedded.

    It’s also why fiscal policy should have been much more aggressive than it was; even aside from the political dynamics, which said that we’d only get one shot, the economic dynamics also said that not doing enough early on only makes an eventual solution harder.

    The sad thing is that policy makers were supposed to know all this. The Fed had studied Japan extensively, and believed that the Bank of Japan could have averted the lost decade if it had reacted very aggressively early on. Larry Summers talked about a Powell doctrine of overwhelming force in the face of crisis. And yet what we actually got was an underpowered response on both the fiscal and the monetary fronts.
    The Trap We're In (Wonkish) - NYTimes.com
    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. #34
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    Re: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    Quote Originally Posted by CriticalThought View Post
    Can you actually provide evidence that Bush's tax cuts spurred growth and created a significant number of jobs?

    Policy decisions should be based on evidence, and if his tax cuts don't work, then extending them seems rather arbitrary. Obama already wants to give taxcuts to the bottom 95% of Americans, so please provide some evidence that adding taxcuts to the top 5% would be worth the extra hundreds of billions that it would add to the federal deficit.
    Your proof is in your own statement: hundreds of billions that it would add to the federal deficit. Leave those hundreds of billions in the hands of private enterprise!!
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    Quote Originally Posted by MaggieD View Post
    Your proof is in your own statement: hundreds of billions that it would add to the federal deficit. Leave those hundreds of billions in the hands of private enterprise!!
    Private enterprise is not spending what it should to justify the "lower the tax rates" argument. If what i have said is incorrect, we would be witnessing both higher inflation and greater lending spreads.
    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: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    While assaulting the economy he can tell his wife to stop dressing like a PROSTITUTE and to WEAR LONGER DRESSES. I dont want to see her couchee.
    "Sodomy is one of the most gruesome and detested crimes, the punishment for which is also one of the harshest penalties, it is the capital punishment"
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    Re: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    It would help the economy if the Republicans in the Senate would release the bill to increase small business lending. After all the majority of NEW jobs created are created by small businesses.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    Quote Originally Posted by Goldenboy219 View Post
    First you write:


    A few posts after, you write:



    Can you properly identify the spending increases to back up your statement?
    I don't have the time to comb through the 80's budgets and link who is responsible for what spending increases, that information is difficult to find on the Internet, not that it can't but you have to comb through so many docs for which I don't have the time. Sorry. However my statement was pretty common knowledge, in order for Reagan to get his tax cuts and defense increases he had to make concessions to the Democratic controlled Congress.

    Reagan resisted tax increases, and Congress resisted cuts in domestic spending.

    Reaganomics, by William A. Niskanen: The Concise Encyclopedia of Economics | Library of Economics and Liberty

    I mean this stuff is pretty common knowledge.
    The Obama Deficit

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    Re: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    Quote Originally Posted by Goldenboy219 View Post
    Private enterprise is not spending what it should to justify the "lower the tax rates" argument. If what i have said is incorrect, we would be witnessing both higher inflation and greater lending spreads.
    Not spending what it should? What the heck does that mean?

    ------------------

    GayLibertarian said:While assaulting the economy he can tell his wife to stop dressing like a PROSTITUTE and to WEAR LONGER DRESSES. I dont want to see her couchee.
    Go take a shower.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  10. #40
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    Re: Obama Calls for 'Full-Scale Attack' to Revive Struggling Economy

    Quote Originally Posted by donc View Post
    It would help the economy if the Republicans in the Senate would release the bill to increase small business lending. After all the majority of NEW jobs created are created by small businesses.
    What would help small business is certainty in regards to the Bush tax cuts, will they expire, will they extend them. Another thing that would help small business, is to remove the massive costs they are soon to face due to Obamacare. Obama wants to pay for this small business package, a one time shot, with more taxes, a permanent revenue stream.
    The Obama Deficit

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