Where my sister lives in Houston, there use to be a lot of Enron employees. When Enron crashed, a lot of people got hurt. Houses in my sister's neighborhood are still cheap....
Wall Street workers jobs may be the last to recover....
Oracle of Utah
Truth rings hollow in empty heads.
If you have less taxes then you take home more money. Then you have a choice to either spend or save it. Given that those in the top 20% spend significantly less than they earn, we can only assume that they save it. I posted some stats on expenditure earlier.
I have a concern for the deficit, but as I have said numerous times before, I'm willing to sacrifice some of the deficit for faster economic revival, given that we pay it back.
"We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan
The National Bureau of Economic Research
Last Four Recessions and their Durations
12/07 - 6/09 18 months
3/01 - 11/01 8 months
7/90 - 3/91 8 months
7/81 - 11/82 16 months
Have you ever seen the Federal Govt. taking more revenue and taking that revenue to pay down the deficit or debt?
Right now there are 16 million unemployed Americans so tell me how raising the taxes on anyone puts these people back to work paying taxes? What far too many ignore is that lowering taxes stimulates economic activity including job hiring. More money in your hands and the hands of other taxpayers means more demand and higher unemployment.
Better be careful what you buy from this Administration that hasn't been accurate on any prediction. It is a slippery slope when anyone buys the rhetoric that taking money from someone else to redistribute it to others is good economic policy and ignores the basic principle that it is the tax payers money FIRST. I prefer you keeping more of what you earn and decising how to spend it. Check out charitable giving during periods of lower taxes?