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Thread: So How Did the Bush Tax Cuts Work Out for the Economy?

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    AFP: US deficit shrinks nearly nine percent in fiscal 2010


    (AFP) Oct 15, 2010

    WASHINGTON The US budget deficit shrank by nearly nine percent in the last fiscal year, according to government figures published Friday, as spending decreased and revenues rose.

    The figures "underscored the administration's commitment" to cutting the massive government deficit, Treasury Secretary Timothy Geithner said in a statement.

    For the 2010 fiscal year that ended on September 30, the government had a budget deficit of 1.294 trillion dollars, down 8.6 percent from a record-setting 1.416 trillion dollars in the previous year.

    In terms of the deficit's ratio to economic output, the 2010 budget gap was 8.9 percent of gross domestic product, down from 10.0 percent of GDP in fiscal 2009.


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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    AFP: US deficit shrinks nearly nine percent in fiscal 2010


    (AFP) – Oct 15, 2010

    WASHINGTON — The US budget deficit shrank by nearly nine percent in the last fiscal year, according to government figures published Friday, as spending decreased and revenues rose.

    The figures "underscored the administration's commitment" to cutting the massive government deficit, Treasury Secretary Timothy Geithner said in a statement.

    For the 2010 fiscal year that ended on September 30, the government had a budget deficit of 1.294 trillion dollars, down 8.6 percent from a record-setting 1.416 trillion dollars in the previous year.

    In terms of the deficit's ratio to economic output, the 2010 budget gap was 8.9 percent of gross domestic product, down from 10.0 percent of GDP in fiscal 2009.
    Isn't that wonderful it shrunk all the way down to the second highest deficit in U.S. History both under Obama. By the way think any of that TARP repayment got into that reduction? Hmmm. Why wasn't TARP used to pay down the debt in the year that TARP was spent? Keep digging for some good news although I doubt that a 1.29 trillion deficit is good news to anyone but a true Obama supporter who points out the reduction but not a reduction to what and where that reduction came from.

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    According to the link at the OP the total income from taxpayers 2000-2008 $8,219,818 but the total income taxes for the previous 8 years was $9,807,642 for a difference of ($1,587,824). And there was 13,077,069 less taxpayers in 2008 than in 2000. Pretty devistating I would say.


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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    According to the link at the OP the total income from taxpayers 2000-2008 $8,219,818 but the total income taxes for the previous 8 years was $9,807,642 for a difference of ($1,587,824). And there was 13,077,069 less taxpayers in 2008 than in 2000. Pretty devistating I would say.
    I have posted the actual revenue growth from 2000-2008 which apparently you cherrypicked to promote whatever your agenda is. 2008 was a disaster as was 2000-2001 as Bush inherited a recession. Why do you have so much passion for higher taxes and how can you defend the govt. taking more money from the taxpayer?

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by Conservative View Post
    I have posted the actual revenue growth from 2000-2008 which apparently you cherrypicked to promote whatever your agenda is. 2008 was a disaster as was 2000-2001 as Bush inherited a recession. Why do you have so much passion for higher taxes and how can you defend the govt. taking more money from the taxpayer?
    Bush did not inherit a recession, that didn't occur until after Bush became president.

    (Why don't you donate some $ money to DP, they need your help.)


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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    Bush did not inherit a recession, that didn't occur until after Bush became president.

    (Why don't you donate some $ money to DP, they need your help.)
    Then tell me what economic policy Bush had in place March 1, 2001?



    washingtonpost.com
    Economists Say Recession Started in 2000

    By Nell Henderson
    Washington Post Staff Writer
    Thursday, January 22, 2004; 1:34 PM
    Last edited by Conservative; 11-04-10 at 10:19 PM.

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by Conservative View Post
    I have posted the actual revenue growth from 2000-2008 which apparently you cherrypicked to promote whatever your agenda is. 2008 was a disaster as was 2000-2001 as Bush inherited a recession. Why do you have so much passion for higher taxes and how can you defend the govt. taking more money from the taxpayer?
    Where else will the govt get the money?
    Answering my own question, there are a lot of govt owned lands that we could sell.
    Any other ideas? don't say spend less, that is obvious and won't solve the current debt issue...
    Oracle of Utah
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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by UtahBill View Post
    Where else will the govt get the money?
    Answering my own question, there are a lot of govt owned lands that we could sell.
    Any other ideas? don't say spend less, that is obvious and won't solve the current debt issue...
    The only way to pay down the debt is to cut spending and then grow your way out of it. Putting 16 million unemployed Americans will help a lot. You cannot raise taxes enough to impact the debt but any raising of taxes will do more harm keeping the unemployed off the tax roles.

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by Conservative View Post
    The only way to pay down the debt is to cut spending and then grow your way out of it. Putting 16 million unemployed Americans will help a lot. You cannot raise taxes enough to impact the debt but any raising of taxes will do more harm keeping the unemployed off the tax roles.
    If only we had 16 million jobs to give the unemployed...
    assuming we did, who would be hiring? and would the wages be enough to live on, and more importantly, enough to tax.
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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by UtahBill View Post
    If only we had 16 million jobs to give the unemployed...
    assuming we did, who would be hiring? and would the wages be enough to live on, and more importantly, enough to tax.
    Who are we? With the right incentive the private sector will create the jobs. those 16 million people were working somewhere before they became unemployed.

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