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Thread: Were the Bush Tax Cuts Good for Growth?

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    Were the Bush Tax Cuts Good for Growth?

    Liz Peek at FoxNews.com congratulates me for writing about the importance of economic growth. So in the spirit of maximizing growth, I want to pose a question: Why should we believe that extending the Bush tax cuts will provide a big lift to growth?

    Those tax cuts passed in 2001 amid big promises about what they would do for the economy. What followed? The decade with the slowest average annual growth since World War II. Amazingly, that statement is true even if you forget about the Great Recession and simply look at 2001-7.


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    This actually gets to a point I've been trying to make for a while...

    If the Bush tax cuts were "good", then why were the 2000s (even if you cut the decade off before the Great Recession) the slowest decade for growth in the post-WW2 era?

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by FilmFestGuy View Post
    If the Bush tax cuts were "good", then why were the 2000s (even if you cut the decade off before the Great Recession) the slowest decade for growth in the post-WW2 era?
    Because 11th Grade stats class taught me that correlation does not equal causation.
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    Re: Were the Bush Tax Cuts Good for Growth?

    So did these cuts do as promised by the conservatives who pushed them?
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by RightinNYC View Post
    Because 11th Grade stats class taught me that correlation does not equal causation.
    That's a dumb answer.

    Why didn't they cause growth when we were promised they would.

    People are criticizing Obama because the economy only grew 2% last quarter.

    You realize that under Bush the average annual growth was 2.39%, right?

    The 2000s sucked economically. The worst period ever.

    If the Bush tax cuts were "good for growth", then why didn't we grow? That's what I want an answer to. Defend them. What good did they do, especially in light of two wars which went unpaid for.

    What good did they do for the economy?

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by FilmFestGuy View Post
    That's a dumb answer.

    Why didn't they cause growth when we were promised they would.

    People are criticizing Obama because the economy only grew 2% last quarter.

    You realize that under Bush the average annual growth was 2.39%, right?

    The 2000s sucked economically. The worst period ever.

    If the Bush tax cuts were "good for growth", then why didn't we grow? That's what I want an answer to. Defend them. What good did they do, especially in light of two wars which went unpaid for.

    What good did they do for the economy?
    actually the top 2% did quite well during the dicknbush era
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by FilmFestGuy View Post
    That's a dumb answer.

    Why didn't they cause growth when we were promised they would.

    People are criticizing Obama because the economy only grew 2% last quarter.

    You realize that under Bush the average annual growth was 2.39%, right?

    The 2000s sucked economically. The worst period ever.

    If the Bush tax cuts were "good for growth", then why didn't we grow? That's what I want an answer to. Defend them. What good did they do, especially in light of two wars which went unpaid for.

    What good did they do for the economy?
    "That's a dumb answer. Now here, let me really drive home the point that I don't understand the difference between correlation and causation, or why that is relevant to this issue."

    Good luck with that, bro.
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by RightinNYC View Post
    "That's a dumb answer. Now here, let me really drive home the point that I don't understand the difference between correlation and causation, or why that is relevant to this issue."

    Good luck with that, bro.
    Good God, man.

    Bush and Republicans said: These tax cuts will promote growth. They did not.

    I never argued that the necessarily stifled growht. Your "causation / correlation" immaturity would work if that's what I was arguing, but that NOT what I'm arguing.

    Bush said "growth". We did not get "growth". Why?

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    Re: Were the Bush Tax Cuts Good for Growth?

    RightinNYC

    It appears that you are mouthing a platitude that may or may not apply to the topic. I would hope you have a great deal more than just some cliched phrase to offer in refutation to the premise. Statistical evidence would be a nice beginning.
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by FilmFestGuy View Post
    Good God, man.

    Bush and Republicans said: These tax cuts will promote growth. They did not.

    I never argued that the necessarily stifled growht. Your "causation / correlation" immaturity would work if that's what I was arguing, but that NOT what I'm arguing.

    Bush said "growth". We did not get "growth". Why?
    I can't believe I'm doing this, but here.

    Imagine that the economy always grows at 3% per year, absent changes in tax law. If Bush promised that his tax cuts would increase growth and the economy continued to grow at 3%, you'd have a point.

    Now imagine that the economy tends to fluctuate, though it averaged 3%. Imagine that without a change in tax law, the economy would have only grown at 1% over a particular period. Now imagine that because of tax cuts, the growth rate increased to 2%.

    Using your logic, those tax cuts did not create growth because the economy only grew at 2%, which is less than 3%.

    Using actual logic, those tax cuts did create growth because the economy grew at 2%, which is more than the 1% it would have otherwise grown at.

    Now, it's entirely possible that these tax cuts did not actually have an effect on economic growth. However, you'd need a lot more than simplistic arguments about correlation in order to show that. Given the posts we've seen so far in this thread, I doubt we're going to make it to that level of discourse.
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by RightinNYC View Post
    I can't believe I'm doing this, but here.

    Imagine that the economy always grows at 3% per year, absent changes in tax law. If Bush promised that his tax cuts would increase growth and the economy continued to grow at 3%, you'd have a point.

    Now imagine that the economy tends to fluctuate, though it averaged 3%. Imagine that without a change in tax law, the economy would have only grown at 1% over a particular period. Now imagine that because of tax cuts, the growth rate increased to 2%.

    Using your logic, those tax cuts did not create growth because the economy only grew at 2%, which is less than 3%.

    Using actual logic, those tax cuts did create growth because the economy grew at 2%, which is more than the 1% it would have otherwise grown at.

    Now, it's entirely possible that these tax cuts did not actually have an effect on economic growth. However, you'd need a lot more than simplistic arguments about correlation in order to show that. Given the posts we've seen so far in this thread, I doubt we're going to make it to that level of discourse.
    A tax cut may cause the economy to grow at a faster rate then it would have otherwise, or it may have no effect at all. Plenty of factors are needed to be looked at, including were the tax cuts accompanied by spending cuts, or did the government have to run a stimulative deficit. How was the money from the tax cut spent, on foreign made goods and services, or on domestically produced items.

    Simplistic statement saying tax cuts are good for the economy are no better then simplistic comments saying tax cuts did nothing for the economy. The answer is far more complex and involves a large number of areas that would have to be looked at in order to determine if any particular tax cut was benificial, neutral or harmfull to the economy
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