Greenspan: Let Bush's Tax Cuts Expire

[JS80]

I guess you don't remember, the economy was stinking and nobody was buying anything. Durable goods sales went through the floor.

Those tax cuts single handily saved the economy because it put more money into the hands of people who earned it. Letting them expire will have the exact opposite and crush this struggling nation.

Face it, Bush was right and those cuts were one of his greatest accomplishments that benefited ALL people. People are longing for the good times of the Bush presidency right now. What happened to unemployment when those tax cuts were passed, hmmm?

Let's remind the retards who have no concept of economics

 

[child of wonder]

Ouch. $700K here would probably buy you a custom home on a large lot with 6,000 or 7000 sq. ft.

Where I live $700k would get you a 3,000+ sq ft house on a large lake pretty easily.

http://www.lakeplace.com/listing/northstar/3944875

 

[yllus]

Let's remind the retards who have no concept of economics

How much of that is then offset by this?

 

[spidey07]

Tax cuts are not a cost. That graph is complete bunk.

 

[yllus]

Where I live $700k would get you a 3,000+ sq ft house on a large lake pretty easily.

http://www.lakeplace.com/listing/northstar/3944875

Here's the place I looked at on Sunday. 1196 sqft, gorgeous view of the city and the lake. $699,900.

http://www.realtor.ca/propertyDetails.aspx?propertyId=9744099

 

[sandorski]

Tax cuts are not a cost. That graph is complete bunk.

Correct, JS80's graph is complete bunk.

 

[IndyColtsFan]

Here's the place I looked at on Sunday. 1196 sqft, gorgeous view of the city and the lake. $699,900.

http://www.realtor.ca/propertyDetails.aspx?propertyId=9744099

On a lake and nearly 8000 sq ft in the Indy metro area -- $650K:

http://mibor.ws.marketlinx.com/SiteContent/PropDetail.aspx?N=2&S=INR&Id=1036755

 

[piasabird]

Let them expire and see what happens to the housing market???

I am all for that.

 

[Acanthus]

Let's remind the retards who have no concept of economics

Tax receipts closely follow inflationary bubbles, JS, you work in the industry and you know this.

To misconstrue it as magical tax cuts working is dishonest at best.

What happened 2 years later on that chart?

 

[Acanthus]

I guess you don't remember, the economy was stinking and nobody was buying anything. Durable goods sales went through the floor.

Those tax cuts single handily saved the economy because it put more money into the hands of people who earned it. Letting them expire will have the exact opposite and crush this struggling nation.

Face it, Bush was right and those cuts were one of his greatest accomplishments that benefited ALL people. People are longing for the good times of the Bush presidency right now. What happened to unemployment when those tax cuts were passed, hmmm?

What a feel-good argument. We should drop taxes to 0% and the economy will skyrocket!!!!!

I'm sure you support a $14 minimum wage too? Because after all, blue collar workers need a fair shake. They worked hard for it!

What happened with the ARRA tax cuts? just as large as the bush tax cuts.

 

[IndyColtsFan]

Yea, it's great. If you're a complacent wasp.

🙄

 

[Generator]

A measly 3% tax hike on billionaires is irrelevant when they funnel all their revenues into capital gains which are taxed at 15%.

 

[JS80]

A measly 3% tax hike on billionaires is irrelevant when they funnel all their revenues into capital gains which are taxed at 15%.

How do you funnel wage income into capital gains?

 

[heyheybooboo]

Tax cuts are not a cost. That graph is complete bunk.

They are a 'cost' because they were not paid for by Bush and the Con Congress in 2001 and 2003.

And the reason they were set to expire in the first place was to circumvent budget rules.

But you probably knew all this and are simply engaging in your partisan trolling, aren't you? 😀





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[Craig234]

Tax cuts are not a cost. That graph is complete bunk.

You're an idiot. Every dollar of tax reduction in a deficit budget increases the deficit. Where does the graph say it's a "cost" as you allege your straw man misrepresentation of it?

 

[blackangst1]

Meanwhile, Bernanke says dont let em expire:

http://www.bloomberg.com/news/2010-...-cuts-would-maintain-stimulus-to-economy.html

Bernanke Says Extending Bush's Tax Cuts Would Maintain Economic Stimulus

“In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy,” Bernanke said yesterday under questioning from the House Financial Services Committee’s senior Republican. “There are many ways to do that. This is one way.”

Wonder if Obama knew he was really still a Bush-man when he re-appointed him?

Asked whether the combination of Bernanke and Greenspan’s comments would have an impact on the debate, Hoyer said, “It’ll have some effect. But with all due respect, Mr. Greenspan didn’t share that in ‘01 when he could have had a real effect, and we wouldn’t be in this pickle.”

Greenspan, 84, whose backing of Bush’s 2001 tax cuts helped persuade Congress to pass them, said in an interview on Bloomberg Television’s “Conversations with Judy Woodruff” last week that Congress “should follow the law and let them lapse.” Ending the cuts “probably will” slow growth, Greenspan said.

 

[manimal]

Tax receipts closely follow inflationary bubbles, JS, you work in the industry and you know this.

To misconstrue it as magical tax cuts working is dishonest at best.

What happened 2 years later on that chart?

The farther we are removed for the big bubbles the easier it is to see them. If people choose to be ignorant or worse disingenuous then let them, we could exhume Milton Friedman and they would refuse to believe him....