Quote:
Originally Posted by Undertoad
W's tax cuts led to pretty nice revenue increases in 2005, 2006 and 2007 but were quickly negated by additional spending. The recession was caused by something else entirely.
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This recession is completely traceable to fiscal mismanagement at the highest levels of government mostly in 2000s. And the timeline for the recovery also corresponds to the type of recession only created by fiscal mismanagement.
If the recovery started in Nov 2009 as economist predict, then the recessionary period has ending just like other recessions created by government mismanagement. That means job losses will continue until about next summer. And then other economic parameter will only recover slowly. Timeline appears to be on target for a recession created by extremist political hocus-pocus economics. Or should we say voo-doo economics.
Those early 2000 tax cuts are part of the problem. Add to the lies another $trillion from Mission Accomplished - to attack someone who was not a threat. Add more money because in early 2000, wacko extremist virtually surrendered Afghanistan to the Taliban. More debts we are paying today because of extremist lies.
Or the $billion spent on a useless Constellation space program. The 2% reduction of American worker salaries during 8 George Jr years. How did the economy get better when American standards of living dropped? Oh. The rich got even richer due to George Jr welfare - the tax cuts that only enriched the rich.
The average American say his income drop 2% - but the tax cuts and resulting massive deficits that now further reduce the average Joe's wealth - that is good? Please. Tax cuts are voo-doo economics. A short term economic boost (maybe four years) followed by pain a decade later.
George Jr's tax cuts did exactly what I predicted here back in the early 2000. Thanks to his voo-doo economics, well, George Jr's decade is the only decade that saw American incomes drop - other than the great depression. During the George Jr miracle tax cuts, the average American salary dropped 2%. A budget surplus was raids to help pay for the tax cuts. And now we have a massive deficient due to George Jr - including his tax cuts.
But somehow the extremist rhetoric still says tax cuts are good. As Warren Buffet so accurately said so many years ago, the only tax cut is one that cuts spending. George Jr increased spending. Especially in Mission Accomplished - an obvious and intentional lie. Another reason, directly traceable to wacko politics and mismanagement, which created this recession. This recession is the type only created by fiscal mismanagement.
The same people even assigned White House lawyers to rewrite science papers. The same people would also rewrite history and economics.