Author Topic: Didn't Bush's tax cuts ruin the economy? (Read 1108 times)

ToxicAdam · « **on:** January 05, 2009, 02:16:32 AM »

Isn't that how the talking point went?

http://online.wsj.com/article/SB123111279694652423.html

Quote

WASHINGTON -- President-elect Barack Obama and congressional Democrats are crafting a plan to offer about $300 billion of tax cuts to individuals and businesses, a move aimed at attracting Republican support for an economic-stimulus package and prodding companies to create jobs.

The size of the proposed tax cuts -- which would account for about 40% of a stimulus package that could reach $775 billion over two years -- is greater than many on both sides of the aisle in Congress had anticipated. It may make it easier to win over Republicans who have stressed that any initiative should rely more heavily on tax cuts rather than spending.

President-elect Barack Obama and congressional Democrats are crafting a plan to offer as much as $310 billion of tax cuts.
The Obama tax-cut proposals, if enacted, could pack more punch in two years than either of President George W. Bush's tax cuts did in their first two years. Mr. Bush's 10-year, $1.35 trillion tax cut of 2001, considered the largest in history, contained $174 billion of cuts during its first two full years, according to Congress's Joint Committee on Taxation. The second-largest tax cut -- the 10-year, $350 billion package engineered by Mr. Bush in 2003 -- contained $231 billion in 2004 and 2005.

This is still a long way from being a reality (if true), but it's pretty amusing. If this gets passed in it's current form, the greatest Republican initiatives in the past 3 decades were to be approved/done by Democratic presidents.

TVC15 · « **Reply #1 on:** January 05, 2009, 02:19:59 AM »

I think the talking point was that lowering taxes while going to war was distinguished mentally-challenged. Which it was. I doubt anyone but the hardest of the hardcore dem-o-tards made claims to the degree that they would ruin the economy.

But as long as we're doing the whole straw man thing: Remember when Republicans wanted social security privatized? Boy, that would have worked out just great.

ToxicAdam · « **Reply #2 on:** January 05, 2009, 02:25:35 AM »

Hey, maybe Obama can get it done now.

Phoenix Dark · « **Reply #3 on:** January 05, 2009, 02:33:30 AM »

third bush term confirmed

TVC15 · « **Reply #4 on:** January 05, 2009, 02:38:13 AM »

For the record, I think this sounds like an okay idea (without knowing the details), but it's definitely a short term solution that isn't thinking very far ahead. While it may stimulate the economy on both the business and consumer end of the things, that loss of tax revenue will be felt, and a year or two or three from now, when taxes will have to go up again, it will be re-election time, and the Republicans can fire up the TAX HIKE drudge sirens.

ToxicAdam · « **Reply #5 on:** January 05, 2009, 02:39:23 AM »

If I were Obama, I would take a raincheck on this presidency. He's gonna be like Sean Penn on a boat trying to save New Orleans.

TVC15 · « **Reply #6 on:** January 05, 2009, 02:40:50 AM »

Quote from: ToxicAdam on January 05, 2009, 02:39:23 AM

If I were Obama, I would take a raincheck on this presidency. He's gonna be like Sean Penn on a boat trying to save New Orleans.

No doubt. I've been saying for over a year that the next president would be a one termer, and that was even before the economy totally collapsed. I dig Obama, but unless he is the ultimate magic negro, he won't pull off a second term. Even if he does a decent-to-good job, the american populace is so stupid that they will forget that this was a mess that would take years to clean up.

Phoenix Dark · « **Reply #7 on:** January 05, 2009, 02:48:14 AM »

Obama is fine unless his presidency gets swamped by scandal. He's got such a powerful coalition of support that it's hard to imagine it'll simply disappear in 4 years. The republicans only defense will involve wondering why the magic negro hasn't fixed every problem.

This entire tax thing is a step towards making nice with them. Lets see what they do

TVC15 · « **Reply #8 on:** January 05, 2009, 02:49:47 AM »

I think you underestimate the stupidity and short memories of the American public, PD.

TakingBackSunday · « **Reply #9 on:** January 05, 2009, 02:51:19 AM »

I really don't know what's going to happen for the next election. I can see it going either way: American stupidity coming to the forefront, not realizing that it's going to take a bit to fix this shit, or people still believing in his promises and witnessing his great planning and execution, regardless of the inevitable lack of immediate results.

Phoenix Dark · « **Reply #10 on:** January 05, 2009, 02:53:22 AM »

The GOP is in full kamikaze mode though. All they have left is red meat which means 4 more years of immigrant hating and terrorism harping. I just don't see that playing well in states that helped hand the presidency to Obama (Co, NV, NM). If they keep it up Texas will be a toss up state sooner than later.

TVC15 · « **Reply #11 on:** January 05, 2009, 02:55:15 AM »

To be fair, I am assuming the GOP will find some sort of stable ground over the next four years. If they are still all fucked up, I guess it could end up like Kerry in 2004, although the fractured Democratic party wasn't the only problem there.

I guess it's a good thing Kerry didn't win in 2004, since John Cunt Edwards was his VP and we would have had a scandal that would have 100% given this election to Republicans.

TakingBackSunday · « **Reply #12 on:** January 05, 2009, 02:59:08 AM »

john cunt edwards

Phoenix Dark · « **Reply #13 on:** January 05, 2009, 03:00:14 AM »

Unless Obama's presidency mirror's Wayne Palmer's I dunno if foreign policy will be a deal breaker. People elected him to fix the economy and most people realize things are fucked up bad at least I hope so.

http://www.cnn.com/2008/POLITICS/12/30/carville.2009/index.html?iref=hpmostpop

Who fills the leader void? Palin? Romney?

chronovore · « **Reply #14 on:** January 05, 2009, 03:51:07 AM »

Quote from: TVC 15 on January 05, 2009, 02:19:59 AM

But as long as we're doing the whole straw man thing: Remember when Republicans wanted social security privatized? Boy, that would have worked out just great.

*throws horns*

My favorite part about that whole plan was how Bush got all pissy when asked to explain how it wasn't a risk.

Tell the USA we're going to war, and people without kids in the army say "hell yeah, whatever, go for it." Tell the USA that you're going to invest their retirement funds in shambling pyramid scheme, suddenly we're very intently interested in the details.

drozmight · « **Reply #15 on:** January 05, 2009, 05:48:44 AM »

All those elites had to invest their tax cut money in something... they should buy mortgage securities.

Was that the argument?

Olivia Wilde Homo · « **Reply #16 on:** January 05, 2009, 07:28:03 AM »

I still don't think he is a one termer unless he really screws it up. Most people voted him in because of the economy and all he has to do is appear competent at getting the job done. If the taxes getting cut are leaning more towards the lower and middle classes, people will notice the extra money and will appreciate it. I'm not really a fan of cutting taxes when we're piling on the national debt by the trillion but it seems as if a lot of people don't really care.

I don't expect the GOP to play a meaningful role in anything getting out of the recession. They'll whine, drag their feet, and offer unrealistic alternatives that serve nothing more than to get their name in the newspaper. They'll also be in full attack mode, pretending to be financial analysts that will shoot down any Democratic initiative because we still don't know the real Obama.

Brehvolution · « **Reply #17 on:** January 05, 2009, 09:00:50 AM »

Does Obama have to take the high road with everything? The way the GOP painted him during the run up to the election was a disgrace on this nation. I wouldn't work with those assholes.

Tauntaun · « **Reply #18 on:** January 05, 2009, 09:31:50 AM »

Quote from: BrandNew on January 05, 2009, 02:51:19 AM

I really don't know what's going to happen for the next election. I can see it going either way: American stupidity coming to the forefront, not realizing that it's going to take a bit to fix this shit, or people still believing in his promises and witnessing his great planning and execution, regardless of the inevitable lack of immediate results.

Just a question, how difficult is it to type with massive black president cock in your mouth?

Just wondering.

spoiler (click to show/hide)

[close]

Cheebs · « **Reply #19 on:** January 05, 2009, 12:30:32 PM »

Didn't we know Obama was going to have massive tax cuts for like....forever? Did anyone really believe he would abandon that pledge or something? He isn't that stupid, look what happened to H.W. Bush with his "read my lips...NO NEW TAXES" flip-flop.

siamesedreamer · « **Reply #20 on:** January 05, 2009, 01:37:36 PM »

The proposed $300B over two years is like 1.1% of GDP (or 0.55% each year).

When you have some analysts saying we'll have a combined GDP drop of ~9.5% over the course of the next three quarters (right on the cusp of a depression as defined by a 10% drop in peak GDP), the tax cut won't have any meaningful impact. All it accomplishes is pushing the country further in debt.

News:

Author Topic: Didn't Bush's tax cuts ruin the economy? (Read 1108 times)