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Willisms

« Quote Of The Day | WILLisms.com | Quotational Therapy: Part 108 -- Kinky Friedman & Texas Early Voting. »

Trivia Tidbit Of The Day: Part 360 -- Pelosi-nomics Versus Tax Cuts.

Nuancy Pelosi Cannot Become Speaker of the House-

Behold, charts, from Larry Kudlow (and he got them from Dan Clifton):

6.6 Million New Jobs:

employmentup.gif

Unemployment Rate Moves From 6.3% To 4.6%:

unemploymentwaytheheckdown.gif

GDP Growth Far More Robust:

gdppreandposttaxcut.gif

14.4 Trillion More Dollars In Household Net Worth:

americanshouseholdnetworth.gif


Add on the DOW breaking new records just about every day, and we've got ourselves an economy that no reasonable human being can pooh pooh (click for larger version):

dowjonesindustrialaverage.gif

Of course, back in May of 2003, Nancy Pelosi declared:

“None of these tax cuts is affordable. None of them creates jobs, and they are not fair. All of them do damage to our long-term economic growth and contribute to the national deficit.” -House Minority Leader Nancy Pelosi (D-CA); May 09, 2003

Jobs have been created, long-term economic growth has been strong, and the national deficit is now coming down rapidly.

Lower taxes-- and all the benefits America gains from them-- are at stake in two weeks. Don't sit this one out.

-------------------------------------

Previous Trivia Tidbit: Bush's Tax Cuts For The Rich Were Actually Progressive.

Posted by Will Franklin · 23 October 2006 07:53 PM

Comments

Our President is Awesome and should be appreciated sooooooo much!...

Posted by: zsa zsa at October 23, 2006 08:34 PM

Why aren't Republicans beating this drum?

Instead they have allowed the media and the Dems to distort the condition of the economy.

Again, the failure of the Bush media team over the last six years is costing the country's conservatives the kind of moral victory that only facts and reality can provide. Tax cuts work, but the Bush media team has failed to get the message out.

Tony Snow has a heck of a job to do, but so far has improved things. But the message has to get out better still. The tax cuts have worked unlike all of the Democrat's plans. Conservative policies do work. Facts support them. And Pelosi is on the wrong side of history.

Posted by: Justin B at October 24, 2006 01:30 AM

The macro numbers on the economy show that it is improving. This does not necessarily translate into good news for every single American. An economy as large as the US has many factors that drive it.

In my opinion, this economy is a result of the Bush policy. The tradeoff, however, is that we are experiencing short term gains for long term sacrifice. Eventually something has to give - spending cuts, higher taxes or a combination of both.

1. The National Debt has increased 3 trillion dollars since 2001. Over 1.5 billion dollars is added every day. This should be beneficial to the economy.

2. Financing the tax cuts is included in the national debt. The theory is that tax cuts pay for themselves through the spurred investment and job creation. The facts according to the CBO and Treasury Secretary say otherwise.

Here is an excerpt from a recent Washington Post article:

Economists said Bush was claiming credit where little is due. The economy has grown and tax receipts have risen at historic rates over the past two years, but the Bush tax cuts played a small role in that process, they said, and cost the Treasury more in lost taxes than it gained from the resulting economic stimulus.



"Federal revenue is lower today than it would have been without the tax cuts. There's really no dispute among economists about that," said Alan D. Viard, a former Bush White House economist now at the nonpartisan American Enterprise Institute. "It's logically possible" that a tax cut could spur sufficient economic growth to pay for itself, Viard said. "But there's no evidence that these tax cuts would come anywhere close to that."



Economists at the nonpartisan Congressional Budget Office and in the Treasury Department have reached the same conclusion. An analysis of Treasury data prepared last month by the Congressional Research Service estimates that economic growth fueled by the cuts is likely to generate revenue worth about 7 percent of the total cost of the cuts, a broad package of rate reductions and tax credits that has returned an estimated $1.1 trillion to taxpayers since 2001.



Robert Carroll, deputy assistant Treasury secretary for tax analysis, said neither the president nor anyone else in the administration is claiming that tax cuts alone produced the unexpected surge in revenue. "As a matter of principle, we do not think tax cuts pay for themselves," Carroll said.



3. Unemployment Number have improved and new jobs have been created. The argument that is commonly made against see this as great news is that the new jobs that are being created are service industry jobs that do not pay as much as the manufacturing/skilled labor jobs that are being lost to outsourcing.



The economy is certainly not doing bad at a macro level. But if you look at the big picture, a case can be made that things are not always as they seem.

Posted by: voice of reason at October 25, 2006 02:25 PM