Greenspan – Very Dangerous Possibilities of Extending Bush Tax Cuts

[BigGovernmentIsGood]

It’s comical listening to the right extol the virtues of tax cuts. One of the best economies the U.S. ever had was back in the 1940’s when the top marginal tax rate was 90%.

Guess when another period of great economic growth occurred? Back in the 1990’s right before the Bush tax cuts went into effect.

The Bush tax cuts have been in place since 2001. If those tax cuts are so beneficial to economic growth and job creation, then whey have we seen such horrid economic growth and job creation (not to mention wage stagnation) since then?

America is tired of the BS from the right. It’s time to raise taxes on the top income earners at least to the levels of the 1990’s. If we really want to see roaring economic growth, the top marginal rate needs to be somewhere close to 90%.

[NotCranky]

[quote=equalizer][quote=Russell]For decades now our country looks like a terrible reality show called “Battle of the Welfare Queens”. The contestants are racketeers, pimps and prostitutes, who have to put bribes and arrange or pull tricks, to see who gets hit by the pain train and who gets hit by a delicious cream puff. The studio audience gets splattered with blood while the try to catch frosting.[/quote]
You just stay away from my cream puffs!

Tom Keene at Bloomberg Radio had a great discussion with a expert panel on How to Fix the Economy.

Panelists: Yale University professor Robert J. Shiller, Peter R. Orszag, former Salomon Brothers Managing Director Henry Kaufman, Professor Charles W. Calomiris, and Pimco Managing Director William H. Gross

http://www.businessweek.com/magazine/content/10_39/b4196054741296.htm

Schiller is the lone outsider with no agenda and has summed up the mood of the country. He views may appear a tad idealistic, but he correctly identified the two bubbles of the last decade.

Shiller: “There are many dimensions to trying to restore confidence. A plan to reduce the national debt is a relatively small part of it at this point. The really big thing is, people are very upset. They feel that the country is not theirs, and that a small group of wealthy people who get bailed out and bribe the government are in charge.”

Not everyone can have cream puffs![/quote]

Of course there are omissions in the description I provide. The arbitrators of the game who gives orders to the pain train conductor and the cream puff launcher are certainly corrupt . I think the point stands that those qualified to play, rather than merely be members of the studio audience are at least pathologically, intellectually dishonest if not twisted with greed. I think this is why our country is not ours and it is not just the uber rich that are represented in the game. Focusing on that just makes it an argument over whether trickle down works or not…simply choosing the “established middle class” contestants to be the cream puff queens,without regard to honesty,integrity, quality and value added blah blah blah, has never, in my opinion, been much different…..the greed and entitlement is still there. I think whether or not the game can go on is in question. Can we build trains or come up with enough cream puffs? Are the cream puffs good for you?

[NotCranky]

[quote=equalizer][quote=Russell]For decades now our country looks like a terrible reality show called “Battle of the Welfare Queens”. The contestants are racketeers, pimps and prostitutes, who have to put bribes and arrange or pull tricks, to see who gets hit by the pain train and who gets hit by a delicious cream puff. The studio audience gets splattered with blood while the try to catch frosting.[/quote]
You just stay away from my cream puffs!

Tom Keene at Bloomberg Radio had a great discussion with a expert panel on How to Fix the Economy.

Panelists: Yale University professor Robert J. Shiller, Peter R. Orszag, former Salomon Brothers Managing Director Henry Kaufman, Professor Charles W. Calomiris, and Pimco Managing Director William H. Gross

http://www.businessweek.com/magazine/content/10_39/b4196054741296.htm

Schiller is the lone outsider with no agenda and has summed up the mood of the country. He views may appear a tad idealistic, but he correctly identified the two bubbles of the last decade.

Shiller: “There are many dimensions to trying to restore confidence. A plan to reduce the national debt is a relatively small part of it at this point. The really big thing is, people are very upset. They feel that the country is not theirs, and that a small group of wealthy people who get bailed out and bribe the government are in charge.”

Not everyone can have cream puffs![/quote]

Of course there are omissions in the description I provide. The arbitrators of the game who gives orders to the pain train conductor and the cream puff launcher are certainly corrupt . I think the point stands that those qualified to play, rather than merely be members of the studio audience are at least pathologically, intellectually dishonest if not twisted with greed. I think this is why our country is not ours and it is not just the uber rich that are represented in the game. Focusing on that just makes it an argument over whether trickle down works or not…simply choosing the “established middle class” contestants to be the cream puff queens,without regard to honesty,integrity, quality and value added blah blah blah, has never, in my opinion, been much different…..the greed and entitlement is still there. I think whether or not the game can go on is in question. Can we build trains or come up with enough cream puffs? Are the cream puffs good for you?

[NotCranky]

[quote=equalizer][quote=Russell]For decades now our country looks like a terrible reality show called “Battle of the Welfare Queens”. The contestants are racketeers, pimps and prostitutes, who have to put bribes and arrange or pull tricks, to see who gets hit by the pain train and who gets hit by a delicious cream puff. The studio audience gets splattered with blood while the try to catch frosting.[/quote]
You just stay away from my cream puffs!

Tom Keene at Bloomberg Radio had a great discussion with a expert panel on How to Fix the Economy.

Panelists: Yale University professor Robert J. Shiller, Peter R. Orszag, former Salomon Brothers Managing Director Henry Kaufman, Professor Charles W. Calomiris, and Pimco Managing Director William H. Gross

http://www.businessweek.com/magazine/content/10_39/b4196054741296.htm

Schiller is the lone outsider with no agenda and has summed up the mood of the country. He views may appear a tad idealistic, but he correctly identified the two bubbles of the last decade.

Shiller: “There are many dimensions to trying to restore confidence. A plan to reduce the national debt is a relatively small part of it at this point. The really big thing is, people are very upset. They feel that the country is not theirs, and that a small group of wealthy people who get bailed out and bribe the government are in charge.”

Not everyone can have cream puffs![/quote]

Of course there are omissions in the description I provide. The arbitrators of the game who gives orders to the pain train conductor and the cream puff launcher are certainly corrupt . I think the point stands that those qualified to play, rather than merely be members of the studio audience are at least pathologically, intellectually dishonest if not twisted with greed. I think this is why our country is not ours and it is not just the uber rich that are represented in the game. Focusing on that just makes it an argument over whether trickle down works or not…simply choosing the “established middle class” contestants to be the cream puff queens,without regard to honesty,integrity, quality and value added blah blah blah, has never, in my opinion, been much different…..the greed and entitlement is still there. I think whether or not the game can go on is in question. Can we build trains or come up with enough cream puffs? Are the cream puffs good for you?

[NotCranky]

[quote=equalizer][quote=Russell]For decades now our country looks like a terrible reality show called “Battle of the Welfare Queens”. The contestants are racketeers, pimps and prostitutes, who have to put bribes and arrange or pull tricks, to see who gets hit by the pain train and who gets hit by a delicious cream puff. The studio audience gets splattered with blood while the try to catch frosting.[/quote]
You just stay away from my cream puffs!

Tom Keene at Bloomberg Radio had a great discussion with a expert panel on How to Fix the Economy.

Panelists: Yale University professor Robert J. Shiller, Peter R. Orszag, former Salomon Brothers Managing Director Henry Kaufman, Professor Charles W. Calomiris, and Pimco Managing Director William H. Gross

http://www.businessweek.com/magazine/content/10_39/b4196054741296.htm

Schiller is the lone outsider with no agenda and has summed up the mood of the country. He views may appear a tad idealistic, but he correctly identified the two bubbles of the last decade.

Shiller: “There are many dimensions to trying to restore confidence. A plan to reduce the national debt is a relatively small part of it at this point. The really big thing is, people are very upset. They feel that the country is not theirs, and that a small group of wealthy people who get bailed out and bribe the government are in charge.”

Not everyone can have cream puffs![/quote]

Of course there are omissions in the description I provide. The arbitrators of the game who gives orders to the pain train conductor and the cream puff launcher are certainly corrupt . I think the point stands that those qualified to play, rather than merely be members of the studio audience are at least pathologically, intellectually dishonest if not twisted with greed. I think this is why our country is not ours and it is not just the uber rich that are represented in the game. Focusing on that just makes it an argument over whether trickle down works or not…simply choosing the “established middle class” contestants to be the cream puff queens,without regard to honesty,integrity, quality and value added blah blah blah, has never, in my opinion, been much different…..the greed and entitlement is still there. I think whether or not the game can go on is in question. Can we build trains or come up with enough cream puffs? Are the cream puffs good for you?

[NotCranky]

[quote=equalizer][quote=Russell]For decades now our country looks like a terrible reality show called “Battle of the Welfare Queens”. The contestants are racketeers, pimps and prostitutes, who have to put bribes and arrange or pull tricks, to see who gets hit by the pain train and who gets hit by a delicious cream puff. The studio audience gets splattered with blood while the try to catch frosting.[/quote]
You just stay away from my cream puffs!

Tom Keene at Bloomberg Radio had a great discussion with a expert panel on How to Fix the Economy.

Panelists: Yale University professor Robert J. Shiller, Peter R. Orszag, former Salomon Brothers Managing Director Henry Kaufman, Professor Charles W. Calomiris, and Pimco Managing Director William H. Gross

http://www.businessweek.com/magazine/content/10_39/b4196054741296.htm

Schiller is the lone outsider with no agenda and has summed up the mood of the country. He views may appear a tad idealistic, but he correctly identified the two bubbles of the last decade.

Shiller: “There are many dimensions to trying to restore confidence. A plan to reduce the national debt is a relatively small part of it at this point. The really big thing is, people are very upset. They feel that the country is not theirs, and that a small group of wealthy people who get bailed out and bribe the government are in charge.”

Not everyone can have cream puffs![/quote]

Of course there are omissions in the description I provide. The arbitrators of the game who gives orders to the pain train conductor and the cream puff launcher are certainly corrupt . I think the point stands that those qualified to play, rather than merely be members of the studio audience are at least pathologically, intellectually dishonest if not twisted with greed. I think this is why our country is not ours and it is not just the uber rich that are represented in the game. Focusing on that just makes it an argument over whether trickle down works or not…simply choosing the “established middle class” contestants to be the cream puff queens,without regard to honesty,integrity, quality and value added blah blah blah, has never, in my opinion, been much different…..the greed and entitlement is still there. I think whether or not the game can go on is in question. Can we build trains or come up with enough cream puffs? Are the cream puffs good for you?

[jpinpb]

CAR – nice rundown of the interview. I was interested in the general revenue sharing to state and local governments that Shiller mentioned. Maybe that’s something that could help for a couple of years. Not sure. Tried to do some reading and came upon this.
Revenue sharing again?

Excerpt:

As Shiller notes, GRS was a Richard Nixon initiative. What Shiller doesn’t say, however, is that Nixon proposed it right after the U.S. had a $3.2 billion budget surplus in fiscal 1969. That was the year the Social Security and other trust funds were added to the rest of the budget to create the “unified” presentation recommended by the 1967 President’s Commission on Budget Concepts. That year the approximately $3.8 billion surplus in the trust funds overwhelmed the $507 million on-budget deficit (“millions” seem quaint by today’s standards) to create the unified surplus. But in the immediate years that followed, the growing spending for the wars in Vietnam and Cambodia meant the trust fund surplus wasn’t large enough to offset the on-budget deficit. In fact, there wasn’t another surplus until the Clinton administration in 1998.

Seems to me it’s easy to bail someone out if you have the money to do it.

[jpinpb]

CAR – nice rundown of the interview. I was interested in the general revenue sharing to state and local governments that Shiller mentioned. Maybe that’s something that could help for a couple of years. Not sure. Tried to do some reading and came upon this.
Revenue sharing again?

Excerpt:

As Shiller notes, GRS was a Richard Nixon initiative. What Shiller doesn’t say, however, is that Nixon proposed it right after the U.S. had a $3.2 billion budget surplus in fiscal 1969. That was the year the Social Security and other trust funds were added to the rest of the budget to create the “unified” presentation recommended by the 1967 President’s Commission on Budget Concepts. That year the approximately $3.8 billion surplus in the trust funds overwhelmed the $507 million on-budget deficit (“millions” seem quaint by today’s standards) to create the unified surplus. But in the immediate years that followed, the growing spending for the wars in Vietnam and Cambodia meant the trust fund surplus wasn’t large enough to offset the on-budget deficit. In fact, there wasn’t another surplus until the Clinton administration in 1998.

Seems to me it’s easy to bail someone out if you have the money to do it.

[jpinpb]

CAR – nice rundown of the interview. I was interested in the general revenue sharing to state and local governments that Shiller mentioned. Maybe that’s something that could help for a couple of years. Not sure. Tried to do some reading and came upon this.
Revenue sharing again?

Excerpt:

As Shiller notes, GRS was a Richard Nixon initiative. What Shiller doesn’t say, however, is that Nixon proposed it right after the U.S. had a $3.2 billion budget surplus in fiscal 1969. That was the year the Social Security and other trust funds were added to the rest of the budget to create the “unified” presentation recommended by the 1967 President’s Commission on Budget Concepts. That year the approximately $3.8 billion surplus in the trust funds overwhelmed the $507 million on-budget deficit (“millions” seem quaint by today’s standards) to create the unified surplus. But in the immediate years that followed, the growing spending for the wars in Vietnam and Cambodia meant the trust fund surplus wasn’t large enough to offset the on-budget deficit. In fact, there wasn’t another surplus until the Clinton administration in 1998.

Seems to me it’s easy to bail someone out if you have the money to do it.

[jpinpb]

CAR – nice rundown of the interview. I was interested in the general revenue sharing to state and local governments that Shiller mentioned. Maybe that’s something that could help for a couple of years. Not sure. Tried to do some reading and came upon this.
Revenue sharing again?

Excerpt:

As Shiller notes, GRS was a Richard Nixon initiative. What Shiller doesn’t say, however, is that Nixon proposed it right after the U.S. had a $3.2 billion budget surplus in fiscal 1969. That was the year the Social Security and other trust funds were added to the rest of the budget to create the “unified” presentation recommended by the 1967 President’s Commission on Budget Concepts. That year the approximately $3.8 billion surplus in the trust funds overwhelmed the $507 million on-budget deficit (“millions” seem quaint by today’s standards) to create the unified surplus. But in the immediate years that followed, the growing spending for the wars in Vietnam and Cambodia meant the trust fund surplus wasn’t large enough to offset the on-budget deficit. In fact, there wasn’t another surplus until the Clinton administration in 1998.

Seems to me it’s easy to bail someone out if you have the money to do it.

[jpinpb]

CAR – nice rundown of the interview. I was interested in the general revenue sharing to state and local governments that Shiller mentioned. Maybe that’s something that could help for a couple of years. Not sure. Tried to do some reading and came upon this.
Revenue sharing again?

Excerpt:

As Shiller notes, GRS was a Richard Nixon initiative. What Shiller doesn’t say, however, is that Nixon proposed it right after the U.S. had a $3.2 billion budget surplus in fiscal 1969. That was the year the Social Security and other trust funds were added to the rest of the budget to create the “unified” presentation recommended by the 1967 President’s Commission on Budget Concepts. That year the approximately $3.8 billion surplus in the trust funds overwhelmed the $507 million on-budget deficit (“millions” seem quaint by today’s standards) to create the unified surplus. But in the immediate years that followed, the growing spending for the wars in Vietnam and Cambodia meant the trust fund surplus wasn’t large enough to offset the on-budget deficit. In fact, there wasn’t another surplus until the Clinton administration in 1998.

Seems to me it’s easy to bail someone out if you have the money to do it.

[Rich Toscano]

[quote=BigGovernmentIsGood]It’s comical listening to the right extol the virtues of tax cuts. One of the best economies the U.S. ever had was back in the 1940’s when the top marginal tax rate was 90%.

Guess when another period of great economic growth occurred? Back in the 1990’s right before the Bush tax cuts went into effect.

The Bush tax cuts have been in place since 2001. If those tax cuts are so beneficial to economic growth and job creation, then whey have we seen such horrid economic growth and job creation (not to mention wage stagnation) since then?

America is tired of the BS from the right. It’s time to raise taxes on the top income earners at least to the levels of the 1990’s. If we really want to see roaring economic growth, the top marginal rate needs to be somewhere close to 90%.[/quote]

BigGovernmentIsGood, since you are new, I recommend you read this post at your earliest convenience:

http://piggington.com/threadjackers_will_be_persecuted_maybe_even_prosecuted

[Rich Toscano]

[quote=BigGovernmentIsGood]It’s comical listening to the right extol the virtues of tax cuts. One of the best economies the U.S. ever had was back in the 1940’s when the top marginal tax rate was 90%.

Guess when another period of great economic growth occurred? Back in the 1990’s right before the Bush tax cuts went into effect.

The Bush tax cuts have been in place since 2001. If those tax cuts are so beneficial to economic growth and job creation, then whey have we seen such horrid economic growth and job creation (not to mention wage stagnation) since then?

America is tired of the BS from the right. It’s time to raise taxes on the top income earners at least to the levels of the 1990’s. If we really want to see roaring economic growth, the top marginal rate needs to be somewhere close to 90%.[/quote]

BigGovernmentIsGood, since you are new, I recommend you read this post at your earliest convenience:

http://piggington.com/threadjackers_will_be_persecuted_maybe_even_prosecuted

[Rich Toscano]

[quote=BigGovernmentIsGood]It’s comical listening to the right extol the virtues of tax cuts. One of the best economies the U.S. ever had was back in the 1940’s when the top marginal tax rate was 90%.

Guess when another period of great economic growth occurred? Back in the 1990’s right before the Bush tax cuts went into effect.

The Bush tax cuts have been in place since 2001. If those tax cuts are so beneficial to economic growth and job creation, then whey have we seen such horrid economic growth and job creation (not to mention wage stagnation) since then?

America is tired of the BS from the right. It’s time to raise taxes on the top income earners at least to the levels of the 1990’s. If we really want to see roaring economic growth, the top marginal rate needs to be somewhere close to 90%.[/quote]

BigGovernmentIsGood, since you are new, I recommend you read this post at your earliest convenience:

http://piggington.com/threadjackers_will_be_persecuted_maybe_even_prosecuted

[Rich Toscano]

[quote=BigGovernmentIsGood]It’s comical listening to the right extol the virtues of tax cuts. One of the best economies the U.S. ever had was back in the 1940’s when the top marginal tax rate was 90%.

Guess when another period of great economic growth occurred? Back in the 1990’s right before the Bush tax cuts went into effect.

The Bush tax cuts have been in place since 2001. If those tax cuts are so beneficial to economic growth and job creation, then whey have we seen such horrid economic growth and job creation (not to mention wage stagnation) since then?

America is tired of the BS from the right. It’s time to raise taxes on the top income earners at least to the levels of the 1990’s. If we really want to see roaring economic growth, the top marginal rate needs to be somewhere close to 90%.[/quote]

BigGovernmentIsGood, since you are new, I recommend you read this post at your earliest convenience:

http://piggington.com/threadjackers_will_be_persecuted_maybe_even_prosecuted

[Author]

Posts