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Politics : Formerly About Advanced Micro Devices

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To: i-node who wrote (531333)	11/22/2009 4:24:37 PM
From: RetiredNow	Read Replies (2) of 1574978

There you go again. If you increase taxes, what happens to economic growth? You kill it. Look what happened when Clinton increased taxes in 93. We were on a trajectory that should have seen strong growth, and it killed it, overnight. Look what happened with Bush 41 violated his "no new taxes" pledge. THE NEXT MONTH THE ECONOMY COLLAPSED (I remember it like it was yesterday). The very next month. This is absolute bullshit. Now I will refer you to facts, which you I'm sure you will completely ignore. Higher Taxes: Will The Republicans Cry Wolf Again? forbes.com In 1993, Bill Clinton proposed another major tax increase. Perhaps because it was initiated by a Democrat, conservatives were even more convinced that it would bring about economic disaster. In an Aug. 3, 1993, media fact sheet, John Goodman of the National Center for Policy Analysis predicted the following results from the higher taxes: Capital formation would be reduced by $1.76 trillion through 1998, 1.34 million fewer jobs would be created and the real GDP growth rate would be 0.4% lower than it otherwise would have been. An examination of the data, however, shows that this forecast was totally wrong in every respect. The following table shows what happened after the 1993 tax increase was signed into law on Aug. 10. Year/Quarter Real GDP Growth 1993 III 2.10% 1993 IV 5.50% 1994 I 4.10% 1994 II 5.30% 1994 III 2.30% 1994 IV 4.80%

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