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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (585828)9/16/2010 5:58:07 PM
From: TimF1 Recommendation  Read Replies (3) of 1573930
 
The past decade was the worst for the U.S. economy in modern times

I'd disagree. You have to consider the 70s as well. Also the 30s would often be consider modern times.

a sharp reversal from a long period of prosperity

No so sharp, but yes the decade wasn't as good as the two before it. An important factor in kicking off that period of above normal growth was the reduction in tax rates under Reagan, which even with Reagan's later increase, Bush I's increase, and Clinton's increase, was never really reversed.

there was a current of thought among economists in 1999 that recessions were a thing of the past

Among some rather silly economists perhaps.

Middle-income households made less in 2008, when adjusted for inflation, than they did in 1999

1 - Measuring from a peak to a recession. Cherry picking the data.

2 - Perhaps cherry picking the data in another way - The average household made more. You can define any subset anywhere near the middle and call it middle income, cherry picking the range to make your point.

3 - Households are smaller. Income per person is a more reasonable measurement.

None of which means we've had a good last decade, but comparing household income from 1999 to 2008 gives a distorted picture.

Thanks, Mr. Bush. Your tax cuts suck!

Noting in the article makes any case against tax cuts.
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