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Politics : Formerly About Advanced Micro Devices

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To: RMF who wrote (788019)	6/6/2014 2:17:08 AM
From: i-node	Read Replies (1) of 1576159

>> Didn't Clinton raise taxes and start running surpluses? This is a really misleading picture of what happened. Only after Clinton cut taxes in 96 did the economy begin to surge; but you can't really call projected surpluses surpluses. They never happened. It wasn't because of GWB. It was because the economy cratered, 9/11, and we would have been in very difficult economic circumstances had something not been done to get the economy rolling again. You can't just overlook that. We know that cutting taxes CAN be stimulative if it is done correctly. But you have to do the right things. Kennedy did it with bonus depreciation and investment credits. But you can't stand back and throw money at the problem which is what Bush did in '01. The '03 cuts clearly had a positive effect on the economy. Reagan ran big deficits because he spent like crazy to end the Cold War. Which he did, and which contributed substantially to the "surpluses" you keep talking about -- the so-called "peace dividend" was estimated at the time to constitute 1/3 to 1/2 of those projected "surpluses". The Reagan tax cuts were responsible for bringing the moribund economy back. And for that matter, the Bush 41 recession began, almost to the day, when GHWB agreed to raise taxes. You couldn't miss it. I had a client that was a chain of mall shoe stores -- about 10 in all, averaging $2M/each in sales. Business was booming -- every month setting new sales records. The instant Bush announced the tax increase agreement, that very month (I believe it was July) we saw sales drop like a rock. Perhaps it was coincidence but I'll never be convinced of it.

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