Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Alighieri who wrote (615211)	6/7/2011 9:08:53 AM
From: bentway	Read Replies (4) \| Respond to of 1578518

"There was one recession in the early 2000s... Early 2000s recession March 2001–Nov 2001 = 8 months Peak unemployment = 6.3% GDP Decline = -0.3% Decline of revenue during the recession = $10B...keep in mind that the tax cuts are already in effect for part of the year. " But, Al, How can this BE? When Dave says that Clinton handed Bush the worst recession in our lifetimes?

To: Alighieri who wrote (615211)	6/7/2011 10:25:39 AM
From: tejek	Read Replies (1) \| Respond to of 1578518

The GOP must get tons of $$$ from health insurance companies. La Gov.'s health insurance chief resigns 3 minutes ago By MELINDA DESLATTE Associated Press (AP:BATON ROUGE, La.) The chief executive officer of the health insurance office for Louisiana employees and retirees is resigning after receiving strong criticism from lawmakers about his work to help privatize office operations. Scott Kipper's resignation as head of the Office of Group Benefits comes as Gov. Bobby Jindal faces complaints for his proposal to hire an outside contractor to run one of the office's state worker health insurance programs. Kipper's decision also follows a stormy confirmation hearing last week during which senators accused him of withholding information about the privatization effort. Kipper will resign June 24, the day after the regular legislative session ends. The move means a confirmation vote will no longer be expected in the state Senate. Kipper told the administration last week of his resignation plans, said Michael DiResto, spokesman for the governor's Division of Administration. "He was not asked or encouraged to do so _ in fact, he was encouraged to reconsider," DiResto said in an e-mail. "Mr. Kipper has had a long and distinguished career in insurance, but he expressed his conclusion that he did not believe the appointment was a good fit for him, and so his resignation has been accepted." DiResto said Kipper hasn't submitted a formal resignation letter yet. DiResto didn't immediately respond Monday to questions about whether Kipper cited the privatization complaints or his confirmation hearing when he announced his plans to quit the position. The Office of Group Benefits provides health insurance and life insurance to more than 148,000 current state workers and retirees and more than 107,000 of their dependents. Kipper took the job in April, after the Jindal administration fired the former CEO of the group benefits office, who then publicly criticized the governor's privatization proposal. Messages left with a spokeswoman at Kipper's office and a spokesman at the Division of Administration weren't immediately returned. The Division of Administration is seeking a financial adviser to help it determine the health insurance program's worth and the structure of a sale. Some of group benefits' insurance plans already are run by private companies. Jindal's proposal would affect about 62,000 employees, retirees and their dependents. Jindal has said Louisiana shouldn't be in the business of operating a health insurance program, and that the program run by the Office of Group Benefits could be managed more effectively by a private company. The governor said privatization would cut the 300-employee group benefits office in half and generate $10 million in annual savings for the state, in addition to an upfront, lump sum payment that could top $150 million. It's unclear how a $500 million trust fund filled with premiums paid by covered employees would be handled in any privatization effort. The privatization idea faces opposition from some lawmakers, who would have to approve parts of the arrangement, and current and retired state employees who worry their health benefits might be cut and their premiums increased. Critics say the Office of Group Benefits runs its insurance programs with low administrative costs, and they call the privatization plan a bid to raid the trust fund. Lawmakers also have complained they've been unable to get documents related to the work being done to determine the fair market value of the insurance program. Kipper previously worked as deputy commissioner at the Louisiana Department of Insurance. He also had been the administrator of the Oregon Division of Insurance and the Nevada insurance commissioner. He's worked on insurance and regulatory issues in Oregon, California, Texas and Colorado. He started his career as an insurance agent in Wyoming. Copyright 2011 The Associated Press. news.ino.com

To: Alighieri who wrote (615211)	6/7/2011 12:01:01 PM
From: TimF	Read Replies (1) \| Respond to of 1578518

The recovery was slow and taxes didn't go back up, but tax income did decline with the recession, and go back up with the recovery. It decline to a greater extent with the next more severe recession, even without any additional rate cuts and before other forms of temporary cuts that did get passed. Your point seems to be that it also declined with after the tax cut. Again I'm not disputing that point. I have posted that revenue did decline because of the tax cut multiple times (one time even showing an estimate of it, specifically as being about 60% of what static analysis would have predicted, meaning it "paid for" 40 percent of itself, for every dollar of benefit to the private sector, the federal government took a hit of 60 cents.) That 60/40 split depends on the time line. The year of the cut the reduction in revenue for each dollar of gain was probably larger than 60 cents, the extra growth occurs over time. --- Continuing your series Individual Income Tax Revenue 2006 $1.043T 2007 $1.1 trillion 2008 $1.25 trillion 2009 $1.21 trillion 2010 $ .8985 trillion Notice the decline without any "Bush tax cuts for the rich". Also note that the tax cuts happened in 2001 and 2003. The "revenue drops again" year in your data is 2003 with a reduction of only $65bil, then in 2004 the increase starts again. A recession can be defined as over when the economy is no longer shrinking, but that doesn't mean its still not at a lower level then pre-recession. If the recovery is slow, its hardly a surprise that revenue is still lower until their has been time for the recovery to have some effect.