McCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office
McCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office
Earlier this week, Sen. John McCain (R-AZ) delivered a speech on the economy in which he outlined his ambitious plan to cut taxes and balance the budget. McCain’s plan would extend President Bush’s tax cuts, reduce corporate tax rates, repeal the alternative minimum tax (AMT), and increase exemptions for dependents.
But unfortunately for McCain, “economists and nonpartisan analysts” have dug deeper into the details of his plan and concluded that the numbers simply “don’t add up.” The offsets he proposes will not cover the estimated $3.3-$5.7 trilllion cost of the proposal and would end up ballooning the federal deficit. Bloomberg News reports:
“The huge imbalance” in McCain’s plan “is that the tax cuts are specific and large and the spending cuts are small and vague,” said Robert Bixby, executive director of the Washington- based Concord Coalition. […]
“This is really a massive increase in the deficit,” said Joel Slemrod, an economist specializing in tax policy at the University of Michigan. […]
Stan Collender, a former analyst for the House and Senate budget committees [… said] “there’s no way McCain could balance [his budget] by the time he leaves, unless he doesn’t leave for 25 years.”
Sloppy preparation may explain some of McCain’s discrepancies. Indeed, his economic adviser, Douglas Holtz-Eakin has cited different reports to back-up aspects of McCain’s economic proposals, but in reality they undermine them:
To help pay for the tax cuts, Holtz-Eakin said he would save $30 billion a year by eliminating so-called “rifle shot” provisions. Those include items such as tax breaks for small insurance companies.
A Treasury Department report Holtz-Eakin cited as the source of his estimate states $27 billion could be raised by eliminating narrowly used tax preferences spread over a decade, not a single year.
Despite the country’s sour mood on the economy, McCain said last night that Americans perhaps feel they are better off than they were when Bush took office because “millions of jobs have been created” since then. So therefore, McCain said, “You could make an argument that there’s been great progress economically over that period of time” and that “the fundamentals of America’s economy are strong.” Watch it:
According to tax filings released today, McCain’s net worth rose by $18 million since 1999. Perhaps that increase in personal wealth makes him think that most Americans, too, are better off than they were eight years ago.
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Yes, there has been great progress with China’s economy due to this administration’s thirst more war, more debt, and more tax breaks for the rich and corporations. In 7 short years we have gone from the world’s leading creditor nation to being the world’s greatest debtor nation. Yes, indeed, there has been great progress economically by advancing the economy of foreign nations. Congrats.
April 18th, 2008 at 5:28 pmKeep talking John, that is this liberals best hope. I know I can’t count on the media to report what your positions are, but they’re going to have a much harder time covering for you when you speak directly to the people.
April 18th, 2008 at 5:28 pmDespite the country’s sour mood on the economy, McCain said last night that Americans perhaps feel they are better off than they were when Bush took office because “millions of jobs have been created” since then. So therefore, McCain said, “You could make an argument that there’s been great progress economically over that period of time” and that “the fundamentals of America’s economy are strong.”
___________________________________________
Waitaminnit — McCain is saying that we feel better off because “millions of jobs have been created”??? Does he think we are so stupid that we don’t realize that millions of jobs HAVE to be created just to keep up with population growth and additional people entering the workforce? Does he realize that the number of jobs created under Bushco’s watch isn’t up to the pace it needs to be?
Yeah, he “could make an argument that there’s been great progress economically over that period of time,” but he’d lose that argument. Unless he considers giant steps backwards to be progress.
April 18th, 2008 at 5:29 pmAmericans are really enjoying the this great US Economy Bush has built in his 7 years as President. I wonder how the millions of Americans who lost their jobs feel. Yes and the millions of Americans who’s homes are in foreclosed or out right kicked out of their home. Yes I know the Iraqis enjoy the billions of tax dollars they’re getting every month. Yes Teflon John McCain see what no one else sees. Our soldiers are dying but McCain doesn’t know it he still thinks we’re in Vietnam. No matter what ABC, CBS and Fox News try to do to build Teflon John up he just keeps destroying himself by only opening his mouth.
April 18th, 2008 at 5:31 pmThe nation’s best economic barometer is McCain’s GDP.
April 18th, 2008 at 5:31 pmWhere is the fake outrage from the reich-wing like they did when Hillary and Obama revealed they made millions?
April 18th, 2008 at 5:32 pmDr. Hussein Matt Says
April 18th, 2008 at 5:32 pm
Where is the fake outrage from the reich-wing like they did when Hillary and Obama revealed they made millions?
______________________________________________
Silly rabbit! Republicans are SUPPOSED to make wads of money. It’s only considered to be a bad thing to make money if you are somebody who speaks for the poor (you forgot to mention that John Edwards has been hammered on this point constantly as well). If you can say “screw the poor” with a straight face, not only is it OK to make a lot of money, you are expected to.
April 18th, 2008 at 5:37 pmCarly Fiorina-Firebrand will vouch for him over at Fox business. I tell you, she can compete with the best of ‘em. Erin Burnett is shaking right now.
April 18th, 2008 at 5:37 pmYes, I guess ‘backwards’ could be considered a type of progress.
April 18th, 2008 at 5:39 pmFor the 1%ers, yes. The rest of us, NOT so much.
April 18th, 2008 at 5:40 pmYou get the funny feeling that this guy is just….well, disconnected, clueless on the challenges the average American faces.
We will have to out-source-in leadership so that America can survive.
April 18th, 2008 at 5:40 pmMcGodd*mnedfcukyoujesussatanpileofshit.
April 18th, 2008 at 5:48 pmOh, crap. “Sloppy preparation”…?
Nah. I’d say it’s far more likely to be belief in the friggin’ Supply Side Fairy.
April 18th, 2008 at 5:49 pmlessfresh, you really are funny. Which tax did the democratic congress raise since Jan 07 when they took control of the house?
April 18th, 2008 at 5:50 pmPlease back up your rant with facts, data, and citations.
We’ll wait…..
April 18th, 2008 at 5:50 pmQuoting Bilbohusseinbaggins, this country CANNOT survive another four years of Republican rule.
April 18th, 2008 at 5:52 pm*Flagged* for linking to pornography.
April 18th, 2008 at 5:52 pmReality biting his a__ and he and this whole administration is full of BS.
April 18th, 2008 at 5:52 pmlessfresh, you really are funny. Which tax did the democratic congress raise since Jan 07 when they took control of the house?
Please, nobody should respond to ANYONE with pornography linked to their “comment name”.
Just flag, ignore, and move on, like the neighbor’s dog shit left in my yard.
April 18th, 2008 at 5:53 pmlessfree Says:
It’s a proven fact that when you raise taxes Government revenue goes way down. So McCain is correct. The economy was doing fine until the democrats took control of the house. Bush has done very good with the economy!
Does it hurt to be as stupid as you are?
April 18th, 2008 at 5:54 pmAs Jason Furman explains here, and as Len Burman explains here, the best evidence suggests otherwise. Cutting these taxes may lead to a temporary spike in revenue, because people sell stock to realize gains while rates are low. But over the long term, the biggest owners of stock—the wealthiest Americans—will mostly save what they will save, regardless of fluctuations in the rate.
The Congressional Budget Office notes that “the potentially large difference between the long- and short-term sensitivity of realizations to tax rates can mislead observers into assuming a greater permanent responsiveness than actually exists.”
April 18th, 2008 at 5:54 pmAccording to tax filings released today, McCain’s net worth rose by $18 million since 1999.
- - Well, sort of. It’s actually more about a younger blonde woman who owns a massive beer distributorship.
April 18th, 2008 at 5:54 pmAgain…please tell me who exactly is out of touch?
April 18th, 2008 at 5:55 pmOut of touch McBush the third.
April 18th, 2008 at 5:55 pmThese comments by McCain totally solidify the idea he is “deluded”. “too old”, and “starting dementia”. Has he looked at the economy? The dollar? The stocks? Housing? Bush has done nothing except put money in rich people’s pockets. McCain is a fool, a moron, a dolt– and he has, with this story, cemented his own comment that he knows nothing about the economy.
April 18th, 2008 at 6:07 pmSo therefore, McCain said, “You could make an argument that there’s been great progress economically over that period of time”
Yeah , you could …………Of course , you’d be dead wrong , but that sure isn’t any real surprise coming from a GOP politician who is running to continue the awful Chimpy presidency and his downright garbage policies.
April 18th, 2008 at 6:10 pmMc100yearwar is just another rich, elitist reich-winger who’s out of touch with the working man in America.
April 18th, 2008 at 6:10 pmlessfree Says:
——————————————————————————–
It’s a proven fact that when you raise taxes Government revenue goes way down. So McCain is correct. The economy was doing fine until the democrats took control of the house. Bush has done very good with the economy!
April 18th, 2008 at 5:44 pm
Where exactly was this “proven” ?
Your rectum ?
April 18th, 2008 at 6:11 pmdnfp@#20 ~ So sorry, I never click troll links, I put him on Jake’s ignore list.
April 18th, 2008 at 6:12 pmFolks such as lessfree, who let blind Bush/GOP loyalty trump reality, make statements that we’re to assume to be correct based on their word alone, and deny the facts in front of them amuse me.
April 18th, 2008 at 6:16 pmWho’s Jake and where is his list?
:)
April 18th, 2008 at 6:16 pmDr. Matt, Shirley you remember?
April 18th, 2008 at 6:17 pmPlanet Earth to McCain:
4-4-08 NYTimes/CBS Poll: 78% say things have gotten worse over past five years; 4% better. 81% say country on wrong track; 14% right track.
April 18th, 2008 at 6:19 pmBill Clinton averaged 237,000 new jobs per month. George Bush 70,000 jobs per month.
Oh My God is he for real. This guy is so self-serving. I have to hear about flag pins and reverends but this will get zilch attention from the so-called MSM.
April 18th, 2008 at 6:19 pmStop calling him Shirley.
April 18th, 2008 at 6:19 pmSo sorry, I never click troll links, I put him on Jake’s ignore list.
Oh hell, I would never click either, but on “mouse over” my browser’s “status bar” alerts me to the url before I click!
And Jake has no reason to come back since 99% of us on on the “ignore list”!
April 18th, 2008 at 6:20 pmGeorge Bush 70,000 jobs per month.
Burger fillin’ jobs.
April 18th, 2008 at 6:20 pmKeith, “do you like movies about gladiators?
or how about
“Oh look, scraps is a boy dog!”
April 18th, 2008 at 6:21 pmSorry, it’s a Friday, got it now….and don’t call me Shirley.
:)
April 18th, 2008 at 6:21 pmLooks like I picked the wrong week to quit sniffing glue.
April 18th, 2008 at 6:23 pmAbout 120-140,000 jobs per month needed to keep up with population growth. Average wage decreases under GWB when adjusted for inflation. First time since Great Depression.
April 18th, 2008 at 6:23 pmWow! We’re all touchy today! What did Surely ever do to y’all?
April 18th, 2008 at 6:23 pmRUCerious, have you ever been to a Turkish prison?
April 18th, 2008 at 6:25 pmDNFP ~ from Chicken Little “What were we talking about?”!
April 18th, 2008 at 6:25 pmRoger over,
April 18th, 2008 at 6:25 pmWhat’s your vector victor?
Uh Oh, Dr Matt, not yet?
April 18th, 2008 at 6:25 pmJoey, have you ever been to a Turkish prison?
April 18th, 2008 at 6:26 pmYou ever seen a grown man naked?
April 18th, 2008 at 6:27 pmWhat meds is McInsane taking and where can I get some? Why is it that, for the most important office in the nation, we have a circus freak running as the Republican candidate? Why have a lunatic who’s rejected this reality and substituted his own run for President? Just once in my lifetime I’d like to see two really capable candidates oppose each other, in a civilized manner, in a run for the Presidency. One other thing. McInsane said he’d run his candidacy with class and style. His campaign just put out a fundraiser linking Obama to Hamas. Link is:
April 18th, 2008 at 6:28 pmhttp://www.huffingtonpost.com/ 2008/ 04/ 18/ mccain-hamas-endorsement_n_97469.html
Impeach Cheney and Bush and Save the Constitution!
Abu Ben Hussein Leporello.
Excuse me, but does anyone here speak jive?
April 18th, 2008 at 6:28 pmI’m not sure. I haven’t seen anything like this since the Anita Bryant concert.
April 18th, 2008 at 6:28 pmThese are all lines from the movie, Airplane….you started it with the Shirley reference.
April 18th, 2008 at 6:30 pmI haven’t felt this awful since we saw that Ronald Reagan film.
April 18th, 2008 at 6:32 pmFrank: That’s the red-light district. I wonder why Savage is hanging around down there.
Ed: Sex, Frank?
Frank: Uh, no, not right now, Ed. We’ve got work to do.
April 18th, 2008 at 6:35 pmDamn, am I dense. Anybody here speak jive?
April 18th, 2008 at 6:37 pm“the fundamentals of America’s economy are strong.”
Exactly what fundamentals is he talking about and exactly which ones are strong? For example, over the last four months the private sector, “the engine of economic growth,” lost 297,000 jobs!!!
April 18th, 2008 at 6:38 pmDNFP@#50 ~ jeebus I can’t even catch up properly. Where’s my inflatable co-pilot!
April 18th, 2008 at 6:38 pmHe means the fundamentals where the corporations make obscene profits.
April 18th, 2008 at 6:40 pmstewy ~ he’s talking about the fact that we’re fundamentally screwed!
April 18th, 2008 at 6:40 pmYou’d better tell the Captain we’ve got to land as soon as we can. This woman has to be gotten to a hospital.
A hospital? What is it?
It’s a big building with patients, but that’s not important right now.
April 18th, 2008 at 6:40 pmFirst, there is a serious problem with a corporate, right wing run press. There is no factual basis for stating that the economy is in better shape than at the beginning of King George’s rein. Poverty rates have increased, unemployment has increased, those without access to health insurance has increased, inflation adjusted income for every segment of the economy but for the the wealthiest families in the US has been stagnant or fallen, income gap has increased to the same disparity as prior to the Great Depression, and so on. However, the press will not challenge these obviously false statements. The figures supporting the economic policies expressed by Senile John are ridiculous. Yet not a peep out of the press that John had failed to take his aricept or is just lying. The press must be brought back as a nonpartisan actor. This will only happen when the streets run red with the blood of Republicans and their corporate lackeys. (Figurative sense.)
Lastly, it is time to retroactively abort such mentally defective fools as less free. Frankly, as long as the economy is growing, tax receipts will continue to grow. The MORON lessfree cites a very discredited theory called the LAFFER curve. Only a f__king idiot would believe in its free lunch philosophy. The Laffer curve recognizes that there will be some increase in tax receipts. However, all concede now that it will not offset the amount of revenue lost by lowering the tax rate. By the way, you can increase short term receipts from capital gains transactions by simply enacting a tax increase. There will be a similar increase in those recognizing capital gains prior to the effective date of the rate increase. Long term, neither increase or lowering of the capital gains rate will impact investment but at the extreme ends of the spectrum.
Yes, we must all contact the MSM and demand to know why any Democrat with far less money than McCain is out of touch with working class and poor; while St John is seen to be a special case.
April 18th, 2008 at 6:41 pmElaine, you’re a member of this crew. Can you face some unpleasant facts?
No.
April 18th, 2008 at 6:41 pmNervous?
Yes.
First time?
No, I’ve been nervous lots of times.
April 18th, 2008 at 6:43 pmExactly what fundamentals is he talking about and exactly which ones are strong.
If your net worth is $36,400,000…like Sen. McCain’s….things are FUNDAMENTALLY Good.
April 18th, 2008 at 6:43 pmAll right, get me Hamm on five; hold the Mayo
April 18th, 2008 at 6:43 pmJohnny, what can you make out of this?
This? Why, I can make a hat or a brooch or a pterodactyl…
April 18th, 2008 at 6:44 pmFemale announcer: No, the white zone is for loading. Now, there is no stopping in a RED zone.
April 18th, 2008 at 6:44 pmMale announcer: The red zone has always been for loading.
Female announcer: Don’t you tell me which zone is for loading, and which zone is for unloading.
Male announcer: Look Betty, don’t start up with your white zone shit again. There’s just no stopping in a white zone.
Female announcer: Oh really, Vernon? Why pretend, we both know perfectly well what this is about. You want me to have an abortion.
“McCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office…
McCorrupt, of course there’s been great progress…in Cheney’s bank account, and those who are connected to him and Bush.
War Criminals love War Profits after all, the rest of us, not so much.
Could grampa be anymore out of touch?
April 18th, 2008 at 6:52 pmMcCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office
Even if the above is true it means nothing against the reality below.
And the latest from ABC/WaPo is, if anything, worse for the GOP.
The public’s ratings of the national economy continue to sour, with assessments deteriorating faster than at any point in Washington Post-ABC News polling. Views on the Iraq war have also turned more negative, with six in 10 now rejecting the notion that the United States needs to win there to effectively battle terrorism.
The economy and the Iraq war are the top two issues on voters’ minds, according to the new Post-ABC poll, and worsening opinions of both may dampen GOP hopes for the November elections.
April 18th, 2008 at 7:01 pmMcCain’s comments= 4 years of W04-M08.
April 18th, 2008 at 7:14 pm#1 Dr. Hussein Matt Says:
In 7 short years we have gone from the world’s leading creditor nation to being the world’s greatest debtor nation.
Actually, at the end of Carter’s term, the US had been the greatest creditor nation for a long time. Ever since about the second year of Reagan, we have been the world’s largest debtor nation.
Total debt first 200 years = $0.9 trillion. After 12 years of Reagan/Bush = $4.1 trillion. Today = $9.1 trillion.
April 18th, 2008 at 7:35 pmWhat planet does this man live on? I doubt that millions of jobs have been created but if they have, they are all low-wage jobs with few benefits.
Keep digging the hole John, pretty soon you won’t be able to get out of it.
April 18th, 2008 at 7:39 pmYeah if your wife is worth a hundred mill or two!
April 18th, 2008 at 7:41 pmYou call it stagnet. Like the water!
April 18th, 2008 at 8:08 pmIs this McCain’s economic ‘Surge’..?
April 18th, 2008 at 9:01 pmWell let’s see…
We’ve had two companies in our area recently announce the loss of a total of 400 jobs in our area due to the downturn in the housing construction area.
But new retail stores have opened all over the place. Hundreds of jobs! Low paying jobs that likely do not offer health care! And just in time for gas price hikes (passed a station near the house today advertising regular grade for $3.40/gal; that’s about a 25 cent increase in 2 weeks or so).
April 18th, 2008 at 9:13 pmSo is McCain suggesting that I feel I am better off now than in 2000 because someone else got one of those millions of new jobs?
Insane. Definitely insane.
April 18th, 2008 at 9:22 pmWHAT effing tax cuts???? I’m paying more than ever now.
April 18th, 2008 at 10:44 pmStumbling, fumbling, bumbling, grumbling McJumble.
How could anyone vote for a man who publicly called his wife a trollop and a c*nt?
April 18th, 2008 at 11:22 pmKinky. But I like my sex the way I play basketball, one on one with as little dribbling as possible.
April 18th, 2008 at 11:46 pmOMG what is wrong with john mccain? oh wait, yeah, i think i figured it out - last week in the nyt they talked about his son being in Iraq, maybe “they” (karlrove) blackmailing him? how the hell else can you get this kind of loyalty? or or or…jesus i can think a bunch of really crazy scenarios but they are all crazy i just can’t listen to him anymore
April 19th, 2008 at 12:29 amor maybe he thinks the US looks so good compared to the wonderful progress in Iraq? or or or…..
April 19th, 2008 at 12:32 amAs part of McCain’s constituency is the older part of the population, and these are the people seeing their retirement funds eaten up in the failings of the stock market,
Could someone please explain to me why he would tell them 1) how well the market is doing and b)they should put their money in the market ?
April 19th, 2008 at 1:38 ammisshusseinmolly Says:
Silly rabbit! Republicans are SUPPOSED to make wads of money. It’s only considered to be a bad thing to make money if you are somebody who speaks for the poor (you forgot to mention that John Edwards has been hammered on this point constantly as well). If you can say “screw the poor” with a straight face, not only is it OK to make a lot of money, you are expected to.
yeah because those advocates for the poor are engaging class warfare…/sarcasm
April 19th, 2008 at 2:35 amDr. Hussein Matt, RUCerious, McMetal, DNFP, and Keith, wish I’d been around earlier for the Airplane! fest. Thanks for the laughs! :D
On topic: How can anyone listen to McCain’s so-called economic plan and still think that he’s a viable candidate for the Presidency? Please, please tell me that there must be some Republicans who still value loyalty to their country over loyalty to their party? Please?
April 19th, 2008 at 3:25 amTo put it simply, this guy seems to be out of touch with reality.
April 19th, 2008 at 5:46 amYou could make the argument that when someone starts a sentence with the phrase “you could make the argument”, they always agree with what comes next. You could.
You’d be wrong, but you could. As a matter of fact the opposite is generally true.
Claiming that McCain said “there’s been great progress economically” is one of the worst distortions I’ve seen come out of the campaign so far. You should be ashamed or yourself.
April 19th, 2008 at 6:27 amJane E. Schneider Says:
April 19th, 2008 at 3:25 am
Jane, I’m sure there are, but they are in the super minority.
April 19th, 2008 at 8:07 amYou could make the argument that when someone starts a sentence with the phrase “you could make the argument”, they are being Deliberately Evasive about THEIR POSITION on the Issue.
April 19th, 2008 at 8:45 amMany Americans ARE Doing better under the Bush Presidency…Millionaires, Defense Contractors,Oil and Drug Companies….But the Majority are not, and hopefully will Vote accordingly in November.
really? no one commented on that???
the portrait of john mcSame behind the “candidate” john mcSame…
tip from stephen colbert? … but THIS guy is serious!
btw - that was awesome to see colbert’s portrait on the chiladelphia set - LOL…
April 19th, 2008 at 11:35 amOMG!! Come on people, if we can’t beat this disconnected elitist then I don’t know.
There’s no way Obama should give up the vote to this idiot
April 19th, 2008 at 11:42 amkaty Says:
the portrait of john mcSame behind the “candidate” john mcSame…
Wow. I didn’t even notice until you pointed it out. I wonder if we’ll all be required to hang one in our homes if the republicans steal another election. Oh wait. Silly me. That would require still owning a home. Never mind.
April 19th, 2008 at 11:44 amMcCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office»
April 19th, 2008 at 3:29 pmMacCaine MacCaine… stop sniffing Bush’s cocaine!
I think it’s incredible the lack of intelligence and insight by the commenters for this article. Most folks just leave some marginally humorous pun or name slander about the article’s subject, but leave absolutely nothing of intellectual merrit. A few posters left thoughtfully planned responses, with their statements often backed up by a source, but the rest of you just voice your opinion in hopes another person will just accept your words as fact. I’m especially concerned with the posters who cite problems with deficits and debt incurred by the Federal government. Although I’d love to see federal spending equal to taxes collected, thus the Federal government would balance its checkbook, but there is a widespread misunderstanding of the source and implications of accumulated debt. In the business world, you have lenders and borrowers. When a deal is made between these two entities, both parties enter into the agreement with one thing in common: they both forsee the potential of the borrower to make good on the investment, thus both parties stand to benefit. The same is with the government: the largest chunk of the debt the Feds owe to themselves in the form of entitlement spending. The next largest chunk it owes to the public (that is, you and me). Then comes the foreign nationals who lend to us, with Japan, China and the UK making the bulk of that list. But what is inheritely (sp?) wrong with foreigners lending America money? Think back to the business model: they wouldn’t feel obligated to lend us money unless thy saw somehow how they stand to benefit (of course we believe we will benefit from the loan, or else we wouldn’t take it). All the way back to Alexander Hamilton, it is often assumed that incurring some government debt is not necessarily a bad thing, only when debt starts to outpace production (read: GDP) does it really matter and the last 10 years or so we’ve seen the ratio of debt to GDP hold pretty steady, actually an improvement over the same ratio from the mid 1990s when production was curbed in the name of decreasing debt (production was taxed to relieve an incorrectly perceived threat of too much debt). So my point is, you shouldn’t worry so much about “how much debt there is” or “how we’re gonna reduce debt” so much as “how are we gonna set up policy to encourage the maximum amount of production so everyone reaps the benefits of everyone else’s production.”
http://www.optimist123.com/ optimist/ 2007/ 05/ its_productivit.html
I’m not saying that Jorge Bush is the best example of someone with good economic policy to maximize the debt-to-GDP ratio, but our policies today seem much more logical than trying to have more Federal playcalling in the market (Clinton) or raising taxes further on production (Obama and Clinton, especially Obama). Obama realizes that his tax policy will most likely result in less taxes collected, but he still persues a policy of wealth envy and class warfare, why?
Also, those who say “America used to be the world’s largest creditor, now we’re the largest debtor.” I’d like to know who told you that, or what your criteria for being a debtor or a creditor is. After WW2, the public debt-to-GDP ratio was over 120%, while today it is less than 40%. Keep in mind that is public debt, not all debt, and public debt is often considered a better indicator of whether or not the government is insuing too much debt. As far as being the worlds largest debtor, that may be because we have so much freakin money. Our debt-to-GDP ratio puts us in similar company of S. Korea, Vietnam, Taiwan (countries many of you probably think are creditors). That’s from the CIA factbook, sorry the link isn’t pasting correctly.
May 5th, 2008 at 12:51 am