The McSame solution: Bush's third term and an the inevitable economic collapse (if we haven't passed the point of no return already).
John McSame, over the past few days, has clearly established his plan for the economic future (demise) of the US. The plan can be quite simply summarize in a few words: more of the same.
McSame was speaking to Latino voters two days ago, and promised to create more jobs by cutting taxes. We’ve tried that, and it hasn’t worked. Specifically, McSame proposes making the Bush cuts permanent, lowering capital gains taxes, and lowering corporate taxes. What we’ve learned since the Reagan days is that these cuts tend to increase stock values, but don’t create jobs. He also suggested that somehow eliminating earmarks will create jobs. Personally, I have no use for earmarks; they tend to be wasteful, and are used primarily for reelection of members of Congress. While eliminating this waste is admirable, these earmarks are such a small portion of the federal budget that their elimination will have an immeasurably small effect on the economy. Finally, he suggests balancing the budget by winning the Iraq War. That’s really worked well.
I heard an interesting, to say the least, analysis of the tax plans of McSame and Obama thismorning on NPR news. McSame’s plan would cut the taxes on the top 1% (multimillionaires) of earners by $700,000 and on those in the $40-70,000 bracket by $1400. Obama’s plan, on the other hand, will increase taxes on these multimillionaires by $300,000 and decrease taxes on those in the $40-70,000 bracket by $2100.
John McCain (the 20th century version) wisely opposed this supply side (voodoo, according to Bush I in 1980) economic policy. John McSame(the 21st century version) embraces these policies wholeheartedly. McSame, who makes a big deal of experience, seems to have gotten dumber as a result of experience. When faced with a choice between experience and judgment (clearly our choice in November) I’ll take judgment every time.
McSame, Bush, et.al. must have been in Lewis Black’s economics class in college. In Blacks stand-up routine, “Red, white, and screwed,” he speaks about his 8 AM economics course. After a night of drinking, etc. he seldom attended class. He asked his professor “What are you trying to do, keep this a secret?” With Bush’s social history and McSame’s ranking in the bottom 2%of his class, it’s not much of a stretch to assume that they missed this class. Black, on the other hand, seems to have learned something. In the same routine, he suggests that “If you want to create jobs, build a big fuckin’ thing.” I can suggest numerous big fuckin’ things: bridges, railroads, windmills, hydrogen powered vehicles, etc. that will actually create jobs.
Jobs aren’t created by giving rich people more money. Give a rich person some money, and he will find a way to make more money. He or she will understandably invest that money in the most advantageous manner. In most cases, that involves buying stock, not buildng or expanding his/her business. Expanding a business is a response to demand for the goods or services (remember supply and demand in ECON 101?). Demand increases when you increase the income of the poor or middle class; they spend almost all of the extra money on goods and services, providing profits and JOBS!
For proof of this basic economic concept, one only has to look at the US Dept. of Labor statistics over the past 80 years. SINCE HOOVER, EVERY SINGLE DEMOCRATIC PRESIDENT HAS CREATED MORE JOBS THAN EVERY SINGLE REPUBLICAN PRESIDENT. I’ll repeat, SINCE HOOVER, EVERY SINGLE DEMOCRATIC PRESIDENT HAS CREATED MORE JOBS THAN EVERY SINGLE REPUBLICAN PRESIDENT. The chances of that happening randomly are miniscule. There are reasonable discussions possible regarding economic policy and GDP growth, but it’s an incontrovertible fact that SINCE HOOVER, EVERY SINGLE DEMOCRATIC PRESIDENT HAS CREATED MORE JOBS THAN EVERY SINGLE REPUBLICAN PRESIDENT. Enough said.
I can understand how George W. Bush didn’t learn this lesson from Reagan and his dad. He was likely in a drunken stupor during the entire period. John McCain obviously learned this lesson. John McSame, on the other hand, obviously didn’t learn what McCain learned. Stupidity can be defined as prescribing the same solution to the same problem over and over again and expecting the a different result. As a country, we’ve tried stupid, and that obviously hasn’t worked; it’s time we try intelligence, even if the smart guy can’t bowl.
Joe
http://butlerdemblog.blogspot.com