Last night Paul Ryan showed his ignorance regarding factual history
RYAN: "We face a crushing burden of debt. The debt will soon eclipse our entire economy, and grow to catastrophic levels in the years ahead."
"No economy can sustain such high levels of debt and taxation. The next generation will inherit a stagnant economy and a diminished country."
"We need to reclaim our American system of limited government, low taxes, reasonable regulations, and sound money, which has blessed us with unprecedented prosperity. And it has done more to help the poor than any other economic system ever designed. That's the real secret to job creation — not borrowing and spending more money in Washington."
I seriously had to laugh at Ryan's ignorance here. Paul Ryan is pretending that our Tax Rates (36%) are sooooo high that NO economy in the world could "sustain such high levels of debt and taxation"
Ryan seems to forget that FACTUALLY the poor lifted out of poverty, the Middle Class grew the country prospered under much higher Tax Rates than we have right now.
In fact, the country we all grew up in was built and was successful because of higher taxes.
I know Paul Ryan and the Teabagging Republicans LOATHE free education, but allow me to give Paul Ryan a free - and factual history lesson here:
--1929
President: H. Hoover (R)
"Tax Rate" was 24%
Stock Market Crashed
No "Regulations" On Wall Street
Jobs LOST: 6 Million Jobs LOST
There was totally "Limited Government"
The "poor" got screw
The "middle class" became the "poor"
People were fed by the government Food Lines
People had to live in Hoover huts.
hmmm... "prosperity" not looking to good with those LOW Tax Rates and NO Regulations.
--1932
Hoover (R) raised Tax Rate from 25% to 63% (ouch!)
--1933
President: F. Roosevelt (D)
Tax Rate at 63%
Jobs CREATED: 16.2 Million
Regulations to control Wall Street
Work Programs set up so the "Government" gave people jobs.
The "poor" lifted themselves out of poverty
Government Food Lines were no longer needed
Hoover huts were torn down & homes were built in their place
Industry
Tax Rate reached 94% to pay for WWII.
Rich people (ie., job creators) did NOT leave the USA for cheaper taxes in other countries.
--1953
President: D. Eisenhower (R)
Tax Rate: 91%
Jobs CREATED: 3.5 Million
Regulations on business
Middle Class growing
Industry Grew
Rich people (ie., job creators) did NOT leave the USA for cheaper taxes in other countries
--1961
President: J. Kennedy (D)
Tax Rate: 91%
Jobs CREATED: 5.9 Million
Taxes helped pay for War
Industry Grew
Kennedy's Term cut short
Rich people (ie., job creators) did NOT leave the USA for cheaper taxes in other countries
1963
President: Johnson (D)
Tax Rate: 91%
Jobs CREATED: 9.9 Million
1977
President: Carter (D)
Tax Rate: 70%
Jobs CREATED: 10.3 Million
OPEC (oil industry) caused inflation
Industry Grew
Rich people (ie., job creators) did NOT leave the USA for cheaper taxes in other countries
1981
President: Reagan (R)
Tax Rate: 50%
Jobs CREATED: 5.3 Million
Unemployment Rate - 10.8% for 2 months
Unemployment Rate - 9.3% and above for 23 Months
Unemployment Rate - 10.4% and above for 10 Months.
Raised Taxes on Middle Class NINE Times.
The Poor & the Middle Class got SCREWED
Rich people (ie., job creators) did NOT leave the USA for cheaper taxes in other countries
1985
President: Reagan (R)
Tax Rate: 50%
Jobs CREATED: 10.8 Million
Rich people (ie., job creators) did NOT leave the USA for cheaper taxes in other countries
* 1987 Tax Rate Lowered to: 38.5%
* Stock Market CRASHED in 1987.
1988
President: GH Bush (D)
Tax Rate: 28%
Jobs CREATED: 2.6 Million
1993
President: Clinton (D)
Tax Rate: 39.6%
Jobs CREATED: 22.7 Million
Regulations on business
Middle Class growing
Industry Grew
ALL Military actions paid for with taxes
Left office with SURPLUS
Rich people (ie., job creators) did NOT leave the USA for cheaper taxes in other countries
2000
President: W Bush (R)
Tax Rate: 35%
Jobs CREATED: 1.1 Million
Regulations LIFTED from businesses
Middle Class COLLAPSE
Poor - got poorer
Middle Class - got poorer
Rich - got richer
Bank COLLAPSE
Stock Market CRASH
Two Wars NOT paid for
Left office with $10.7 Trillion Dollar Debt because he did NOT raise taxes to pay for wars.
NO Military Actions paid for via taxes
To Summarize:
President Clinton's Administration created more jobs (22.7 Million) than any President in History with a Tax Rate of 39.6% and left office with a Surplus
President W Bush, HW Bush & Hoover had the lowest Tax Rates and the FEWEST number of Jobs Created.
Hoover (R) - Tax Rate 24% ... 6 Million jobs LOST
HW Bush (R) - Tax Rate 28% ... 2.6 Million jobs Created
W Bush (R) - Tax Rate 35% ... 1.1 Million jobs Created
**NOTE: With all his Tax Cuts, W Bush & Cheney left office with a $10.7 Trillion Dollar Debt
Final Quiz Question for Paul Ryan
Q: After looking at the historical data - what Tax Rate seems to be the optimal Tax Rate to Create the maximum number of jobs?
ANSWER: 39.6% Tax Rate which gave rise to 22.7 Million Jobs Created and gave rise to a SURPLUS.
Therefore, Teabaggers - stop pretending Companies will leave if we raise taxes to pay for our WARS. They have never left in the past & they won't leave in the future.