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      In the video below, Mitt Romney, Dick Cheney & GW Bush all talk about tax cuts and the effect Tax Cuts have on the US Economy.

       You'll notice that in 2008, 7 years after the first Bush/Cheney Tax Cuts, the US Economy melted down and George Bush publicly acknowledged that his Tax Cuts had created a situation "greater than the Great Depression."

BUSH: "For those of you who followed my career, know that I'm a free market person, until you're told that if you don't take decisive measures then it's conceivable that our country could go into a depression greater than the Great Depression."

GW Bush, September 2008

        Also in the video, September 2003, Dick Cheney acknowledged to Tim Russert that after a mere 32 months of the first Bush Tax Cuts taking affect, the US Economy had already begun to nose dive.
First 32 months of first Bush Tax Cuts

RUSSERT: Mr. Vice President, the economy and the Bush-Cheney record. The day you took office, Inauguration Day, as compared to now.
Dow Jones is DOWN 11%.
Unemployment rate is UP 49%
A $281 Billion SURPLUS is now a $500 Billion plus deficit.
Jobs, net LOSS of 2.6 Million.
The Debt is UP 20% and still growing.
How can you run for re-election on that record?

Sept 14, 2003 Interview on Meet the Press

       In the same interview, Dick Cheney admitted that at that time, the Bush Tax Cuts accounted for 25% of the Deficit and that the country was seeing huge deficits into 2013 due to the Bush Tax Cuts.
MR. RUSSERT: "The president [Bush] said in 2002 the Tax Cut would generate 800,000 jobs; in 2003, he said—be another million jobs. None of that has happened. What has happened is the deficit is skyrocketing, over $500 billion"

DICK CHENEY: "Tax cuts accounted for only about 25% of the deficit."

MR. RUSSERT: "But we see Deficits for the next 10 years [into 2013], big ones."

DICK CHENEY: "We anticipate even with the added spending that we’ve asked for now we’ll cut the Deficit roughly in half from where it’ll be next year over the next five years.
"

Sept 14, 2003 Interview on Meet the Press

       At the time, in 2003, there was a lot of talk of freezing the Bush Tax Cuts for the Top 1% which would have paid for the Iraq War -- when Tim Russert asked Dick Cheney about that idea swirling in DC, Dick Cheney told Russert he thought that would be a mistake.
MR. RUSSERT: "If you froze the tax cut for the top 1 percent of Americans, it would generate enough money to pay for the $87 billion for the war, if you did it for just one year. Would you consider that?"

DICK CHENEY: I think it’d be a mistake.

Sept 14, 2003 Interview on Meet the Press

      The point to this video:
     Tim Russert proved that within 32 months of the first Bush Tax Cuts, the US Economy had been wrecked by the Bush Economic Advisors who ushered in the Bush Tax Cuts.

       This video also highlights that we have Mitt Romney and Romney's Advisors, who were Bush/Cheney's failed Advisors, promising to continue with their failed Bush/Cheney Tax Cut policy but -- this time -- they want to add an additional 20% Tax Cut on top of the already proven to be failed Bush Tax Cuts.

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Comment Preferences

  •  Tipped and recommended. (3+ / 0-)

    Trickle down economics does not work. We can't give the country back to the folks who melted it down in 2008.

  •  Well, it wasn't the reduced tax rates that caused (1+ / 0-)
    Recommended by:
    maybeeso in michigan

    the economic collapse.  The promise to reduce rates was designed to persuade rich people who rely on unearned income to open their purses and support Republican politicians. That's because the system has been rigged to let people with a stash of money to lend to our various public bodies and collect a dividend, instead of paying their fair share in the form of taxes and fees for services. It looks like a two-fer, but it's actually a three-fer because the original accumulation of money is the result of having gotten "free goods" (natural resources) and taken them to market for a profit (see Koch Brothers coal and oil).
    The unearened income class has gotten used to a closed loop system and, while they welcome any increase to the money circulating in it, they've become resistant to letting it escape. So, while the Bush/Cheney may have wanted to prompt real investment in goods and services, the unearned income mavens prefer to go with bonds or to play the market and speculate with the lagniappe. They don't need the money, so it's easy to lose.  That's how come fully 50% of all Americans' asset value disappeared in the great recessional collapse.
    Why was it not a depression?  Because the federal government came up with an infusion of cash to keep the currency flowing through the economy. Routine distributions of cash to the elderly, those who care for the infirm and routine revenue sharing programs actually worked to stabilize the economy.
    But, the unearned income, bond clipping mavens are in distress. The stream that had been reduced to a trickle in 2000 still hasn't recovered to where it was in 1991 and it won't recover any time soon because the Fed has figured out that fiddling the interest rates may crash the economy, but it won't get it moving. Removing cash from the economy will slow it down, regardless of who does it.  So, as long as the bond clippers keep hoarding, the federal government will have to provide a steady infusion.

    I think it's interesting that the recent announcement that there would be no increase in Social Security pensions this year turns out to have been an unofficial prediction.  The reality, still to be officially announced, is that it will likely be smaller than in 2012 because there is no stimulus component and the consumer price index has not increased significantly.  So, people are looking at an increase of 1.5% or so.
    One is tempted to speculate that the 0% story was designed to influence the recipient population, consistent with the story that Obama is tanking the economy.

    The main problem with deception is that people so hate to be deceived that, when they discover it happened to them, their inclination is to deny that it even happened.  "Oh, no, I wasn't deceived; I was just mistaken," is the liar's out.
    People would rather be wrong than dissed and that works to the liar's advantage.  After all, the essence of the lie is disrespect for the person lied to.

    We organize governments to provide benefits and prevent abuse.

    by hannah on Tue Oct 16, 2012 at 06:31:25 AM PDT

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