Quote Originally Posted by Lyle View Post
Swoop doesn't even list it's writers...and yet somehow they are a legitimate source of information


Have fun trying to explain away Obama's socialist political beliefs...he's a radical John Kerry who is better at reading.
That Fed chairs are politically beholden to presidents to keep their job is endlessly well-documented throughout history, not least on the Nixon tapes when Nixon tells Arthur Burns to cut interest rates before the 1972 election.

I notice again no attempt by you to deal with facts and evidence and answer my questions. Here are some more inconvenient facts about supply-side economics -- tax cuts do not pay for themselves in any way, shape or form. Let's look at the Bush tax cuts for the best possible example of disastrous tax cuts which failed to pay for themselves :

Here's how tax revenues have gone over the past few decades, so that we can compare the wonderful revenue success under Bush 43. In 1950 we had $45 billion in revenues, which jumped to $91 by 1960. The link only shows from 1962, so you'll just have to take my word for it.

From $91 billion in 1960, we jumped to $192 billion in 1970.

In 1980, revenues jumped to a massive $517 billion, although the extra revenue was inflation caused by two disastrous external oil price spikes beyond our control.

By 1990, revenues had jumped from $517 to $1032 billion, again doubling.

In 2000, revenues had doubled again from $1032 to $2025.

Bush's 2001 tax cut was backdated to Q1 2001, so the cut was in place from the first day of fiscal year 2001. So by 2005, we should have been looking at revenues in the region of $3000 billion plus the extra revenue growth from the tax cuts, right?

Here are the numbers :

2000 : $2025

Bush tax cut

2001 : $1991

2002 : $1853

Bush tax cut

2003 : $1782

2004 : $1880

2005 : $2153


Here are the numbers for income tax, the tax that is supposed to grow the most in response to a cut :

1960 : $41.7 billion

1970 : $90.4

1980 : $244.1

1990 : $466.9

2000 : $1004.5

Bush tax cut

2001 : $994.3

2002 : $858.3

Bush tax cut

2003 : $793.7

2004 : $809.0

2005 : $927.2

2006 : $1043.9


http://www.cbo.gov/budget/historical.pdf

So from a position of surplus eight years ago Bush has now created an ongoing trillion dollar a year revenue shortfall. Guess which section of American society are going to see their taxes rocket in a couple of years to cover this? Not the top-earning 1%, that's for sure.


And how is Obama an elitist? He's got an immigrant father and had to work his way through college. He got where he is because he's got a brilliant brain. John McCain has been a Senator most of his life and his entire career is down to marrying an heiress to the Coors brewing empire. Now McCain represents the interests of guys like the Coors family and the other richest families in America while Obama represents the interests of working Americans. Which one is elitist?