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Getbig Main Boards => Gossip & Opinions => Topic started by: Benny B on June 07, 2011, 10:13:31 AM
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Tim Pawlenty’s fantasy economic plan
By Ezra Klein
Economic plans are often disappointing and underpowered. They’re occasionally radical and even inspiring. They’re frequently dull. They’re rarely hilarious. But Tim Pawlenty’s proposal is the exception. I’m going to quote from it extensively, because I don’t want you to think I’m unfairly simplifying his ideas. Here’s the big one:
Let’s start with a big, positive goal. Let’s grow the economy by 5 percent, instead of an anemic 2 percent.
Yes, let’s! One small problem, though:There is no economist anywhere who knows how to add three percentage points to the country’s growth. Goosing economic growth over any long period is is hard enough when you’re talking about a tenth or two of a percent. Three percentage points? I’ve never seen anyone make that sort of a claim. But perhaps Pawlenty has stumbled upon something new:
It’s been done before: Between 1983 and 1987, the Reagan recovery grew at 4.9 percent annually. Between 1996 and 1999, under President Bill Clinton and a Republican Congress, the economy grew at around 4.7 percent annually.
Read that sentence carefully: Pawlenty says he wants “5 percent growth.” Later in his piece, he specifies “five percent economic growth over 10 years.” And his evidence that “it’s been done before”? Two periods in which growth was under five percent and held there for less than five years. So even in his handpicked examples, Pawlenty can’t come anywhere close to his target.
(http://www.washingtonpost.com/rf/image_606w/WashingtonPost/Content/Blogs/ezra-klein/201106/5%20percent%20grwoth.jpg?uuid=ToWRTJEXEeCwUg_iGsSEPg)
That said, he has a plan that his predecessors didn’t. Let’s hear it:
How do we do it? Our economy will never grow at 5 percent laboring under a federal tax code that is hostile to business.
American businesses pay the second highest tax rates in the world. That’s a recipe for failure, not adding jobs and economic growth. We should cut the corporate tax rate by more than half. I propose reducing the rate to 15 percent from 35 percent, recognizing that the tax code is littered with special interest handouts, carve-outs, subsidies and loopholes that should be eliminated.
But just changing business tax rates is not enough. That’s because we know most job growth will come from small and medium-size businesses, and their owners are taxed under individual tax rates, not corporate rates. So, pro-job and pro-growth tax reform must include individual tax reform as well.
Let’s stop here to note a couple of things: Members of both parties have already proposed closing loopholes and lowering rates.Until Pawlenty, no one from either party, at least to my knowledge, predicted that doing so would lead to 10 years of 5 percent growth. And it’s not as if politicians are known for being particularly pessimistic about the effects of their policies.
As for today’s anti-growth tax rates? As a share of GDP, taxes are currently lower than they were at any time during the Reagan or Clinton years.
(http://www.washingtonpost.com/rf/image_606w/WashingtonPost/Content/Blogs/ezra-klein/201106/tax%20receipts%20historical.jpg?uuid=XqKG_JEXEeCwUg_iGsSEPg)
Finally, you might wonder what’s going to happen to the budget deficit as Pawlenty finished with handing out his massive tax cuts. Not to worry!
Five percent economic growth over 10 years would generate $3.8 trillion dollars in new tax revenues. With that, we would reduce projected deficits by 40 percent — all before we made a single budget cut.
Because, as you remember, cutting taxes in the Bush years wiped out deficits forevermore. ::)
(http://www.washingtonpost.com/rf/image_606w/WashingtonPost/Content/Blogs/ezra-klein/201106/taxes%20and%20deficits%20bush.jpg?uuid=tlK-rJEYEeCwUg_iGsSEPg)
This plan isn’t optimistic. It isn’t a bit vague. It’s a joke. And I don’t know which is worse: The thought that Pawlenty knows that and went forward with this pandering, fantasy-based proposal anyway, or the thought that he doesn’t know it, and he really thinks this could work.
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Why the fuck are you posting all this shit here where no one cares and no one is going to read it?
Why are you still ducking posting on the politics board?
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Why the fuck are you posting all this shit here where no one cares and no one is going to read it?
Why are you still ducking posting on the politics board?
x2
"1"
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kinda like obamas "lets throw a ton of money at it (stimulus) and it will go away"... then when it does not work like now, he says " we should throw even more money at it".. then his economic advisor gooley says "we cant do it here in the goverment, the private sector needs to do it" completely against what obama believes and guess what? he (gooley) resigns today to go back to teaching... ::)
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The GM bailout wasn't supposed to cost tax payers anything.......now its costing us 14bil.
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15% of Americans are on food stamps.
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The GM bailout wasn't supposed to cost tax payers anything.......now its costing us 14bil.
14 bil to save hundreds upon hundreds of thousands, perhaps millions of jobs? Sounds fine to me. Quit your fucking whining.
I read the OP. The OP is correct, Pawlenty is a hack. What needs to be done is the exact opposite of what he is proposing. Income and Capital Gains Taxes need to go up, way, way the fuck UP, for the top 1%, and tax breaks/credits and offshore tax havens for corporations need to go away.
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That's 14bil for ONE company. Did it save jobs, of course, they could also saved those jobs by filing BK and it costing us nothing. Why don't ask you ask how come their not bailing out small businesses? They keep the economy going more than the big companies!
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well remember deficit is taxes
so obama rasied taxes 5trillion!!
:)
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14 bil to save hundreds upon hundreds of thousands, perhaps millions of jobs? Sounds fine to me. Quit your fucking whining.
I read the OP. The OP is correct, Pawlenty is a hack. What needs to be done is the exact opposite of what he is proposing. Income and Capital Gains Taxes need to go up, way, way the fuck UP, for the top 1%, and tax breaks/credits and offshore tax havens for corporations need to go away.
Are you fucking retarded? Millions of jobs? The auto bailout saved about 40,000 dead weight UAW members. It would have been cheaper to give each of them 250k in cash. You're obviously not too bright, but I would recommend that you take the time to do some actual research on the American economy that wasn't spoonfed to you by some fuckwad on MSNBC. Rich people are corporations aren't the cause of all the evils in the world. ::)
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GM HAD to be bailed out. It hurt badly, but the alternative was much, much worse. GM, despite its mismanagement and worsening financial woes, still possessed a lot of important patents. Had GM been let go, China would have purchased GM for pennies on the dollar as China was really the only entity around that would have had the financial assets to make such a purchase...and securing all those patents and technologies. However, Chrysler could have been let go with much less impact and the current Administration was very close in doing so.
Another bailout that was absolutely necessary was AIG. If it had fallen, you would have had a Depression that basically would have made the Dollar completely worthless. We'd be out shooting each in the streets over cans of beans and packages of ramen noodles.
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GM HAD to be bailed out. It hurt badly, but the alternative was much, much worse. GM, despite its mismanagement and worsening financial woes, still possessed a lot of important patents. Had GM been let go, China would have purchased GM for pennies on the dollar as China was really the only entity around that would have had the financial assets to make such a purchase...and securing all those patents and technologies. However, Chrysler could have been let go with much less impact and the current Administration was very close in doing so.
Another bailout that was absolutely necessary was AIG. If it had fallen, you would have had a Depression that basically would have made the Dollar completely worthless. We'd be out shooting each in the streets over cans of beans and packages of ramen noodles.
I would love to shoot some people for ramen noodles
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HEY BLANCO........YOU AND THE REST OF THE LIBERAL PARTY SHOULD REALIZE THAT AT LEAST THE REPUBLICANS ARE WORKING ON ACTUAL CONCERNS OF THE WORLD AROUND US......UNLIKE YOUR MAIN WEINER MAN.....WHO LOVES TO SHOW HIS SAUSAGE OFF.....YOU LIBS ARE ALWAYS TALKING A GREAT BALL GAME....BUT WHEN THE CAMERAS TURN OFF.....YOU GUYS LIKE TO GET INVOLVED IN " TOM FOOLERY".
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Hilarious! "Loser of losers...Tim Pawlenty." ;D
Disastrous Economic Plan By Pawlenty
2012 Republican presidential candidate Tim Pawlenty claims his plan would allow the economy to grow at a rate of 5% per year. The Young Turks/MSNBC host Cenk Uygur explains why the plan is absurd.
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anyoine can one up obama disterous 5T in new taxes
yes debt=taxes raised dunce
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anyoine can one up obama disterous 5T in new taxes
yes debt=taxes raised dunce
Enough with the gimmicks, 333386 aka PEA BRAIN. Between this and the "George Whorewell" gimmick, you're getting out of control. ::)
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Enough with the gimmicks, 333386 aka PEA BRAIN. Between this and the "George Whorewell" gimmick, you're getting out of control. ::)
I've said this before about you and others of your "kind" - Throughout history people have longed for immortality. Sadly, most settle for immorality.
You, Benny Blanco have settled for even less. How's the pig rustling bidness, mah convenient niggah? I'd tell you to go fuck your mother but since she's not caucasian you don't hate her enough. Fuck your noise, asspuppet.
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Would some moderator at least show a bit of testicular fortitude and ban the cretin known as Benny Blanco, aka - Little Black Spambo?
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kinda like obamas "lets throw a ton of money at it (stimulus) and it will go away"... then when it does not work like now, he says " we should throw even more money at it".. then his economic advisor gooley says "we cant do it here in the goverment, the private sector needs to do it" completely against what obama believes and guess what? he (gooley) resigns today to go back to teaching... ::)
The problem with the stimulus was that it was way too SMALL! It should have been a trillion with none of it directed to tax cuts for anyone. Not the rich, middle class or poor. Of the 787 Billion, half of that was tax cuts. And I hate to break it to you, you right wing hack/puppet but the 390 billion dollar stimulus did work. It saved millions of jobs and we've been adding jobs every month for about a year and a half. The auto bailout worked to perfection. My only problem with the auto bailout is that rank and file workers had to make too many concessions. You may now return to masturbating to Glen Beck.
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The problem with the stimulus was that it was way too SMALL! It should have been a trillion with none of it directed to tax cuts for anyone. Not the rich, middle class or poor. Of the 787 Billion, half of that was tax cuts. And I hate to break it to you, you right wing hack/puppet but the 390 billion dollar stimulus did work. It saved millions of jobs and we've been adding jobs every month for about a year and a half. The auto bailout worked to perfection. My only problem with the auto bailout is that rank and file workers had to make too many concessions. You may now return to masturbating to Glen Beck.
Your father should have swallowed you.
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14 bil to save hundreds upon hundreds of thousands, perhaps millions of jobs? Sounds fine to me. Quit your fucking whining.
I read the OP. The OP is correct, Pawlenty is a hack. What needs to be done is the exact opposite of what he is proposing. Income and Capital Gains Taxes need to go up, way, way the fuck UP, for the top 1%, and tax breaks/credits and offshore tax havens for corporations need to go away.
Ezra Klein shipped for obamacare and the stim bill. Fail.