Actually, what Democrats like to do is look at a set of statistics that fits there preconcieved notions and stop analyzing them. They dont dig deeper into the numbers.
I feel sorry for people who actually beleive what this guy says. It goes back to what I have said about liberals. They do not have cerebral thinking. They forget about the first set of current events when the second, third and forth set of current events replaces it. Therefore they cant engage in critical thinking.
Where do I start? First of all, if he is trying to argue that tax cuts dont work, why is he even mentioning George H.W. Bush? The first Bush RAISED taxes. He didnt cut them. And it likely unnecessarily exascerbated a very mild recession.
Im glad he implicitly admits that the Reagan tax cuts worked and that Reagan was right. He doesnt seem to be willing to give him credit though.
The Bush tax cuts were only responsible for 25% of of the deficit at the most. But shortly after 2003 revenues soared. Overall the government took in plenty of revenue in the decade. It was the inevitable bursting of the tech bubble that were the main cause of the deficits. And those high incomes at the end of the 90s couldnt have lasted because of the bursting of that bubble.
The economy had already been growing between 3 and 4 % BEFORE the Clinton tax hikes. After the tax hikes growth was down between 2 and 3 %. Interest rates soared after the tax hikes. (CLinton raised taxes on virtually everybody. Not just the rich). The tax hikes resulted in one of the slowest recoveries in post WW2 history. The deficit didnt start coming down until 1995 when Repubilcans took control of congress. The high incomes of the late 90s occurred because of the capital gains tax cut in 1997 that Clinton reluctantly signed into law and a booming tech sector. The slashing of the military budget was responsible for atleast a third of the deficit reduction.
There was a problem with incomes this decade because of rising oil prices and rising healthcare prices. This cuts away at income. Unfortunately the baby boomers are demanding more and more healthcare. My 54 year old father in 2005 had a $300000 liver transplant. He is a baby boomer. Im sure more people like him were putting unprecedented pressure on the system. And China and India are putting pressure on oil supplies with thier massive economic growth.
Oh, and the rich actually had a bigger share of the income under Clinton. Not the other way around. I dont know where the hell he is getting his statistics.
So yes, Im sorry. Tax cuts do work. The 1990s was a Republican decade in which they controlled virtually all levels of government except the White House. They had way more control over economic policy. NOT the Democrats.
And about poverty: Can you say welfare reform? Here is another example of liberals not being able to think critically about current events. Do they pay attention to current events? Welfare Reform was a CONSERVATIVE CAUSE. Newt Gingrich and Bill Clinton worked together on it. A Republican Presidnet could not have gotten this through without a filibuster proof Congress. Only a Democrat President could do it by fighting the welfare lobby within his own party. Jesse Jackson criticised Bill Clinton for acting like Ronald Reagan. Again, you have to think critically about current and past events. And under Reagan I believe the rate of increase in poverty had been much lower than it was in the 60s and 70s after welfare was created under Lyndon B. Johnson. Again, what Democrats like to do is look at a set of statitistics, and cherry pick them to fit thier preconcieved notions. You have to look at trends.
Stock market gains are more under Democrat Presidents but if you control for Republicans that acted like Democrats the difference is inconsequentioal. If you include Congress, a Democrat Presidnet and Republican Congress have the most gains. A Republican President and Republican Conress have the second highest amount of gains. A Republican President and Democrat Congress have the third highest amount of gains. And a Democrat Congress and Democrat Presidnet have the least amount of gains.
