Bush Tax Cuts zoomed the Economy Pure Blarney

[swinney]

CBPP reports that the 2001-2002-2003 Tax cuts put 342 Billion into our pockets.

GDP over 10,000 B and Consumer Spending Portion about 7,000 B.

You have $7,000 and find $342 do you go on spending binge?

Another point.Over three years consumer spending was 21,000B.
342B insignificant.

Tax Cuts had little to do with recovery.

Low Interest Rates almost total reason for spending and business investment.

Tax Cuts. No impact.

[trekbiker]

1. 342B ???????????? I dont think so...

342 Billion "would have" been injected back into the economy if it had actually gone to people that SPEND IT. When Warren Buffet pockets an extra 100 million (thanks to dividend tax cuts) do you really think he goes out and buys 100 million worth of cars, refridgerators, etc??? think Rush takes his several hundred thou tax break and buys anything he would not have bought anyway? (other than pills...)

I took my couple grand of div tax break and simply re-invested in the stock market... why?? because I have enough spending money already. It's the folks that dont have any spending money that would have helped out the economy had that 342B been put in thier pockets. I wonder how much of that 342B actually found it's way back into consumer spending..

[swinney]

3. How much of 342 into economy

Insignificant had all gone into Consumer Spending.

342 in 7,000 is nothing.

Actually it is like 342 in 21,000 that is what we spent over three years

[tritsofme]

5. The effect is much greater because of the

multiplier effect throughout the economy.

[swinney]

9. 342 figures given me directly by www.cbpp.org

I did not include 2004 since Bush was boasting in early 2003 before they went into effect. Would not have much impact.

CBPP has extensive Special Report on effect of Bush Tax cuts.

Read it.

[Frodo]

2. There's the argument

Sure dramatic stimulus (tax cuts OR increased government spending) are going to "help" the economy.

But when the COST is dramatically higher than the benefit is "good" really "good enough"?

Sadly, the answer may be "yes" for too many when the "benefit" is seen NOW and the much higher COST doesn't hurt you until far enough down the road that it is hard to tie the cost/effect.

But this is a much better argument than pretending nothing is getting better.

[unblock]

4. it wasn't SPENT because it didn't go to POOR people

instead, the money went to the rich, who don't look at their bank account anyway before spending.

the rich people socked it away, or perhaps invested in an overseas outsourcing firm, sucking jobs away from the u.s. economy, resulting in LESS domestic spending.

at best, the tax cut for the rich should have led to an increase in domestic investment, not domestic spending. and since the economy was already recovering from OVERinvestment, the tax cut was the stupidest thing ever from an economic perspective.

it was great, however, from a looting perspective. our kids will pay for a loooong time for our one-time gift to today's wealthy and greedy.

[Robert Oak]

6. Pure Theft

Read "Perfectly Legal" about "tax cuts" and the truth of the Bush tax cuts.

He's just completely giving it away to the Rich. But in this book
are some pretty interesting analysts especially on social security
being robbed to give the rich their tax cuts while the middle class
gets more hammered.

[iceman_419]

7. Trade Deficit

Check this article out. It seems the good economic news is about to come to end. It also means that trouble may be ahead.
http://money.cnn.com/2004/06/14/news/economy/trade/index.htm?cnn=yes

[testing123]

8. If I found that kind of dough

I would head right to Walmart for a shopping spree...NOT.