General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forumsspeaking of the $1.5 trillion republican tax cut -- remember how much obama's stimulus cost?
that's right, the stimulus that republicans howled about as unjustified and hugely expensive and my, oh, my, the deficits?
the stimulus that was necessary to keep our cratering economy from diving head-first into depression?
that stimulus?
around $800 billion, give or take.
that $800 billion saved us from catastrophe and many economists say it should have been bigger, we might have had a quicker recovery then.
*that*, republicans say, was irresponsible fiscal management and deficits and blah, blah, blah.
but $1.5 trillion when the economy is doing fine and inflation is the bigger danger, oh, that's just peachy with republicans.
don't buy their bull on the deficit *ever* again.
they are partisan liars, plain and simple.
bronxiteforever
(9,287 posts)genxlib
(5,528 posts)Actual stimulative spending was only a part of the total.
I remember a rightwing colleague giving me shit for their not being more direct infrastructure spending in the package (since we are in the infrastructure business). I laid into him for being a hypocrite and asked how much his candidate would have provided.
ProfessorGAC
(65,058 posts)Was about to point that out. Also, remember the howling by the debt hawks over the auto industry bailout? Remember that those companies paid it back WITH INTEREST? Yeah, you probably remember. They don't.
niyad
(113,325 posts)asiliveandbreathe
(8,203 posts)- cuts to other areas automatically kick in?? - Funds from Medicare..Medicaid..social safety nets..I will research further....ALL for them, none for us...
unblock
(52,243 posts)but they'll find other ways to kill off people in need, they certainly always try....
global1
(25,251 posts)I remember him saying something that - The Repugs spend money and amp up the deficit so that when the Dems come in they have to do cuts. There was some guy that posed that theory and the Repugs use this to their advantage.
Does anyone know what I'm thinking of?
unblock
(52,243 posts)republicans cut taxes too low and loot the treasury and force democrats to raise taxes and restrain spending in order to get our fiscal house in order. then republicans come in to loot the treasury again.
Hermit-The-Prog
(33,349 posts)See link in my 'sig'.
Santa Claus theory.
genxlib
(5,528 posts)The Obama stimulus was warranted by economic policy. The economy needed the boost during a time of high unemployment and shrinking GDP
The GOP program comes at a time when the economy did not need boosting. At the very least, it is not needed. If anything, goosing an economy at super low unemployment can be dangerously inflationary.
unblock
(52,243 posts)partly to keep it from overheating, and partly to get the government's fiscal house in order so that there's money available when the economy is in trouble.
then you can stimulate the economy when it's actually needed.
republicans got it backwards because they don't pay attention to the economy. the timing is all political. if they have power, they're cutting taxes, period. doesn't matter if the economy is good or bad.
genxlib
(5,528 posts)2000 - We are running surpluses so we should cut taxes
2001 - The economy is suffering so let's cut taxes.
Tax cuts were the answer no matter what the question.
unblock
(52,243 posts)i might be able to get convinced that some politicians aren't economists and don't really understand how things work.
dereliction of duty to not get a basic working knowledge when you're proposing tax policy, but at least they're not trained experts.
alan greenspan was a highly regarded economist and fed chairman.
for him to testify, running around like a chicken with his head cut off, crying the disaster that would come from actually paying off the debt in full, pleading for a tax cut because, hell, we've paid down the debt by like 1%, we might even pay it down by 2%, and omg here's the nightmare scenario if we reach 100% without changing any laws and the economy kept humming along as it was.
as if that had any hope of ever happening.
so he put his "serious economist" stamp of approval on another republican ridiculous tax heist with the express purpose of *avoiding* paying down the debt.
ffr
(22,670 posts)https://www.democraticunderground.com/100210226916
IronLionZion
(45,447 posts)Deficits spending and stimulus are for when the economy is in recession, not now when jobs and the stock market are strong. These tax cuts are directly damaging our economy by increasing inflation and raising bond yields.
Treasury has to sell more bonds to pay for the tax cuts at a time when the Fed is also selling off bonds and China's central bank is also selling US treasury bonds. They are lowering the value of US treasury bonds and raising yields.
unblock
(52,243 posts)a tax hike for the rich at the same time as a tax cut for the middle class and spending stimulus for the poor.
well, actually, it might be able to pass in january 2021....
UCmeNdc
(9,600 posts)Roy Rolling
(6,917 posts)Being led by a pathological liar.
This is not ending well already.
House of Roberts
(5,175 posts)I didn't notice anyone mentioned WHERE the inflation would occur. Try Wall Street. That's where all the money goes when taxes get cut for the wealthy. When working folks get tax cuts, the Fed kills the boom with interest rate hikes. We're going to see those rate hikes now for sure.
unblock
(52,243 posts)giving them more just means asset inflation.