Repeat Of 1984

Our friends in the other party will never forgive us for our success, and are doing everything in their power to rewrite history. Listening to the liberals, you’d think that the 1980s were the worst period since the Great Depression, filled with suffering and despair.

  • Ronald Reagan

Walter Mondale based his 1984 campaign around complaints that Reagan tax cuts were unfair.

02 Sep 1984, Page 238 – The Los Angeles Times at Newspapers.com

That didn’t work out very well for Democrats.

So they are trying the same strategy again.

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13 Responses to Repeat Of 1984

  1. Latitude says:

    Face it….the democrazies have never wanted tax cuts of any kind

  2. Andy DC says:

    Well, it isn’t a zero sum game. When the rich have extra money, they can invest it in new technologies and new businesses that can hire the rest of us at a good wage, assuming we have the initiate to learn the required skills. Giving extra money to deadbeats is obviously far less helpful to the rest of us. And even deadbeats can learn the required skills and become part of the prosperity as well.

    • Latitude says:

      more deadbeats = more democrat votes

      • Steve Case says:

        Latitude said at 11:02 pm
        more deadbeats = more democrat votes

        B I N G O !

        Political parties need a constituency to vote them into office. The Republicans, the party of the rich goes about the business of making sure there are enough rich people to vote them in.

        The Democrats, the party of the poor and oppressed, what do you suppose they do?

  3. A government (ours) that spends $4,
    for every $3 of revenue, is not overtaxed,
    it is under taxed.

    When Republicans decide that deficits
    don’t matter, as they just have,
    the road to reckless spending is ahead.

    The tax cut passes on another $1.5 trillion
    of debt to the next generation, to pay interest
    on forever, and that’s bad economics,
    not to mention selfish.

    The official corporate tax rate of 35%
    with no value added taxes in the US,
    was similar to other OECD nations
    who all have value added taxes,
    in addition to their corporate income taxes.
    Comparisons were dishonest,
    by ignoring value-added taxes.

    And that was the 35% tax rate “on paper”
    — actual corporate tax rates paid
    by US corporations averaged
    about 20% to 25%,
    before the tax cuts).

    The tax cuts will certainly help
    the Trump business(s) a lot,
    as the soon to disappear
    alternative minimum tax
    accounted for most
    of the taxes he paid
    in 1995 (or 2005, I forget)
    — the only year any of his tax return
    was leaked to the public,
    the AMT accounted for
    most of his taxes paid.

    The claim that a tax cut
    which amounts to only 5% ($150 billion)
    of the revenue the government takes in,
    each year (about $3 trillion)
    is going to boost
    long-term Real GDP growth
    by 50%, from 2% to 3%,
    or even 100%, from 2% to 4%,
    is pure Republican malarkey.

    The Reagan Tax cuts
    were mainly steep
    individual marginal rate reductions
    that I supported,
    and the results were good
    for a few years,
    but not as great as hoped for:

    Never forget the tripling
    of the US debt under Reagan
    (even better than O’Bummer’s doubling)
    and the 3-year average
    Real GDP growth rate
    has been in a long term decline
    since the early 1980s,
    with Real GDP growth
    averaging only 2% since 2000,
    and even worse
    at 1.5% in the O’Bummer years.

    Real GDP growth
    in the year ending 3Q 2017,
    was only 2.4%,
    almost the same as
    the average 2.2% growth rate,
    since the last recession ended,
    and certainly not the economic boom
    that Trump is bellowing about!

    Any tax cut to stimulate the economy
    could have waited,
    until the economy was in a recession,
    and needed help —
    — not when corporations
    were already doing so well,
    from their high profit margins,
    to ultra-high stock valuations,
    and didn’t need any help!

    My free politics blog:
    http://www.ElectionCircus.Blogspot.com

    • garyh845 says:

      So . . math world, had the national debt gone from $1 billion to $20 billion – 20-fold increase – under Reagan, that would be far worse than a ‘doubling under Obama,’ which went from roughly $10 trillion to almost $20 trillion?

      Reminds me of the CO2 increasing. The % of the increase in PPM is a meaningless measure to use; from 1 ppm to 20 ppm would be a massive % increase, while going from 280 ppm to 400 ppm, is not.

    • Kris Johanson says:

      Mr. Greene, I’m very much looking forward to my Federal Income Tax cut. It’s my family’s money and it was earned the old fashioned way. The Federal Gov’t has become simply an excuse to steal from your neighbor. With $4 Trillion spent every year…. approximately $3 Trillion of that total is ‘transfer payments’, or direct payments to individuals. And the true debt is not $20 Trillion, it’s more like $100 Trillion if you count off balance-sheet liabilities, because both parties are out of control. We have got to reduce their funding. That is the key.

    • In a few words Richard Greene has explained why the Democrat leadership believes the tax bill will fail so badly that the GOP will lose control of the Senate and perhaps the House as well in 2018.

      Given that the Dems don’t have their own agenda they attack anything the GOP does using class warfare rhetoric. Pure fantasy but that is all they have. Here are a few things they refuse to understand.

      1. Lower corporate taxes mean more jobs. While that will help the rich it will help the middle class and the working poor even more. Government outlays on “Entitlements” will plummet as people exit the welfare rolls.

      2. When I emigrated from the UK I was astounded by the Byzantine complexity of the US income tax system. This tax bill eliminates most of that complexity so I won’t need to hire H&R Block next year. I will pay $1,200 less in federal taxes in 2018 and save another $400 that would have gone to H&R Block.

      3. Lower marginal tax rates cause government income to rise (see the Laffer Curve). The idea that tax cuts have to be offset is nonsense. Tax cuts INCREASE government income.

      4. Under Obama the Dow Jones Index surged 50.3% so my 403(b) averaged a gain of over 5% every year. While that was more than welcome (thank you Obama), under Trump I have already gained another 20%. Probably I am not alone. Paul Krugman who predicted that if Trump was elected the stock market would never recover has seen his IRA rise by ~30%. Will he admit he was wrong about Trump?

      I could go on but a year from now it seems likely that the Dems will be reeling from a trouncing in the 2018 mid term elections as people enjoy a surging economy.

    • RW says:

      Government spending $4 for every $3 that comes in? Seems more like overspending to me than “undertaxing”. You seem to forget there are two ways to deal with a structural deficit. The other way is to starve the beast. This is about the long game.

  4. Rud Istvan says:

    A little economic news. As long as the dollar is a reserve currency, we can print as much as we want to no consequence. Been doong so now for many decades. Started withnthe Marshall Plan. And the Chinese will take it. And we can eventually screw them like Greece concerning the Euro.
    Now, if the Chinese ever stop accepting reserve currency US dollars, then the US will resemble Greece….
    So, the question becomes what do China’s overlevered undercapitalized state enterprises do? My guess is continue to pretend and whatever, don’t play Greece.

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