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Larry Summers: Almost All Economists Believe More Taxes Fuels Job Growth
Business and Media Institute ^ | 2/10/10 | Anthony Kang

Posted on 02/11/2010 10:25:34 AM PST by 198ml

President Obama continuously tries to portray himself as a friend to the little-man, middle class and small business. Hence his attacks on “fat cats” who “just don’t get it,” while labeling the extravagant bonuses as “obscene,” and “the height of irresponsibility.”

Meanwhile, members of his administration, in defending a sweeping small-business aid program Obama announced in his State of the Union, give reason to wonder if they really understand how to help small business.

Among the administration’s proposals for small businesses are a $5,000 tax credit to hire new workers, elimination of capital gains taxes, and new incentives to invest in plants and equipment. At the same time, however, the administration plans to raise taxes on “the wealthiest Americans.”

(Excerpt) Read more at businessandmedia.org ...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: capitalgains; stimulus

1 posted on 02/11/2010 10:25:34 AM PST by 198ml
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To: 198ml

Yes, increasing taxes does fuel job growth - in the Government that is. The more taxes they take the more government jobs they create so that they can take more and more taxes.


2 posted on 02/11/2010 10:29:00 AM PST by SoldierDad (Proud Papa of two new Army Brats! Congrats to my Soldier son and his wife.)
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To: 198ml

Wow. So, in this bizzaro Obamanation, all one has to do is say it, and it’s fact? AGW causes blizzards?! Taxes grow jobs?!

Ok, I got one. Sending money to brownsfan will make your life better.


3 posted on 02/11/2010 10:29:06 AM PST by brownsfan (The average American: Uninformed, and unconcerned.)
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To: 198ml

Amost all in the O administration, that is!!!


4 posted on 02/11/2010 10:30:00 AM PST by Carley (Are you better off now than one year ago? HELL NO!!!!!)
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To: brownsfan

See ya and raise ya. Sending money to RightOnline will make your teeth sparkling white, give you the endurance of a triathlete, make you irresistible to the opposite sex, and improve your golf game dramatically.

Cash or money orders, please.


5 posted on 02/11/2010 10:31:59 AM PST by RightOnline
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To: RightOnline

“See ya and raise ya. Sending money to RightOnline will ...”

We’re in the wrong place for this. Over at the DU, we may actually get some donations.


6 posted on 02/11/2010 10:33:45 AM PST by brownsfan (The average American: Uninformed, and unconcerned.)
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To: 198ml

Let’s give Larry Summers, economic Genius, a real life economic test

Give him $5,000 and tell him to create a new job, and hire someone. Let’s give obama $5,000 and tell him to do the same thing.

Voila, 2 new jobs, 2 new taxpaying workers!


7 posted on 02/11/2010 10:37:57 AM PST by silverleaf (My Proposed Federal Budget is $29.99)
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To: brownsfan

Dang....you’re right. [slaps forehead]


8 posted on 02/11/2010 10:43:04 AM PST by RightOnline
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To: 198ml
"Almost All Economists Believe More Taxes Fuels Job Growth"

Almost All Economists are wrong.
9 posted on 02/11/2010 10:43:38 AM PST by FlyingFish
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To: FlyingFish

Naw. Ask this twit to define “almost all”. :)


10 posted on 02/11/2010 10:49:38 AM PST by RightOnline
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To: RightOnline

If higher cigarette taxes discourage smoking then what behavior do higher income taxes discourage?


11 posted on 02/11/2010 10:52:53 AM PST by massgopguy (I owe everything to George Bailey)
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To: silverleaf

Let me see if I understand the logic. I will get a 5000.00 tax
break if I hire someone. So if my business nets 100,000.00 for
me and I hire someone, that I probably don’t need, at a salary
of, lets say 20,000.00, the government will allow me a 5000.00
tax break. That means I will only have to pay me new hire about 15,000.00. That in turn means that my net income from my
business will be 85,000.00 rather than 100,000.00. Can someone help me out here, I’m not too good at math but it seems to me I’m taking a 15,000.00 Hit.


12 posted on 02/11/2010 10:55:48 AM PST by greyfox (If I were a Democrat I'd be pushing for the fairness doctrine too.)
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To: massgopguy

Add ‘gets rid of annoying and persistant pests’, and you’ve got a sale.


13 posted on 02/11/2010 10:56:02 AM PST by BenKenobi (;)
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To: 198ml

I am sometimes simply astounded by the stupidity and lack of common sense in the upper eschelon surrounding this president.


14 posted on 02/11/2010 10:56:30 AM PST by LibertarianLiz
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To: silverleaf
Let’s give Larry Summers, economic Genius, a real life economic test

Give him $5,000 and tell him to create a new job, and hire someone.

LOL...I love that!

It is simply amazing to me that these bumblers cannot see the stupidity of their action and statements. But then, of course, they have never had a real job...and, crikey, does it ever show.

15 posted on 02/11/2010 10:59:45 AM PST by SonOfDarkSkies (Luk 12:34 -- For where your treasure is, there will your heart be also.)
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To: LibertarianLiz
To all

Didn't Summers recently manage Harvard's investment portfolio and tank it ! He lost some enormous amount of money, so much so that he was encouraged to take this White House job.

16 posted on 02/11/2010 11:00:44 AM PST by Reily
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To: massgopguy

Paying bills.


17 posted on 02/11/2010 11:04:31 AM PST by RightOnline
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To: greyfox
That means I will only have to pay me new hire about 15,000.00. That in turn means that my net income from my business will be 85,000.00 rather than 100,000.00. Can someone help me out here, I’m not too good at math but it seems to me I’m taking a 15,000.00 Hit.

You also forgot to figure in Work Comp., Federal Unemployment, State Unemployment, Matching Social Security, Matching Medicare, plus all the tools necessary for the employee to perform the job like a desk, chair, computer, etc., plus the extra record-keeping for employee wage/benefits, additional time to make out forms 940, 941, W-3, W-2, W-4, and on and on and on.....

18 posted on 02/11/2010 11:09:23 AM PST by N. Theknow (Kennedys: Can't fly, can't ski, can't drive, can't skipper a boat, but they know what's best.)
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To: brownsfan
Over at the DU, we may actually get some donations.

Good luck with that. No one at DU has a job and the concept of donating anything is alien to them.

19 posted on 02/11/2010 11:13:01 AM PST by South Hawthorne (In Memory of my Dear Friend Henry Lee II)
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To: 198ml

Depends on the meaning of the word “all”.

“All Gore” claimed there was consensus on the myth of man-made glow-bull warming too.


20 posted on 02/11/2010 11:16:00 AM PST by a fool in paradise ("like it or not, we have to have a financial system that is healthy and functioning" Obama 2/4/2010)
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To: 198ml

Newsflash: Almost all economists were wrong about the coming crash in housing, in finance, and in in the economy.

Newsflash: Almost all economists were wrong so why believe the lieing dogs now?


21 posted on 02/11/2010 11:21:15 AM PST by Freedom_Is_Not_Free (Depression Countdown: 48... 47... 46...)
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To: 198ml

Lying scumbag.

It is BLACK LETTER ECONOMICS - Higher Taxes is INFLATIONARY, and massively anti-growth.

It is proven. It is fact. There is no dispute, except from the morally bankrupt.


22 posted on 02/11/2010 11:25:07 AM PST by RinaseaofDs
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To: 198ml

Yeah, and higher taxes also prevent global warming. Folks like Summers believe the public will swallow anything.


23 posted on 02/11/2010 11:35:38 AM PST by popdonnelly (Yes, we disagree - no, we won't shut up - no, we won't quit.)
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To: 198ml

“Almost All”

I suppose these are the same economists that keep saying, “but on the other hand.” I guess that “almost all” of them have about 38 sets of hands. These people would lose money running a business selling five dollar bills for $10. Absolutely inept, incompetent, unfit to serve, arrogant, out of touch, (somebody finish this sentence; I don’t have enough words)...


24 posted on 02/11/2010 11:39:55 AM PST by Williford
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To: 198ml

In related news, smoking helps lung health.


25 posted on 02/11/2010 11:41:46 AM PST by pabianice
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To: 198ml

You can’t hire if your business isn’t GROWING!


26 posted on 02/11/2010 11:58:52 AM PST by GailA (obamacare paid for by cuts & taxes on most vulnerable Veterans, disabled,seniors & retired Military)
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To: silverleaf
Economic Illiteracy Quiz:

After what legislation was there the largest spike up in the Real GDP?
a. February 17, 2009: American Recovery and Reinvestment Act = 111th United States Congress
b. October 3, 2008 — Emergency Economic Stabilization Act of 2008 = 110th United States Congress
c. February 13, 2008 — Economic Stimulus Act of 2008 = 110th United States Congress
d. May 28, 2003 — Jobs and Growth Tax Relief Reconciliation Act of 2003 = 108th United States Congress
text describing the image
( Ignore the green forecast, it was wishful thinking)


Failure Qualifies any Participants
to be an Economic Advisor to the White House,
or Replace a current sitting Democrat Congressional member

Correct Answer is: d.
Apply Now
27 posted on 02/11/2010 12:07:40 PM PST by Son House (The Learning Curve for Democrats on Macroeconomics is getting Exponential)
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To: 198ml

“Larry Summers: Almost All Economists Believe More Taxes Fuels Job Growth”

I never spent one day in college and I find that statement to be utter bull$^it.


28 posted on 02/11/2010 12:08:41 PM PST by Grunthor (McCain; for when you really need to snatch defeat from the jaws of victory!)
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To: SonOfDarkSkies

Who is the real Former Federal Reserve Vice Chairman Alan Blinder, Economic Expert #1, or Economic Expert #2?

Transcript of Pelosi, House Democratic Leaders, and Economists’ Press Conference Following Economic Forum 10/21/2009

http://www.speaker.gov/newsroom/pressreleases?id=1414

Economic Expert #1. Alan Blinder 10/21/2009
“So for that reason, despite the fact that we’re looking at an absolutely horrendous long-term fiscal outlook,”

or

Wall St. Journal : The Case for Optimism on the Economy 12/16/2009 | Alan Blinder

http://www.freerepublic.com/focus/news/2408814/posts?page=24

Economic Expert #2. Alan Blinder, 12/16/2009
“Let me offer instead, in deliberately one-sided fashion, the case for optimism.”


29 posted on 02/11/2010 12:10:06 PM PST by Son House (The Learning Curve for Democrats on Macroeconomics is getting Exponential)
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To: 198ml

So the debate is over; the science is settled.

Deniers beware.


30 posted on 02/11/2010 12:10:09 PM PST by DPMD (~)
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To: Son House

Those blue lines of GDP growth from 2000 to mid-2008.....
is that...could it be.... “the lost decade” obama keeps bleating about?????

OMG, how exciting! You found the “lost decade of profligacy”! You are an economics Indiana Jones!


31 posted on 02/11/2010 12:12:00 PM PST by silverleaf (My Proposed Federal Budget is $29.99)
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To: Son House
Yep!

This entire administration is just all over the place.

32 posted on 02/11/2010 12:16:49 PM PST by SonOfDarkSkies (Luk 12:34 -- For where your treasure is, there will your heart be also.)
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To: Reily
How Larry Summers lost Harvard $1.8 billion (Harvard endowment)

Summers, amazingly, wanted to invest 100% of the university’s cash in the endowment, and had to be talked down to investing a mere 80%. No wonder Meyer and El-Erian tried to talk him out of it: the Harvard endowment was never designed as a place to invest sums of cash which might be needed immediately. Instead, it’s designed to invest for the very long term, taking advantage of the higher returns on illiquid investments. Summers was playing a high-risk carry-trade game with Harvard’s cash:
The aggressive investment of cash accounts is part of how the university has long run its “central bank,’’ an account that holds funds from its various schools and pays them a modest US Treasury rate of return. The “bank,’’ in turn, has invested the lion’s share of that money with the endowment, generating returns that are used to pay for shared needs, like graduate housing and financial aid.
No one had the stones to stand up to Summers when it came to this high-risk strategy of essentially borrowing at Treasury rates and investing the proceeds in an illiquid long-term endowment — certainly not James Rothenberg, Harvard’s part-time, unpaid, California-based treasurer.

33 posted on 02/11/2010 12:21:11 PM PST by SonOfDarkSkies (Luk 12:34 -- For where your treasure is, there will your heart be also.)
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To: silverleaf

The blue lines of GDP growth from 2000 to mid-2008 also pre-dates the 110th United States Congress, why is there no growth after a Democrat Majority?


34 posted on 02/11/2010 12:21:22 PM PST by Son House (The Learning Curve for Democrats on Macroeconomics is getting Exponential)
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To: SonOfDarkSkies
If we actually had a media worthy of its name a scrolling banner with “Investment Advice Lost Harvard $1.8 Billion” should appear under him every time he is on TV!
35 posted on 02/11/2010 12:39:31 PM PST by Reily
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To: DPMD

Actually, the DJIA has the last word in such matters.


36 posted on 02/11/2010 12:40:54 PM PST by SonOfDarkSkies (Luk 12:34 -- For where your treasure is, there will your heart be also.)
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To: 198ml

Not one of these intelligent idiots ever ran a company in the private sector. a##wipes all of them, spoon fed, college idiots with no job experience!


37 posted on 02/11/2010 3:57:45 PM PST by ronnie raygun (Cockblock the sock puppet in 2010)
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To: ronnie raygun

Check out the video too yall...it’s priceless


38 posted on 02/11/2010 8:57:48 PM PST by 198ml (Speechless)
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To: 198ml
"Larry Summers: Almost All Economists Believe More Taxes Fuels Job Growth"

Photobucket

39 posted on 02/11/2010 8:59:56 PM PST by decal (The Key To Flexibility is Indecision)
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