Posted on 09/11/2012 7:03:57 AM PDT by ExxonPatrolUs
The economic equation is rigged:
GDP = Private Sector Wealth Creation + Gov Spending
As the private sector creates less wealth, the government must spend exponentially more.
We can’t even educate them on speaking proper English, much less economics.
A year ago you would be giving Ben Stein a high five. Today you blast him. You guys are so fake that you don’t even hide it any more. Don’t you dare tell me that you loved Romney a year ago. It is one thing to vote for the turd, but it is another to lie and exaggerate on your thoughts.
I hate Obama more that I hate Romney.
Did Mr. Stein mention spending cuts anywhere?
We all do and we all are voting for him but to start blasting people for telling the truth about Romney is a bit much. That is it really. Nothing more to it. Romney sucks but will get my vote. I refuse to bash people who tell it like it is about Romney though.
Furthermore my criticism of Mr. Stein was based on his attacks on supply-side economics, of which I happen to be a big believer in. Of course Mitt isn’t a supply sider.
Everyone needs to realize that the next president elected will be making Supreme Court nominations. The last two picks provided left something to be desired.
Three out of the last four picks left something to be desired.
Nixon and Ford? Supply-Side theory was only taught at the University of Chicago Business School by guys like Milton Friedman. Back then it was all Keynesian leftist crap and John Kenneth Galbraith was media go to guy. Supply-Side economics was not common knowledge nor was it metioned by the leftist Cronkite during those years...not until Reagan.
Ben must not be getting any calls from Hollywood.
Romney was prone to naming Democrats to the bench in MA, but at least we’d have a chance to apply pressure and keep him from a Souter/Miers pick if he were in instead of Barry.
I disagree with Ben, but I do agree with one thing....reduced taxes alone won’t do it, it must be accompanied by a reduction in regulatory/bureacratic burden as well.
Not that I saw.
“And it certainly isn’t true that by cutting taxes you spur the economy enough so you make up the lost tax revenue.”
Gee Ben I wonder why banks and corps. are sitting on trillions of dollars until after the election.
Also ever wonder why so many businesses have moved off shore?.
Go back to your eye drops commercials, gloomy.
"He has bought into what I think is a bit of nonsense about supply-side economics. He has bought into the idea that by cutting taxes, you automatically spur the economy. That would be wonderful if true, and it may be true, but there's no data that it's true,” he said. "And it certainly isn't true that by cutting taxes you spur the economy enough so you make up the lost tax revenue."A lot of things can be analyzed by simplifying assumptions, especially the assumption of linearity. The linearity assumption can be summarized by saying, “If one is good, two is twice as good.” When applied to tax rates, the linearity assumption would lead you to believe that you can always balance the budget by the mere expedient of increasing tax rates. Under the assumption of linearity, if your revenue is only half of your expenditures you need only to double the tax rates any your budget is instantly in balance.There is only one minor problem - the ineluctable law of supply and demand. Your tax rate is a price - the price Americans pay for legitimacy of the entity you set the tax rate on. And no matter that you have a monopoly on the supply of legitimacy of income, the demand for legitimate income is not a constant. And you can argue as much as you want that "there's no data that it's true,” but the ink was scarcely dry on the Sixteenth Amendment (1913) and the income tax, when Secretary of the Treasury Andrew Mellon was creating the “Roaring Twenties" boom by slashing the income tax rate.
Even as I type, investors are realizing their capital gains in 2012 in anticipation of the tax rate increase slated for 2013. In 2013 the capital gains tax revenue will not rise. It will fall. The mechanism by which high tax rates produce low tax revenues is called “recession.” Or, in the present instance, depression.
I understood him to say that he will not repeal all of obamacare. He wants to let 26 year olds to be covered by parents and a couple of other parts of obamacare. If that monstrosity is not completely repealed we are still in a world of hurt. I want it GONE. Give us a free market healthcare. That is what it was before LBJ and everyone could afford medical care. The day the gov. got involved in it the prices started to go through the roof. Competition is the only cure for high prices.
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