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To: Moonman62
He did encourage investment and innovation, he cut tax rates and especially sharply on capital gains and corporate dividends. We got a bull market and record revenue as a direct result. He doesn't deserve your carping, or everyone else's. Yes less spending in the boom would be nice, but now is no time to be trying to accomplish that - quite the reverse actually. But spend it on real production of lasting goods for the country, not pointless consumption transfers to the middle class.
36 posted on 03/10/2008 7:23:23 PM PDT by JasonC
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To: JasonC
He did encourage investment and innovation, he cut tax rates and especially sharply on capital gains and corporate dividends.

The only part of that tax cut W did was the dividend cuts. An good idea which had been floating around Republican circles for decades. The rest was authored by former congressman Bill Thomas. W at that time sent Ari Fleischer out twice to say he was adamantly opposed to capital gains tax cuts. W's previous two demand side tax cuts designed to "put money in the hands of consumers" were total failures. Perhaps that's because we were in the middle of a historic decline in business spending while consumer spending was holding up well. W did his tax cuts for political reasons not economic ones. As far as economics goes, W is a willful moron.

We got a bull market

Yet the Nasdaq is still several hundred points below where it was when W took office, in spite of a severe correction before he got there. And now the eight year returns for the DOW and S&P aren't looking so good either.

and record revenue as a direct result.

Those revenues came from oil and commodity companies, government contractors, and the tax returns of government employees. All of which is unsustainable.

He doesn't deserve your carping, or everyone else's.

He deserves worse. He's one of the worst economic presidents ever. If it weren't for the wealth built during the Reagan era (which ended when W took office), we would be in really horrible shape, and if it weren't for Bill Thomas, W never would have won a second term.

60 posted on 03/10/2008 7:50:27 PM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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