[QUOTE=OCCH;4494039]He asked how Bush's tax cuts were given with the ultra-rich in mind, but Obama had to extend them to help the middle class. You might feel it's a stupid question, but it's a legitimate one nonetheless.
Unfortunately, all you seem fixated on is Hollywood, even though all I could find is a MINOR reference he makes to an HBO documentary written by a Democrat -- some may agree with your "stupid silly movies" characterization, but I highly doubt that was his intent.
If you don't have an answer, just admit it. But for all the nonsense that goes on in this forum, it would be nice if legitimate discourse was actually encouraged . . .[/QUOTE]
Let's first agree with the following economic principle; that during a time of recession one of fiscal policy tools available is cutting taxes to stimulate GDP by increased consumer spending. Unfortunatly GDP growth during the bush administration was an anemic 2%. Regan who had a TERRRIBLE recession had GDP growth of 3.5 while dealing with the cold war. Ford and Nixon even had 3% growth. Made makes his 2% even more pathetic is that he used a second fiscal tool increased government spending (2 wars, bigger government with Homeland security, etc)
The issue with his tax cut was it was disproportionate as I will illustrate below:
Top .1%: 8.2%
Top 1%: 7.3%
This translates to the approx tax savings per bracket
Top .1%: 240k
Top 1%: 70k
On why it was extended he overlooks how patriotic Republicans threatened they would block all legislation in the lame-duck session of congress until all the cuts were extended through 2012, Obama in turn got unemployment extended for 12 months.
At this point with the economy still fragile, and with the Euro falling apart raising taxes at any level would be catastrophic.
Also his comment on bush/Paulson/bernake shows he doesn't know how our system works because fiscal and monetary policy must not influence one another, that was a GROSS abuse of power.
Now I'll wait for the typical mind numbing rhetoric response from whom ever their preferred mouth piece is and i will most likely ignore moving forward.
Last edited by dmitexxi; 06-17-2012 at 11:32 PM.