Dubya came into office and immediately gave everyone who pays income taxes a tax break. For some people on the lower end of the pay-scale, this amounted to a few hundred extra bucks a year. For people on the high end of the pay-scale, however, this amounted to few extra hundred thousand bucks a year, or even millions of extra bucks a year for the very top earners. We quickly ate through what had been a large projected surplus in revenues and began to go trillions of dollars into debt. Then Bush sent our troops off to fight a war of choice in Iraq that turned into an expensive quagmire. For the first time in our history, no one was asked to pay for this war, nor the one in Afghanistan.
NaNook wrote:Would the 47-48% of people who DON'T pay income taxes get a break?
Do you both know the bottom of income earners pay a -6.8% of taxes??????
Are you asking how one can pay -6.8% ???????
If so....public education at work again.......
Now they've submitted a tax plan that raises taxes on ten times as many people as receive cuts. Middle class folks will see cuts in the Child Tax Credit, the Earned Income Tax Credit, and the American Opportunity Tax Credit that helps them pay for their children's higher education, but rich people will see their Bush tax cuts extended. In other words, they want the middle class to retroactively pay for the Bush wars (with interest). Then they are going to ask you to work longer to receive less from Social Security and Medicare. Why? Because they want the middle class to pay for the huge hole Bush's handouts to the rich blew in the country's budget.
The other catalyst for our economic meltdown was the lack of regulation and oversight of Wall Street. Once again, a gift to rich people, the smartest of which developed schemes to game the housing market and make a fortune for themselves, while the rest of us were left with properties that were worth less than we borrowed to move into them. They took away our money and then they took away our jobs and then they took away our freedom to move to find a new job.
And then they convinced the SCOTUS to allow their plutocrat overlords to contribute any amount, even into the billions, to corrupt and influence our politicians and misinform us about the real deal that has been going down in this country.
And, here comes Nanook right on cue to blame all our woes on the poorz. Public education, indeed.
I guess you missed the 2000 CLINTON INTERNET BUBBLE? Check NASDAQ? Only a 50% loss of equity...get it...50%!!!!! Bill Clinton....get it...did BUSH cry amd blame? Did Bush cry and blame??????
8 months later....9/11, the Markets closed for a week, panic in the streets. Did Bush cry and blame? Did Bush cry and Blame?
BTW; What was the Nasdaq Close today? What was the Nasdaq high/low in 2000? So you see.....maybe not,,,,been following Fannie Mae lately? Obama is going to try and screw investors again. Not going to happen this time....
Want to talk GM and their 100% increase in sub-prime auto loans this last quarter? They were writing off 5.5% of their loans, going for 10% I guess? Who really pays, the credit worthy. How is our GM stock doing? Is it up to $20? Only $33 more a share to just break even on 500,000,000 shares. Don't forget the 10 year tax break on earnings, no taxes for 10 years. Maybe Harry Reid mixed up GM and Romney?
Remember, G.W.Bush walked into a recession. He didn't cry about it, he tried to solve it. He certainly didn't blame Clinton for the 50% loss on the NASDAQ. You know, retirement funds, IRAs, pension funds........
It's all real history.......