DOW drops 500 points today

[Zecora]

That's a ridiculous lie.

No...YOU think that is a ridiculous lie. However, it is actually spot on.

[Deleted]

No...YOU think that is a ridiculous lie. However, it is actually spot on.

I don't have time to respond properly but even if you think tax cuts are bad for the economy, the bush tax cuts did not cause a signficant enough revenue decrease to have much of an effect in the 2008 crash and the following recession.

The Bush and Obama bailouts (as well as Federal Reserve Quantitative Easing) had many times greater influence and was the reason for the recovery that never was.

[vazar_da_priest]

Meh doesnt matter what you call it - people with money always want more money

do ppl actually believe all rich people are just giant greedy assholes?

you wanna know why large companies aren't hireing right now?
fear.

fear of economic declince, again,
and fear for increased taxation by the government. business owners are scared they will have taxes raised so they are keeping THEIR money in safe keeping. if they were sure about tax increases, they would increase employment.
how do businesses make more money? by expanding, and how do you expand? by highering more people. company owners aren't stupid, they're uneasy.

[Deleted]

I know not all rich ppl are greedy bastards - and I know that the business owners are scared - but take a look at how China overcame the current ressession.
It took them aprox. 2 weeks to get through the shit every1 else is still fighting - and how? they redid their roads = loads of jobs and bam - growth.

I know this isn't possible for any country, which is suffering like the US etc. but still, take some of the millions of dollars the millitary get's for example and try to get the country up and running again.

No I'm not fully american, but I do have an american father who is following the situation. And no I'm not the best at economics, but it really does seem like the people on top don't wanna let go of their cash instead of actually helping the country.

[Merendel]

The Democrats would make the nation go into a Depression before they'd ever Cut spending.

Fixed that for you. More taxes is never the way to fix a recession/depression.

[Odyssasthai]

I don't have time to respond properly but even if you think tax cuts are bad for the economy, the bush tax cuts did not cause a signficant enough revenue decrease to have much of an effect in the 2008 crash and the following recession.

The CBO disagrees.They say the cuts cost us over a trillon in revenues:

"The Congressional Budget Office (CBO) has estimated that extending the 2001 and 2003 tax cuts (which are scheduled to expire in 2010) would cost the U.S. Treasury nearly $1.8 trillion in the following decade, dramatically increasing federal deficits."

There is zero evidence for this thought that tax cuts lead to higher revenues. It doesn't happen.


Additional reading:
The Bush Tax cuts did contribute to the deficit:
http://www.politifact.com/ohio/state...s-caused-subs/

Tax Cuts don't always lead to GDP growth:
http://www.politifact.com/truth-o-me...t-taxes-reven/

Tax Hikes don't decrease revenue:
http://www.politifact.com/truth-o-me...-tax-revenues/

[Ais]

Fixed that for you. More taxes is never the way to fix a recession/depression.

Why not?..

[vazar_da_priest]

I know not all rich ppl are greedy bastards - and I know that the business owners are scared - but take a look at how China overcame the current ressession.
It took them aprox. 2 weeks to get through the shit every1 else is still fighting - and how? they redid their roads = loads of jobs and bam - growth.

I know this isn't possible for any country, which is suffering like the US etc. but still, take some of the millions of dollars the millitary get's for example and try to get the country up and running again.

No I'm not fully american, but I do have an american father who is following the situation. And no I'm not the best at economics, but it really does seem like the people on top don't wanna let go of their cash instead of actually helping the country.

1. 2 weeks? lol
2. U.S. upkeeps the standard of living for its lower americans, unlike china, which costs alot of money.
3. U.S. has no money, throwing a couple billion down to build roads would just increase its debt
4. the U.S. is fighting a war against a terrorists organization which helps protect EVERYONE that doesn't agree with the terrorists. so others dont have to.

basically the thing is, we've tried to stimulate the economy with spending, which has shown to be ineffective. the U.S. just cannot afford more spending.
best thing to do IMO is to cut spending and let the market work itself out.

[Marco]

The CBO also reported that after the tax cuts, Federal Tax receipts increased and from 2004-2007 we saw the largest increase in revenue in American History.

http://www.heritage.org/research/rep...-bush-tax-cuts

[Chyrch]

Fixed that for you. More taxes is never the way to fix a recession/depression.

You'd have a point if you were right in any way. Thanks to the "Starve the Beast" strategy the Republicans have been pushing since Reagan, Republican spending is just as bad as Democrats, if not worse. When they can't lower taxes, they simply spend more. The Republicans worked AGAINST paying off the debt because of this strategy.

[Symphonic]

Taxing the super rich is not going to solve anything, would only make things worse. In fact, if they all donated every single billion they own, it wouldn't even take about a trillion off.

[Deleted]

By the way, I never said the bush tax cuts increased revenue. Bush tax cuts were a horrible failure because no spending cuts were coupled with the tax cuts. The government had to get their money for the budget from somewhere, and when it didn't come from taxation it was either borrowed or monetized (printed).

However the costs of the tax cuts were not nearly significant to freeze the economy.

[Chyrch]

The CBO also reported that after the tax cuts, Federal Tax receipts increased and from 2004-2007 we saw the largest increase in revenue in American History.

http://www.heritage.org/research/rep...-bush-tax-cuts

Unless you're going to quote the Heritage Foundation as a joke, don't bother linking it at all.

[Marco]

Unless you're going to quote the Heritage Foundation as a joke, don't bother linking it at all.

Use facts in your argument please.

[Locruid]

Interesting.....Blizz announces they lost 300,000 subs and the Dow crashes 500 pts.....Guess the doomsayers MUST be right :P

[Deleted]

<a href="http://scumbagsteve.com/unmoderated-scumbag-steve-meme/68082"><img src="http://assets.scumbagsteve.com/hashed_silo_content/922/5e9/b1f/resized/blame-kids-in-bg-give-shit-economy-too-them-dd8caa.jpg" /></a>


True facts

[Lumocolor]

And fanboys said losing 300k subs was no big deal...lol

All kidding aside, most of the world is broke so it will only get worst in the long run.

[Blobfish]

The terroists that hit the Twin Towers in NY have actually won

Fighting a war in both Iraq & Afghanistan has drained the US of valuable monatary resources
due to its war effort in trying to fight terroisim

Conversely its just not just Overseas engagements which have cost billions to run.

But also internally with new billion dollar departments (like Heartland security) to monitor potential internal threats

[Deleted]

84% of Americans think that the economy is bad... what the fuck are the other 16% doing?

That's the rich, WASP (white-anglo-saxon-protestant) side of community. They'll get their hoardes of money anyway.

[Bolson13]

Canada ftw.

Toronto exchange dropped 3.4%