[EB]

The Failure of Supply-Side Economics
Three Decades of Empirical Economic Data Shows That Supply-Side Economics Doesn’t Work

.....

Adherents of the economic theory known as supply-side economics contend that by cutting taxes on the rich we will unleash an avalanche of new investment that will spur economic growth, and boost job creation, leading to economic improvements for everyone. For most of the past 30 years this idea has dominated the economic debate, resulting in two sustained eras of tax cuts aimed at the wealthy, separated by a brief respite in the 1990s.

Now, as our economy struggles to emerge from the deepest recession in generations—and as we argue over what to do with the expiring Bush-era tax cuts—it is more important than ever to understand one simple fact: When put to the test in the real world, supply-side policies did not deliver as promised. In fact, by every important measure, our nation’s economic performance after the tax increases of 1993 significantly outpaced that of the periods following the tax cuts of the early 1980s and the early 2000s.

Supply-side economics starts from the generally accepted economic insight that tax policy can influence private-sector decisions by changing the incentives to work and invest. But supply-side acolytes take this relatively mundane observation to an extreme conclusion. They argue that lowering taxes for people, especially for those who have a lot of money to invest, will always lead to better economic results, and furthermore, that lower taxes is the single most critical intervention the government can undertake to stimulate growth.

This assertion—that lower taxes for the rich will lead to improved economic results—is testable. Of course, pure natural experiments in economics are few and far between, but over the last 30 years the United States alternated between economic policies that were heavily influenced by supply-side ideas, then were not, then were again. This variation allows us to compare economic performance in the various eras. If proponents of supply-side theory are correct, then the supply-side eras should outperform the non-supply side era. But that’s not what happened.

In 1981, President Ronald Reagan signed a large tax cut package into law, which lowered the top income tax rate by 20 percentage points and cut taxes for the rich and for corporations. The next several years saw numerous additional tax legislations passed, much of which represented retreats from supply-side ideology. Nevertheless, this supply-side era continued into the 1990s. In 1993, President Bill Clinton signed a major tax increase into law. That legislation raised the top marginal income tax rate paid by the wealthy, and also extended Medicare taxes to higher income individuals. And despite the capital gains tax cut of 1997, the 1990s represented an eight-year respite from supply-side policies.

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[uchighlander]

I did pretty well during those times....a lot better than I'm doing now under Obama's " where's my free sh*t economics". His economic polices have fewer and fewer people pulling an already overloaded wagon. GO VIKINGS!!!

[Ken]

What happened they reduced your salary and working hours on  your job??--

[uchighlander]

What happened they reduced your salary and working hours on  your job??--

Nope.....still working 40 plus.....I get cost of living raises....but I haven't recieved a bounus in 4 years. Hey....I consider myself one of the lucky ones....my job is a niche job that not many people can do. GO VIKINGS!!!

[iceman4221]

What happened they reduced your salary and working hours on  your job??--

Nope.....still working 40 plus.....I get cost of living raises....but I haven't recieved a bounus in 4 years. Hey....I consider myself one of the lucky ones....my job is a niche job that not many people can do. GO VIKINGS!!!

It's nice being a white male, doing accounting in California isn't it??? 

Especially with the security of a municipal job...  2012 minus 4 years is 2008, I hope you are not blaming the current administration for the problems that you and others are experiencing, this started under your beloved President George W Bush he had 8 years to mess things up for everyday JOES... 

It's gonna take about 8 years to repair this chit he has left behind - duh, with the tea party controlling the house it may take longer, since there are in the "don't do anything until after the November 2012 Presidential Election...   

I sense that chit is gonna back fire on their ignorant arses, LOL!!!       

[Cats4ever]

In 1981, President Ronald Reagan signed a large tax cut package into law, which lowered the top income tax rate by 20 percentage points and cut taxes for the rich and for corporations. The next several years saw numerous additional tax legislations passed, much of which represented retreats from supply-side ideology.

You’ve been hoodwinked, bamboozled, mislead, lead astray, deceived, conned, tricked, duped, fooled, deluded, taken in, swindled, double-crossed, defrauded, ripped off, betrayed, misinformed, cheated, lied to, hoaxed, baffled, perplexed, confused, mystified, puzzled, but you do not hear me.

[uchighlander]

What happened they reduced your salary and working hours on  your job??--

Nope.....still working 40 plus.....I get cost of living raises....but I haven't recieved a bounus in 4 years. Hey....I consider myself one of the lucky ones....my job is a niche job that not many people can do. GO VIKINGS!!!

It's nice being a white male, doing accounting in California isn't it??? 

Especially with the security of a municipal job...  2012 minus 4 years is 2008, I hope you are not blaming the current administration for the problems that you and others are experiencing, this started under your beloved President George W Bush he had 8 years to mess things up for everyday JOES... 

It's gonna take about 8 years to repair this chit he has left behind - duh, with the tea party controlling the house it may take longer, since there are in the "don't do anything until after the November 2012 Presidential Election...   

I sense that chit is gonna back fire on their ignorant arses, LOL!!!       

Accounting??? Where did you get that idea? That's hardly a niche job.....and I work for a private company....family owned.....not a municipality. GO VIKINGS!!!

[oldsport]

What happened they reduced your salary and working hours on  your job??--

Nope.....still working 40 plus.....I get cost of living raises....but I haven't recieved a bounus in 4 years. Hey....I consider myself one of the lucky ones....my job is a niche job that not many people can do. GO VIKINGS!!!

It's nice being a white male, doing accounting in California isn't it??? 

Especially with the security of a municipal job...  2012 minus 4 years is 2008, I hope you are not blaming the current administration for the problems that you and others are experiencing, this started under your beloved President George W Bush he had 8 years to mess things up for everyday JOES... 

It's gonna take about 8 years to repair this chit he has left behind - duh, with the tea party controlling the house it may take longer, since there are in the "don't do anything until after the November 2012 Presidential Election...   

I sense that chit is gonna back fire on their ignorant arses, LOL!!!       

Accounting??? Where did you get that idea? That's hardly a niche job.....and I work for a private company....family owned.....not a municipality. GO VIKINGS!!!

 

u, these K----s have really been brainwashed. This is the kind of BS they believe. What we do know is whatever form capitalism appeared it created more wealth than all the socialist/communist theories and experiments known to man.

Listen you IDIOTS AND GET A EDUCATION....






 to man.

[Bison66]

OS post ^ ^ ^ is hilariously sad on a number of levels.

First off, he is using his "massa, we sick" voice talking to a white man about "these K-----s."  Still trying to ingratiate himself to some anonymous dude on the Internet 'cause he's white and hoping that he'll get enough "brown nose" points from highlander so he can be considered an "exception."

Secondly, he makes the highly questionable claim that "whatever form capitalism appeared it created more wealth."  Yes, using genocide to eliminate native peoples and steal their land by force and deceit while forcing free labor for hundreds of years does tend to be profitable no matter how immoral, sinful and against God's word it might be. 

So wealth was created for whom?  Yep, wealth was created by and for the slavers, the robber baron's, the sweatshop owners and those who sold out their moral beliefs to get their little slice of the blood-stained loot.

But those who died in the Middle Passage and in the Americas, Africa and Asia so that others could be wealthy were not even mentioned in the will.

So, OS is deluded (What's new?) and thinking that he is included in those who amassed wealth.

And of course his belief in white so-called supremacy and African/Black inferiority make him believe that it was all justified 'cause - no matter that millions of Black & Indigenous folks, including children, were harmed or killed - as long as wealthy capitalists shared a few crumbs with the merchant class and others, it's perfectly fine.

Pi-ti-ful!

[soflorattler]

What happened they reduced your salary and working hours on  your job??--

Nope.....still working 40 plus.....I get cost of living raises....but I haven't recieved a bounus in 4 years. Hey....I consider myself one of the lucky ones....my job is a niche job that not many people can do. GO VIKINGS!!!

It's nice being a white male, doing accounting in California isn't it??? 

Especially with the security of a municipal job...  2012 minus 4 years is 2008, I hope you are not blaming the current administration for the problems that you and others are experiencing, this started under your beloved President George W Bush he had 8 years to mess things up for everyday JOES... 

It's gonna take about 8 years to repair this chit he has left behind - duh, with the tea party controlling the house it may take longer, since there are in the "don't do anything until after the November 2012 Presidential Election...   

I sense that chit is gonna back fire on their ignorant arses, LOL!!!       

Accounting??? Where did you get that idea? That's hardly a niche job.....and I work for a private company....family owned.....not a municipality. GO VIKINGS!!!

An engineering company that depend on gov't contracts....

[soflorattler]

[uchighlander]

OS post ^ ^ ^ is hilariously sad on a number of levels.

First off, he is using his "massa, we sick" voice talking to a white man about "these K-----s."  Still trying to ingratiate himself to some anonymous dude on the Internet 'cause he's white and hoping that he'll get enough "brown nose" points from highlander so he can be considered an "exception."

Secondly, he makes the highly questionable claim that "whatever form capitalism appeared it created more wealth."  Yes, using genocide to eliminate native peoples and steal their land by force and deceit while forcing free labor for hundreds of years does tend to be profitable no matter how immoral, sinful and against God's word it might be. 

So wealth was created for whom?  Yep, wealth was created by and for the slavers, the robber baron's, the sweatshop owners and those who sold out their moral beliefs to get their little slice of the blood-stained loot.

But those who died in the Middle Passage and in the Americas, Africa and Asia so that others could be wealthy were not even mentioned in the will.

So, OS is deluded (What's new?) and thinking that he is included in those who amassed wealth.

And of course his belief in white so-called supremacy and African/Black inferiority make him believe that it was all justified 'cause - no matter that millions of Black & Indigenous folks, including children, were harmed or killed - as long as wealthy capitalists shared a few crumbs with the merchant class and others, it's perfectly fine.

Pi-ti-ful!

OS doesn't have to ingratiate himself to me or anyone else Bison. It's really amazing to me....with all the highly educated people on this board......when the liberals on this board disagree with someone it always reverts to name calling and derisive comments about peoples character and beliefs. I know...it comes from the coservative side too so don't go all postal on me. GO VIKINGS!!!

[uchighlander]

What happened they reduced your salary and working hours on  your job??--

Nope.....still working 40 plus.....I get cost of living raises....but I haven't recieved a bounus in 4 years. Hey....I consider myself one of the lucky ones....my job is a niche job that not many people can do. GO VIKINGS!!!

It's nice being a white male, doing accounting in California isn't it??? 

Especially with the security of a municipal job...  2012 minus 4 years is 2008, I hope you are not blaming the current administration for the problems that you and others are experiencing, this started under your beloved President George W Bush he had 8 years to mess things up for everyday JOES... 

It's gonna take about 8 years to repair this chit he has left behind - duh, with the tea party controlling the house it may take longer, since there are in the "don't do anything until after the November 2012 Presidential Election...   

I sense that chit is gonna back fire on their ignorant arses, LOL!!!       

Accounting??? Where did you get that idea? That's hardly a niche job.....and I work for a private company....family owned.....not a municipality. GO VIKINGS!!!

An engineering company that depend on gov't contracts....

Actually you are wrong....we try to stay away from government contracts....to many hoops to jump through. GO VIKINGS!!!

[soflorattler]

What happened they reduced your salary and working hours on  your job??--

Nope.....still working 40 plus.....I get cost of living raises....but I haven't recieved a bounus in 4 years. Hey....I consider myself one of the lucky ones....my job is a niche job that not many people can do. GO VIKINGS!!!

It's nice being a white male, doing accounting in California isn't it??? 

Especially with the security of a municipal job...  2012 minus 4 years is 2008, I hope you are not blaming the current administration for the problems that you and others are experiencing, this started under your beloved President George W Bush he had 8 years to mess things up for everyday JOES... 

It's gonna take about 8 years to repair this chit he has left behind - duh, with the tea party controlling the house it may take longer, since there are in the "don't do anything until after the November 2012 Presidential Election...   

I sense that chit is gonna back fire on their ignorant arses, LOL!!!       

Accounting??? Where did you get that idea? That's hardly a niche job.....and I work for a private company....family owned.....not a municipality. GO VIKINGS!!!

An engineering company that depend on gov't contracts....

Actually you are wrong....we try to stay away from government contracts....to many hoops to jump through. GO VIKINGS!!!

You're telling us that your firm has never gotten any government contracts?

[EB]

Turning College Students into a Commodity

Jim Hightower
Otherwords / Op-Ed
Published: Monday 6 August 2012
“Free-market purists want us to have another ungodly religious encounter with their omnipotent deity.”

Let's take a trip deep into the magic kingdom of "Laissez Fairyland" and prostrate ourselves before the infallible and inscrutable force known as the free market.

While this awesome deity cannot be seen, the high priests of free-market fundamentalism insist that we mere mortals must simply have faith that its mysterious workings are always in our best interest. Yeah, sure, your holiness. We saw how well that worked out for us wandering pilgrims after you true believers deregulated Wall Street, which then crashed on our streets.

Well, get ready. Free-market purists want us to have another ungodly religious encounter with their omnipotent deity. Looking at America's trillion-dollar student debt crisis, these spiritualists had a burning-bush revelation.

.....