Robert Reich debunks conservative economic mantras
Lower taxes on corporations and the wealthy do not help the overall economy and actually contribute to the redistribution of wealth to the top. With actual facts and data sources.
quote:Their claim is that cutting taxes on the rich (and for that matter, corporations) will free up capital that will magically find its way back into the economy in the form of investment and hiring. Aside from being demonstrably false (see charts below), it also makes the false assumption that tax rates are what drive or divert hiring and other investments. In reality, more important market signals like demand are what drive these, regardless of tax rates. Cutting taxes on the rich and corporations has done nothing to boost GDP growth. Rather, the added streams of revenue have simply increased profits and increased wealth disparity here in the US.
quote:The record is actually awesomely consistent. Bill Clinton’s tax hike didn’t cause a depression, George W. Bush’s tax cuts didn’t deliver a boom, Jerry Brown’s California tax increase wasn’t “economic suicide,” Sam Brownback’s Kansas tax-cut “experiment” (his term) was a failure. Nevertheless, Republicans persist. This time around, the centerpiece of the tax cut was a huge break for corporations, which was supposed to induce companies to bring back the money they’ve invested overseas and put the money to work here. Instead, they basically used the tax savings to buy back their own stock. What went wrong? Business investment depends on many factors, with tax rates way down the list. While a casual look at the facts might suggest that corporations invest a lot in countries with low taxes, like Ireland, this is mainly an illusion: Companies use accounting tricks to report huge profits and hence big investments in tax havens, but these don’t correspond to anything real. There was never any reason to believe that cutting corporate taxes here would lead to a surge in capital spending and jobs, and sure enough, it didn’t.
quote:In short, the supposed rationale for big corporate tax cuts is based on a misinterpretation of the evidence. Multinational corporations move profits – as reported — around based on tax considerations; actual capital, and hence actual economic activity, not so much. But why aren’t actual capital movements that sensitive to tax rates? There is, I think, an important point about business investment that a lot of discussion has missed. The business cost of capital doesn’t matter very much Anyone who follows real-world monetary policy is aware of a dirty little secret about what economists used to call the “transmission mechanism”: interest rates don’t have much direct effect on business investment. In fact, in general it’s hard to find any effect at all. Monetary policy works through housing and, these days, the exchange rate; if it affects business spending, the effect is indirect, through changes in sales that were caused by housing and the exchange rate.
Opinion | Tax Cuts and Leprechauns (Wonkish) Now I know conservatives are going to attack Krugman and Reich as being liberal. How about you try something different and show the data and conclusions are wrong and not attack them?
Facts don't lie or have an agenda. Facts are just facts
"God did it" is not an argument. It is an excuse for intellectual laziness.
If your viewpoint has merits and facts to back it up why would you have to lie?
What's truly astounding is that Pelosi's behavior is receiving the bulk of the criticism when Trump's is far, far worse. This could only be because people realize that Pelosi cares while Trump does not.
quote:Describing Trump's mendacious rant as "an uplifting celebration of diversity of the American experience and the triumph of the American spirit," Gaetz demands that the House Ethics Committee censure the speaker and refer her to the Justice Department for criminal prosecution.
quote:There is no question that Speaker Pelosi "mutilated, obliterated, or destroyed" the copy of the President's address provided to her at the beginning of the evening. The video evidence is clear and abundant, and the Speaker herself told reporters that she tore up this document because it was "the courteous thing to do given the alternatives."
Accordingly, after the House Committee on Ethics thoroughly investigates this matter and recommends Speaker Pelosi's censure, I urge you to make all appropriate referrals to the Department of Justice for further investigation and prosecution.￼
UH HUH. Well, as the Washington Post points out, there are a few small problems with this argument. Namely, a copy of a speech is not a federal record, Speaker Pelosi is not a legal custodian, and the House of Representatives is not the National Archives. But other than that, William and Mary Law School must be so proud of its distinguished alum's masterful legal reasoning.
quote:Last Thursday, the president came to Des Moines for one of his narcissistic rallies. I was in Des Moines, too, so I tried to talk to some folks outside the event before they went in. ... But three people said that Trump has never golfed since he’s been president. No one said that they thought he did anything wrong with Ukraine. No one knew that our annual deficits just blew past $1 trillion. Everyone believed hundreds of miles of new wall had been built. (Fact check: False!) When I asked whether they thought Mexico was paying for the wall, most people said yes but were at a loss to explain how. On and on it went: CNN was the enemy and Rep. Adam B. Schiff (Calif.), along with the rest of the congressional Democrats, were lying traitors. ... They’re being spoon-fed a daily dose of B.S. from “conservative” media. They don’t know what the truth is and — more importantly — they don’t care. There’s nothing that any Republican challenger can do to break them out of this spell. (Thanks, Hannity.)
What I'm afraid of is that not Joe Walsh, not any Democrat, not any person in the world including the Pope, could defeat Trump's wall of lies.
We still wonder today how the Germans and Italians could have so blindly followed Hitler and Mussolini. We're seeing it again before our very eyes, but it remains inexplicable.
quote:“[We have] taken action to hold one of President Trump’s top defenders accountable for violating legal ethics by risking America’s national security to “grandstand” in Congress which entailed breaking into a secure, compartmented information facility, then ordering pizza,” stated the Miami-Dade Democratic Party in a press release.
Monsters exist, but they are too few in number to be truly dangerous. More dangerous are the common men, the functionaries ready to believe and to act without asking questions.
We must be listened to: above and beyond our personal experience, we have collectively witnessed a fundamental unexpected event, fundamental precisely because unexpected, not foreseen by anyone. It happened, therefore it can happen again: this is the core of what we have to say. It can happen, and it can happen everywhere.
Edited by vimesey, : No reason given.
Could there be any greater conceit, than for someone to believe that the universe has to be simple enough for them to be able to understand it ?
Ok WTF rain in your lying News. I don't care how much fox news lies about the status of america but stop lying about my country. Celje is definitively positively not among the top 10 most dangerous cities in EU. The stats are made up there where no 0, zilch murders in 2017 in Celje.
Christianity, One woman's lie about an affair that got seriously out of hand
What are the Christians gonna do to me ..... Forgive me, good luck with that.
Re: Paying down the National Debt, improving society[qs]
But you can't leave inflation out of the equation. Increased worker salaries mean that businesses must raise prices.
But if the change is how profits are distributed within a company, inflation should not be an issue.
Curiously I am amused by people so ready to accept a feudal type organization of corporations, when we fought a revolutionary war to get feudal type government out and replaced by a democratic system.
The answer, of course, is worker owned cooperatives, where all the workers decide major company policies, like pay and benefits, and they hire and fire managers. Not surprisingly they are successful and have high worker satisfaction. They also seem to be more robust in startups than your standard business model companies.
And you don't wonder why there are no "van Gogh" type people in your circle of friends, but think you have a well rounded group. Interesting. I guess you don't know what you don't miss.
Yeah, sure, when I said "capitalism" I really meant "unchecked capitalism."
"Capitalism" without any modifiers defaults to unchecked capitalism. Capitalism is amoral, while socialism provides a moral culture. Done democratically it is OF the people FOR the people BY the people.