We have not had a “significant tax cut” since post 9/11, those cuts resulted in over a 40 percent increase in tax revenue and full employment, this condition endured until the Demoncrat’s took Congress in 2006.
Income tax rates are irrelevant, ALL taxes are expenses so all have the same effect.
Singling out the income tax rate as if that is the extent of government imposed usury might sell in Liberal circles but anyone who runs a business knows that the income tax rate is the LAST tax paid, not the biggest or the only tax paid.
Times of economic prosperity coincide with times of low total tax and regulatory burden, times of stagnant economic conditions coincide with times of large tax and regulatory burdens.
My incomes tax rate has not changed in 10 years but I spend 4 times as much satisfying the government requirements to operate than I did 10 years ago, calling extortion by another name does not change what it is. Pretending that looking at the Federal Tax Brackets from any era is sufficient to determine the economic results of tax policy is nefarious.
the laws on economics and markets are universal and timeless.
Cheap labor is less efficient that skilled labor payed much more.
Cheap, stable energy costs are mandatory to sustain growth.
Competition breeds efficiency.
Tax Rates that encourage risk taking spur rapid growth,
Today we embrace;
Expensive labor that perform like cheap labor due to protectionism.
Expensive, unstable energy costs due to government intrusion into the energy market.
A regulatory monstrosity that prevents new businesses from forming to compete with existing entities and that outlaws innovation.
A Tax System that discourages risk and punishes success when it manages to occur.
If your desire was to destroy an economy you could not create a more effective structure or philosophy than we have implemented in America today to achieve that goal.
We do not have “Huge ups and downs”, we are stagnant.
Taxes and Regulations combined with labor protectionism and a corrupt judiciary are the cause of our struggles, Romney only has one of these four issues right and Obama has none of them right.
There is no “code” to crack, Socialism, oppression and Communism destroy economies while free markets, Liberty and rugged individualism grow economies.
Absolutely nothing has occurred in the last decade to alter those truths.
You think that is true because you do not understand market dynamics.
If the United States decided to publicly embrace a “Drill everywhere we have resources available today” energy policy the price of a barrel of oil would plummet before the first drill bit hit oil and before the first Dixie Cup of oil was extracted.
EVERY phase of oil energy production, distribution and retail sales is governed by market forces and competition EXCEPT for the supply of crude, governments control the lions share of the worlds crude oil supply.
The price of a barrel of oil is high because no significant threat to this monopoly exists, preserving this price guarantees enormous prosperity and political relevance for Nations that have no other means of being relevant in the affairs of the world.
If the U.S. was to convince the world that we were going to remove ALL the shackles from our domestic oil supply and go after every drop everywhere, the Nations that currently supply the world with crude oil would open the spigots and flood the world with oil cheap enough to make U.S. extraction unprofitable in most regions.
We would never even start punching holes in most places because it would be cost prohibitive but the resulting stabilization of cheap energy supplies would revive our domestic economy by redirecting the massive amount of American dollars now leaving our Nation into our domestic economy.
There is no supply limitation that is causing these prices, it is a monopoly on the side of the owners of the crude oil supply that limit the supply enough to keep prices artificially high. Trying to utilize percentages of oil added to the worldwide market to predict the effect on barrel price when everyone knows that market forces are not what is determining the supply side of the market is dubious.
If I had control of 80 percent of the worlds toilet paper and Enviro-Nazi Communist’s guaranteed that I would never face market competition from anyone else then I would charge 10 bucks a roll, that is what most of the Oil Dictators do with their supply monopoly.
Wrong, they will seek to protect their monopoly and relevance by cutting prices so low that nobody else bothers to extract their own.
This happened in the 1980’s by the way, the Texas oil industry was starving in the 1980’s because OPEC decided to put them under with cheap oil. Today our government is trying to eradicate domestic oil production so OPEC just smiles and stuffs American dollars in the bank while enjoying the butt kissing they receive from the whole world.
Our solution is not “dated”, anymore than the law of gravity is "dated"
Your excuse to ignore domestic supplies and the realities of a monopolized market will always destroy whatever market they are applied to.
The conclusions you are drawing in this paragraph are based upon the flawed premises you established earlier, if I accepted your premises I would draw these conclusions as well but your premises are flawed.
You have bought the same lie that the Liberals were selling during the Cold War, back then they said the Soviet Union was killing us and everyone else due to their superior government controlled economy.
China is a house of cards, their growth is entirely dependent upon the ability of foreign markets to buy their goods, foreign raw materials being shipped in and their currency manipulation lasting long enough to eradicate competition abroad before it crushes them under its own weight.
They are like two stores of the same type across the street from one another, one is owned by a wealthy man and the other has not been around long enough to amass a nest egg.
The wealthy owner decides to drop his prices below cost to put his competitor out of business so he can have the whole market to himself, this is called a “price war” and was common until the 1980’s when everyone realized it rarely works.
The wealthy owner always runs out of capital before the weaker owner runs out of capacity to endure as long as the weaker owner does not panic and try to play the same game as the wealthy owner.
You are advocating for the U.S. to join China in their flawed design that is destined for failure, you are trying to convince us to be like the weaker owner who panics and embraces a proved failed concept.
Just as the collapse of the Soviet Union surprised everyone except Supply Side Conservatives, the backslide of China will shock most on the Left side of the spectrum.
Nothing has “changed” in the era of “globalization” except enlarged markets, that just means that all the lessons we learned between 1820 and 1950 are being learned now by the new participants in the world market.
All the same laws of economics still apply.
This is call “Protectionism”, it is not “new” and it always fails by removing market forces from infrastructure decisions.
There is no “edge” gleaned by bringing government into business, the motivations and consequences to bad decisions are non existent to government so this just reduces efficiency and ads layers of bureaucracy. This is not “new” or innovative, it is a proved failure as a long term model.
No, they buy U.S. and European bonds because they can do nothing else with the money they get from trading with these Nations, this is a great evidence of their inevitable crash. Far to great a percentage of China’s economy is dependent upon the prosperity of other Nations, this will be their downfall.
I am not “hollering”, I am enjoying China’s stupidity by getting great prices along with the knowledge that a Communist model is collapsing under its own unwillingness to accept the lessons of history.
China’s current downturn is not an “exception”, it is the consequence of a flawed model that has never succeeded over time anywhere that it has been tried.
And it has been tried A LOT on multiple scales.
No, if China continues they will end up sucking hind teat just like every other time a derivative of Mercantilism has been embraced by a Nation.
It is “Un-American” and it is the reason America rose from nothing to the greatest power on earth in just 150 years while Nations like China still govern at gunpoint and force abortions while having to play market games doomed to collapse just to feed their impoverished and oppressed people.
History did not begin 15 years ago, this story is not new and the end is already written.
Unless we are more naive than ever before and decide to embrace the same failed concepts.
You have bought the tired hype and flawed premise, you are ready to embrace a proved failure of an economic model because China has managed a good run for one decade (2000 to 2010), there is a lot more information regarding economics than this 10 year period and NOTHING China is doing is new or innovative.
I hate both Parties as well but for different reasons, both Parties are trying to get Americans to accept much of your concepts.
A Party that embraces my view does NOT exist anymore, when it does America will come charging back.