Originally Posted by Direckshun
His point stands -- we had our fiscal house in outstanding order at the turn of the century.
We eroded that over the past decade.
Here's a lil history lesson for you - Clinton is responsible for the sub prime loans fiasco, where banks had to approve risky loans. So what happened? With new consumers in the market, the market boomed and Clinton et al claimed it a great success, but of course, all it took was time for people to start faulting on those loans that they couldn't afford in the first place. Spin it forward, add in a war, and here we are. Point is, that 'economic boom' Clinton & the Dems proudly claim was just the lighting of the fuse; our economy now is the true result of that measure.
Now about 'taxing the rich'...
#1. Most rich people actually own companies / corporations... who pass the costs of their taxes right on to the consumers...
#2. The US is already around the top 20 of all nations topping out at ~35%
#3. Small business - which employ most Americans - are taxed at individual rates, so when you talk about raising taxes on 'the wealthy', you're raising taxes on those businesses too, and guess what they are going to do? Raise prices and layoff workers...
Just like the bailout, its flat out bad economics. No one in their right mind spends more / hires more when they have less money to do it with.