The extended stagnation of the American economy is starting to look more and more like a depression. Obama is on track to put the Great in that Depression with what he has already enacted into law for 2013, unless the American people reverse course next year.
At no point in the last 70 years, going back to the Great Depression, has the American economy suffered unemployment this high for this long, or such extended stagnation without a rebound or recovery. The American economy simply does not lie flat on its back for years and years like this, except during a time of depression. Even in the 1970s, the economy persistently rebounded after four worsening recession cycles.
According to the historical record in America, deeper downturns yield stronger recoveries. Based on this precedent, America should be in the second year of a booming recovery by now. So what’s the holdup?
The Failure of Keynesian Economics
President Obama had the chance to guide America to at least a typical recovery. But his retrograde Keynesian, neo-socialist policies have prevented any real recovery at all.
6 comments:
Reagan raised taxes 11 times while in office. The Republican hero. He would never make it today.
:o)
Reagan saved this country from the damage Jimmy Carter did to it. Reagan lowered the tax rate for the upper earners causing massive growth in the economy and record employment.
Reagan tried to limit the size of government but the dumbocrats when seeing the huge increase in revenues under the lower tax rates the dumbocrats started spending and spending.
Dumbocrats just don't get it.
There is one huge glaring problem with this article and much of the rhetoric coming from the blind right. Income taxes are way lower now than under Reagan yet we have seen historically weak job growth under the current tax brackets despite having an economic boom. We also saw more job growth in the 90's under again, taxes which are higher than today's current rates. Doesn't it seem like "taxes" are not the answer?
Sweet! Then I guess you support raising taxes, which was a key part of Reaganomics.
higher taxes are not the answer. Just because economic expansion happened to occur under Reagan/Clinton, does not mean the tax code correlated to the overall performance of the economy. Very simple arguement I hear a lot from those on the left. I'm a conservative, who doesn't believe in Reaganomics(nor do I picture Reagan as the "ideal" Republican, I think he's the most overrated President since FDR). Nor do I support Keynesian measures.
"...does not mean the tax code correlated to the overall performance of the economy"
I think that is the point exactly. Higher taxes relative to what we have today likely will not stifle economic performance based on what we have seen in the past, despite the assertions of many on the right. These folks seem to think that companies will hire more workers "just because" even though demand for products is low and productivity is high.
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