If government intrusion worked, we would not have had a Great Depression. FDR and the Dems (all lefties) controlled both houses of Congress with 2/3rds majorities. FDR faced zero opposition. He had the press on his side as well. We all know how that turned out. FDR was regulating chicken coops and telling chicken butchers what chickens they can and can't sell. Where is the evidence that government intrusion works? Show me the evidence. FDR never got the unemployment rate below 14% before 1941.Originally Posted by Lateralus
You may want to look up the impact of fossil fuels on economic growth.North Dakota is digging decayed dead plant and animal parts out of the ground.
Jimmy Carter said something similar in 1977. "We could use up all of the proven reserves of oil in the entire world by the end of the next decade."Once the oil boom is over, North Dakota will be full of ghost towns, just like what happened after gold booms.
What's happening in North Dakota can also happen in New York, California, and Alaska. It's politicians like Senator Warren and Obama who are killing millions of job opportunities for low-skilled and unskilled Americans.Booms, like what is happening in North Dakota, is no way to model a national economy.
Bush cut the capital gains tax from 20% to 15%. The dividend tax was cut from 39.6% to 15%. The top income tax rate was cut from 39.6% to 35%. After these cuts, stocks climbed about 20% in the next two years and business capital spending increased by 7.4% in 2004 and by 9.5% in 2005. Between 2003 and 2007, 8 million jobs were created. Median household income increased $20,000 in real terms since the 2003 tax cuts.Bush's tax cuts last decade did not produce real growth. It was imaginary. It was growth that only existed in accounting ledgers.
You can choose to ignore all the facts, but you really haven't provided any evidence that increasing wages by govt fiat or govt intrusion creates the kind of growth that we see by merely cutting taxes.
Globalization creates cheaper products and frees up more dollars for Americans to save and spend. It's great that Walmart stocks a bunch of cheap chinese products because consumers save thousands of dollars each year.Those may have been factors, but the dominant factors have been globalization and automation.
GE paid zero corporate income taxes, but it had to hire 975 people in their tax department to find all the loopholes and prepare the 57,000 page tax return. If you lower the corporate tax rate, GE wouldn't have to hire 975 tax people and capital would be entering the nation instead of leaving it. From 1981 to 2007, the US was a net importer of capital ($5.2 trillion) as businesses flocked to the US after Reagan's tax cuts.Even with enough tax loopholes that allow companies can to pay 0% corporate income tax, they still moved to China. Why? Because they can pay Chinese pennies on the dollar for work Americans were doing.
Yes, lower is better. I'd refer you to Coolidge's tax cuts in the 20s. He achieved 2% nation-wide unemployment by cutting taxes.If lower is always better, why not 10%? Why not 5%? Why 15%? Show me the math. Or did you pull that number out of your ass?