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Old 10-12-2004, 09:40 AM   #1
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Tax Cuts Too Small!

So says a nobel laureate!

Quote:
WASHINGTON (AFP) - Edward Prescott, who picked up the Nobel Prize for Economics, said President George W. Bush's tax rate cuts were "pretty small" and should have been bigger.
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Old 10-12-2004, 10:54 AM   #2
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Since our military is already underfunded I think tax cuts make sooo much sense!
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Old 10-12-2004, 08:57 PM   #3
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28 views all day...lol
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Old 10-13-2004, 07:07 AM   #4
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I haven't been online much due to DSL connection problems. But personally I wouldn't cut taxes with my country at war. These aren't "ordinary" circumstances. I find the tax cuts at a time of war irresponsible. Just my purple tuppence.
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Old 10-13-2004, 07:19 AM   #5
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"I find the tax cuts at a time of war irresponsible. "

Hmmm...I agree. I mean, honestly, what does some Nobel prize winning genius who has spent his whole life studying economics really know?
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Old 10-13-2004, 08:36 AM   #6
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Verte I agree with you. I would have to read more to see if the Nobel Prize winner has taken this fact into account, or if it is purely based on looking at the economics of the recession without taking the war into account. I am not sure we can tell from just this article that NB has posted.

Max, based on your comment, I gather you would know the answer to this?
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Old 10-13-2004, 09:45 AM   #7
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If you read the Economist at all there is good article that polls a bunch of economists for their opinion of George's economic policies. He gets a very low score. It would be interesting to find out why this Nobel winner thinks differently.
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Old 10-13-2004, 09:55 AM   #8
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well the quotes from prescott in the article are of an economics textbook nature, 'lower taxes are an incentive to work relative to higher taxes'.

his comment seems off the cuff rather than based on research. but it would definitely be interesting to hear him flesh out his idea.
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Old 10-13-2004, 10:02 AM   #9
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Quote:
Originally posted by MissMoo
It would be interesting to find out why this Nobel winner thinks differently.
It's not clear from the article if the guy thinks differently. If you have tax cuts as the holy grail of your economic policy than they should have been larger. Of course whether you at all should have a tax cut while having such a large deficit is another question.
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Old 10-13-2004, 10:13 AM   #10
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Quote:
Originally posted by MaxFisher
"I find the tax cuts at a time of war irresponsible. "

Hmmm...I agree. I mean, honestly, what does some Nobel prize winning genius who has spent his whole life studying economics really know?
I respect the guy's accomplishments, and I'll be damned if I have his understanding of economics. No dice. I'm opposed to tax cuts during wartime. I don't mean to call this guy or anyone else some sort of idiot. I'm just stating what I actually consider a pretty moderate political view. Is opposing deficit spending liberal? If so that's a new one on me.
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Old 10-13-2004, 04:04 PM   #11
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Tax cuts are exelent - but only if the government dosn't finance it via depts!

Clintons raising taxes to fight the national debts (-4.4% of the GDP - the mess Mr. Bush Senior left) his and Mr. Greenspans (expansive monetary policy) helped the US to get back on the right track and led to a time of wealth. Finally in 1998 the US economics was in a great shape.

From my point of view and looking back what i learned about economics i have to say that the current situation of the US economics is a mess. Mr. Bushs fiscal policy is horrible shortsighted. The government spends ways to much money and the tax-cuts are going to the wrong people
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Old 10-14-2004, 08:02 AM   #12
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Quote:
Originally posted by Klaus
Tax cuts are exelent - but only if the government dosn't finance it via depts!

Would this have been your advice to FDR in the mid 1930's?


Take a longer view of the picture. Clinton enjoyed a great economy, but by the late 90's it overheated and headed into recession.
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Old 10-14-2004, 08:45 AM   #13
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I say we cut taxes even further for everyone and raise taxes on George Soros.
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Old 10-14-2004, 09:00 AM   #14
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Quote:
Originally posted by speedracer
I say we cut taxes even further for everyone and raise taxes on George Soros.

And Teresa Heinz Kerry.


I've seen reports that the effective tax rate for the Kerry family is lower than the average American
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Old 10-14-2004, 09:03 AM   #15
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Quote:
Originally posted by nbcrusader



And Teresa Heinz Kerry.


I've seen reports that the effective tax rate for the Kerry family is lower than the average American
That's fine with me if Teresa's taxes get raised. I think its fine with her too. She'll still have a whole heck of alot more money than i'll ever dream of if her taxes go back up.
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