US Economy- Step One, Allow The Bush Tax Cuts To End

” A Pale Green Mermaid Blog “

 

The basic premise of the Bush tax cuts is the trickle down theory of economics.  That theory has not worked, there are simply many more billionaires than millionaires.  The upper 1 to 2 percent does not make the jobs, the middle and lower parts of the economy produce the majority of hiring opportunities – they are the economic engine.

If the trickle down theory worked we would be awash in employment openings, it is a myth.  Bubble up, investing in the bottom and middle parts of the economy is what produces a healthy job market, where all boats rise at the same time  as attested to under the Clinton years, remember he left office with the budget balanced and a projected  surplus .

New York Times:

According to the Congressional Budget Office, extending all the Bush tax cuts would add $2.3 trillion to the total 2018 debt. The single biggest step our government could take this year to address the structural deficit would be to let the tax cuts expire. Such a credible commitment to long-term fiscal sustainability should reduce interest rates today, helping to stimulate the economy.

Excerpt from www.nytimes.com ,

Simon Johnson: Think Long-Term Fiscal Sustainability, Let Bush Tax Cuts Expire

First Posted: 09/08/10 07:51 PM ET Updated: 05/25/11 06:35 PM ET

All this step would take is for congress to do nothing when the date comes for the tax to expire.

Easy as pie!!!

Tomorrow, Step 2 Glass-Steagall Act.

________________________________________

Below from www.wikipedia.org ,

Clinton was elected president in 1992, defeating incumbent president George H.W. Bush. As president, Clinton presided over the longest period of peacetime economic expansion in American history. He signed into law the North American Free Trade Agreemen.

  The Congressional Budget Office reported a budget surplus between the years 1998 and 2000, the last three years of Clinton’s presidency.

 
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Bill Clinton
42nd President of the United States
 
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