Practically everything you say here is wrong. Here's how I see things: 1. W's tax cuts were for everybody who paid taxes, with a tilt towards benefiting the lower wage earners. 2. Most money went to upper level tax payers because they pay the most money - that's how %s work. Those who pay a lot, got back a lot. It's fair. The rest is just distortions promulgated by leftist redistributionists. 3. Despite the tech bubble collapse that he inherited from Clinton, the 9/11 disaster and the two wars that followed, W's ecomony did fine and millions of jobs were created until the dems took Congress over in 2006. Then Barney et al started lending money to everybody who could fog a mirror and produced the raw material for the WallStreet and other crooks to undermine the global economy. 4. Obama took over with a promise to fix everything, and made it much worse by borrowing money from China etc and throwing it to his supporters with no plan to speak of, not even a budget cleared from Congress, where his laughable attempts at budgeting were thrown out the window by Dems and Repubs together. 5. Now, several $trillion in the hole, we are approaching this magical point again where we have to choose between this inexperienced, incompetent charlatan and a qualified businessman who can actually solve these problems. And what does O do? Spreads fear and envy that's tearing our country apart. Yuck!
It's simple: most tax returns over $200,000/yr come from small businesses, like LLCs and Subchapter S entities. Think of the pizza parlors, McDonalds/Burger King restaurants, diners, lawyers and doctors, retail shops, autorepair shops, etc. My wife and I have a trading partnership and we employ one person, recent college graduate. A smaller part of those tax returns come from high earners that employ others as cooks and nannies and lawn caretakers, drivers, what have you. The first part is the most important one from an economic perspective, because small business is where capital and jobs are created in this country, that's where almost everyone enters the economy, and they are the ones who work the hardest, the most eager to expand and grow their capital. You raise taxes on them and there goes the receptionist, the second shift, the extra hygienist, etc etc. You give them some tax $ back, and they put it to work the same day... and that's very different from spending it, they invest it and it keeps working for a long time.
Are you talking about my trading? And yet, I make a decent living. I'm sure Obama has me in his list of people to redistribute from
No. This thread is not about trading. Only guys like Max threaten to whip out a blotter when their non-trading-related arguments run out of steam. But now that you mention it, how is it that all you self-proclaimed trading wizards and savants don't have a clue about general economics? Is obtuseness the secret to riches and fortune?
Well, I'm not an economist, although I do have an MBA from UVA, a couple decades ago. I don't really think I'm making any big theoretical mistakes. But, as you know, what you see here is my opinion, I'm a conservative businessman. I'm sure it's similar with you. Trading is somewhat boring, when, like me, you focus on the daily and hourly timeframes. You guys keep me company, which I like if things don't go out of hand and insults start flying. This thread has been rather clean on average, right?
I have an MBA as well, '84, so the best-before date has already passed. And although economics was far from my favorite subject, both in the graduate and undergraduate programs, I did manage to stay awake and pay attention. Assuming you did the same, why do you misrepresent and mischaracterize Keynesian economics? Most of the people dissing it here don't have a clue because their "education" is largely limited to slanted hit pieces on the Internet, but you should know better. And while some subjects are open to discussion, W's job growth record is not. It is the worst among all presidents who preceded him, and then the economy went off the cliff as he was finished with it.