The exact same arguments were made in 1993 and 1994. Didn't work out that way, did it? How many times would you have to get a dull (Bush the first) or outright disastrous (Bush the second) economy as compared to a prosperous one before you finally decide the evidence doesn't even begin to back your contention? As for the forest, this is the forest: deficit spending was needed to prevent total disaster. From here, we have to gradually work back to balance. That will keep interest rates from going through the roof once the banks ease up and lend (which is starting to happen).
If the middle fifth's effective tax rate dropped from 5% to 2.9%, that's a 42% reduction in effective tax rate ((5-2.9)/5= 42%)). The highest group's tax rates dropped from 24.2 to 19.6, that's a 19% effective tax rate reduction ((24.2-19.6)/24.2 = 19%). As a percentage drop, the lower income peoples' effective tax rate reductions (42%) were more than twice as high as the wealthiest peoples' tax rate reductions (19%). Based on the numbers you're giving, poorer peoples' effective tax rates went down more than twice as much as wealthy people.
----------------------------------------------------------------------------------- When the politician use their religion often, then this people maybe not think about anything except agree with their prophet /Beck/Palin. FEAR.
yet they are able to make 250k net a year. not so thin i would say. business hires to meet demand. it has almost nothing to do with personal tax rates.
Don't even get me started on the 90's. That entire bubble was created by Greenspan and the printing of money. I hope I never see the day again where a pencil necked geek can make 500 million a year by taking pets.com public. Come on Trefoil. That was a house of cards. Clinton created NAFTA, started importing the real jobs (actually making stuff) overseas and replaced it with the dot com silicon valley bubble. Sure, it sent tax revenue soaring and created a short term budget surplus but it was built on paper money. Once that paper money vanished we looked around for the real jobs (making stuff) and discovered those jobs were long gone.
"Following diplomatic negotiations dating back to 1986 between the three nations, the leaders met in San Antonio, Texas, on December 17, 1992, to sign NAFTA. U.S. President George H. W. Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas, each responsible for spearheading and promoting the agreement, ceremonially signed it. The agreement then needed to be ratified by each nation's legislative or parliamentary branch."
There were also two major techologies, computers and cell phones, that began to simmer in the 1980s and exploded in the 1990s, creating millions jobs. Unfortunately, there are no such technologies on the horizon today.
Then why are small businesses hiring all these illegals to work for $10 a day and no bathroom breaks if they are not sensitive to labor costs? Come on, you live in South Dakota, who is doing all the cheap labor on those farms?