No, its deleterious effects were covered by the bubble in equity values and real estate, but caused the troubles of the 2000-2003 era that GWB had to fix with a tax decrease.
Data and interpretation from the DNC no doubt... Wait, I don't see Impeachment and Disbarment on the chart, you've been duped! And, of course, another thing you don't see here is that the Repubs took over Congress in 1994 (after 40 years more or less) and pushed hard on balancing the budget and fiscal responsibility on all fronts. But, as soon as the Dems took Congess back (2006) all financial hell broke loose again
So do you agree with me that Clinton's ad suggesting he would not raise taxes like Bush 41 did was hypocritical and deceptive?
The 1990s saw the climax of multiple computer technologies and cell phone technology that resulted in huge economic growth and massive hiring. It was, by all accounts, the greatest industrial revolution in 100 years. The impact of increased taxes was negligible back then, but I don't see any economic drivers like that on the horizon for the next 10 years or more. Today's scenario is much different. We're in a serious recession. My neighbor is a good example of what's going to happen in today's no-growth economy. My neighbor has a small successful business he's built up over the last 20 years and now employes over 60 people. He's been hit hard by the recession, but he's done what he can to keep from laying people off. When the new tax increases hit, he's going to have to lay off 2-3 people in order to make the principal payments on his bank loans that are paid out of after-tax profits. If his after tax cash flow goes goes down, he also doesn't have as much money to replace equipment that's gotten old. He's already cut his own salary twice and he said he's not going to cut it again. I don't blame him. The guy's worked 80-hour weeks for the last 20 years to build his business and he deserves every penny he can take out of the business.
Here's Another Great Idea Whose Time Has Come: http://www.bbanow.org/ "After a generation of reckless and irresponsible federal spending by presidents and congresses of both parties, itâs clear that âWe the Peopleâ must intervene to restore integrity to our economy. We will not allow the theft of our childrenâs future to continue. We must enact a constitutional amendment that stops the bleeding and imposes fiscal discipline in three ways: 1. Ending the annual deficit, by requiring a balanced budget; 2. Limiting federal spending to no more than twenty percent of GDP; and 3. Requiring a two-thirds supermajority vote in congress to raise taxes."
So which is it, the economy was better under Clinton or Bush? What happened to the Repub Congress after Clinton left, fiscal responsibility and all? The Dems took control in 2007 with a slight majority, also I would like to know what bills/programs that the Dems passed that caused the financial meltdown? We give the Repub congress a pass do we, only take credit for the good things?
Regarding the small business part, tax cuts and credits are proposed for them separately, there is no point mixing the top tax bracket with small business when very few of them actually make that tax bracket. http://www.politifact.com/truth-o-m...led-wealthy-are-actually-small-business-owne/
Truth is, I am a Conservative Independent and don't really like either party. They both mess up more than I want to tolerate. But, going the Socialism route is extremely dangerous - we've got to keep private enterprise in charge of our economy. We elect our politicians not on the basis of their ability to govern but on the basis of their ability to persuade (and money in the bank) which is a huge problem. Carter, Reagan, Bush Sr, Clinton and Bush Jr all almost broke under pressure. This one, Obama, started off screwing up big, what with the $trillions he's borrowing and throwing at his pet causes. Imo, we need to tighten the situation around him or else he's going to hurt us more than any of the others.
The economy was definitely better under Clinton because he had the benefit of the boom in multiple computer technologies and cell phone trechnologies that had gotten started in the 1980s. I don't know if you're old enough to remember it, but during the 1990s companies were paying computer programmers $100k/year fresh out of college because these industries were growing so fast and demand was so high. One of my cousins who became a tech millionaire during the 1990s called it "a freakin' gold rush." Millions of technology jobs were created out of thin air in a matter of a few years.
My neighbor's business in well into that top bracket, but since business is down from where it was, most of his after-tax profits are going to pay back bank loans.