The 'Tax Cut, For or Against' thread

[Imran Siddiqui]

& praise be to FDR, whose demand-side economics repaired Hoover's supply-side fiasco;
& praise be to Clinton, whose demand-side economics repaired Reagan's supply-side fiasco.

Hoover was a demand-sider too, honey. You should read up on the RFC.

And what were Clinton's demand side economic programs that were designed to repair the non-existant 'fiasco' of Reagan's supply-side economics? The 80s were a pretty damned good time. GDP/capita increased marketly.

ALL HAIL REAGAN!

[Kidlicious]

Originally posted by Imran Siddiqui

& praise be to FDR, whose demand-side economics repaired Hoover's supply-side fiasco;
& praise be to Clinton, whose demand-side economics repaired Reagan's supply-side fiasco.

Hoover was a demand-sider too, honey. You should read up on the RFC.

And what were Clinton's demand side economic programs that were designed to repair the non-existant 'fiasco' of Reagan's supply-side economics? The 80s were a pretty damned good time. GDP/capita increased marketly.

ALL HAIL REAGAN!

Where did you go to school?

[Sava]

GDP/capita increased marketly.

Sure... rich corporations got richer.

You know why North Carolina Geography majors have a higher projected post-graduation salary than other Geography majors? Michael Jordan.

[Lawrence of Arabia]

Hoover wasnt demand side.

[Odin]

Earth to Irman:

Supply side = Giveaway to rich.

ALL HAIL FDR!

[Frankychan]

I say we abolish neo-liberalism in economics and regulate the market more.

[Imran Siddiqui]

Where did you go to school?

A reputable public university, known as Rutgers, wheree I graduated with a degree in Political Science and Economics, with a minor in History (with High Honors). Look at JohnT's look at the 80s, and my family went from lower middle class in 1980 (we lived in a small apartment) to an upper middle class family by 1990. The 80s were a good time for the US.

Hoover wasnt demand side.

Sure he was. Look at the RFC. Up to that point in time, he presided over the largest government spending in history. He also raised taxes during his term.

Does that sound like a supply sider to you?

[Kidlicious]

Originally posted by Imran Siddiqui

Hoover wasnt demand side.

Sure he was. Look at the RFC. Up to that point in time, he presided over the largest government spending in history. He also raised taxes during his term.

Does that sound like a supply sider to you?

The RFC gave loans to large enterprizes to stimulate supply. The stupidest policy possible at the time, since there was a market glut.

As far as the spending and taxes, that was just a normalizing effect from the two Republicans before him who were even more supply-side than he was.

[Zkribbler]

Originally posted by Imran Siddiqui

Hoover was a demand-sider too, honey.

I'm always willing to learn more, Imran. So who was it that invented the term "trickle down" if not Hoover?

Oh, and for Clinton's demand-side policies...how about repeatedly raising the minimum wage? He did this in the face of fierce opposition from supply-siders claiming it would cause a spike in unemployment. But the result: unprecedented prosperity.

[JohnT]

Originally posted by Lawrence of Arabia
Hoover wasnt demand side.

Paul Johnson presents a convincing case otherwise in his A History of the American People.

[Imran Siddiqui]

Thanks JohnT .

Hoover thought people were underconsuming (people weren't spending enough) during the Depression. This is something a supply sider would NEVER say! Supply side economics do not believe in underconsumtion or overconsumption

how about repeatedly raising the minimum wage? He did this in the face of fierce opposition from supply-siders claiming it would cause a spike in unemployment. But the result: unprecedented prosperity.

So now, correlation means causation? I bet those small business owners and low level workers who are being fired are really loving that minimum wage raise during a downturn in the economy .

Which 'supply-siders'? Since plenty of demand-siders also believe the increasing minimum wage results in more unemployment.

A higher minimum wage tends to create more unemployment. Look at Europe, for instance.

[Kidlicious]

Hoover was less extreme than Coolidge, but its ridiculous to say that he took a demand side approach to economic recovery.

[Kidlicious]

Originally posted by Imran Siddiqui
Thanks JohnT .

Hoover thought people were underconsuming (people weren't spending enough) during the Depression. This is something a supply sider would NEVER say! Supply side economics do not believe in underconsumtion or overconsumption

Wrong. He believed that the Depression was caused because of underproduction. That's why the RFC was created.

[orange]

this poll would have been better if it had an option for Americans and for Europeans...the results are, unfortunately, skewed.

[Imran Siddiqui]

He believed that the Depression was caused because of underproduction.

Which is also something a supply-sider would NEVER say! To a supply-sider there is never under / over production or under / over consumption.

You are only half right though, Hoover actually did believe people were underCONSUMING as well. He believed that was the reason the Depression started. As a result of that there was underproduction.

It is ridiculous to call Hoover anything close to a supply-sider. He was, by all accounts, a liberal Republican (known for his humanitarian efforts in Europe after WW1... he was actually courted by both parties, like Eisenhower and Powell... and would a conservative actually raise taxes and care about balancing the budget?).