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This Year's US Economics Nobel Winner: Bush Tax Cuts Too Small

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  • This Year's US Economics Nobel Winner: Bush Tax Cuts Too Small

    Hey, they weren't supposed to award the prize to a supply-sider!

    Washington - Edward Prescott, who picked up the Nobel Prize for Economics on Monday, said President George Bush's tax rate cuts were "pretty small" and should have been bigger.

    "What Bush has done has been not very big, it's pretty small," Prescott said.

    "Tax rates were not cut enough," said Prescott.

    Lower tax rates provided an incentive to work, Prescott said.

    Prescott and Norwegian Finn Kydland won the 2004 Nobel Economics Prize for research into the forces behind business cycles.

    The American analyst, who is a professor at Arizona State University and a researcher at the Federal Reserve Bank of Minneapolis, said a large tax cut in 1986 had lowered rates while collecting the same revenue.

    But "in the early nineties the economy was depressed by the tax increase in 1993 by about four percent, and it's right at that level now," Prescott said.

    Bush, who is fighting to get re-elected on November 2, has cut taxes by about $1,7-trillion during his term.

    The US leader accuses his Democratic rival John Kerry of favoring tax increases, despite Kerry's promise to cut taxes for everyone earning less than 200 000 dollars a year. - Sapa-AFP
    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

  • #2
    Well, he's right.

    and yes, again, John Kerry is a Communist. It's people like him that made Reagan a Republican in the first place.

    Comment


    • #3
      The funny thing is that he's an ASU professor. Where's the final presidential debate going to be held tomorrow?

      ASU.
      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

      Comment


      • #4
        If you don't like reality, change it! me
        "Oh no! I am bested!" Drake
        "it is dangerous to be right when the government is wrong" Voltaire
        "Patriotism is a pernecious, psychopathic form of idiocy" George Bernard Shaw

        Comment


        • #5
          Did he have anything to say about spending like Peggy Bundy and borrowing to cover it? Or did he just babble about tax cuts?

          -Arrian
          grog want tank...Grog Want Tank... GROG WANT TANK!

          The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

          Comment


          • #6
            I think he just babbled about tax cuts. No mention of any of the Bundys.
            I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

            Comment


            • #7
              Ah.

              I wonder how many economists, especially nobel prize-winning economists, actually think Bush's fiscal policy (taken in total) is intelligent?

              Spend like it's goin' out of style, cut taxes, borrow to cover. Brilliant! We can keep doing this forever! Sure! Why not! We've got lots of Supercarriers!



              We are merrily driving off the cliff...

              -Arrian
              grog want tank...Grog Want Tank... GROG WANT TANK!

              The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

              Comment


              • #8
                ALL HAIL TEH KRUGMAN. TEH KRUGMAN PWNS ASU!!!
                "Just puttin on the foil" - Jeff Hanson

                “In a democracy, I realize you don’t need to talk to the top leader to know how the country feels. When I go to a dictatorship, I only have to talk to one person and that’s the dictator, because he speaks for all the people.” - Jimmy Carter

                Comment


                • #9
                  Re: This Year's US Economics Nobel Winner: Bush Tax Cuts Too Small

                  Originally posted by DanS
                  Hey, they weren't supposed to award the prize to a supply-sider!
                  OMG. Most of them are really supply-siders when you listen to them long enough.

                  The Nobel Prize in Economics is even more of a joke than it was before.
                  I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
                  - Justice Brett Kavanaugh

                  Comment


                  • #10
                    We are merrily driving off the cliff...
                    Ah ha! You are Roland's DL!
                    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                    Comment


                    • #11
                      Do you really think this sort of deficit spending won't catch up to us? It catches up to other countries. It might take longer because of our overall wealth & power, but when it does, I suspect the old saying will ring true. The bigger they are, the harder they fall.

                      -Arrian
                      grog want tank...Grog Want Tank... GROG WANT TANK!

                      The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

                      Comment


                      • #12
                        Roland doesn't come around anymore. I new I should never have made that bet with him. Losers tend to not come around the winners too much.
                        I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
                        - Justice Brett Kavanaugh

                        Comment


                        • #13
                          this person doesn't know a damn thing about economics. At least not as much as I do.

                          The tax cuts were plenty, and they would have been good if there had been a similar decrease in goverment spending.

                          Comment


                          • #14
                            Diss

                            We'll at least be ignorant together

                            I love questioning Nobel Prize Winners.
                            Monkey!!!

                            Comment


                            • #15
                              Another giant leap for pseudosciences is made

                              Economists and my local weatherman! I trust them both equally
                              If you don't like reality, change it! me
                              "Oh no! I am bested!" Drake
                              "it is dangerous to be right when the government is wrong" Voltaire
                              "Patriotism is a pernecious, psychopathic form of idiocy" George Bernard Shaw

                              Comment

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