Old news, I know, but always interesting to see it drawn out.

So this president has managed to blow a $200 billion surplus, AND drive the deficit down to -$300 billion?

 

If you do the "fuzzy math", as Bush would say, that means he's driven the budget half a trillion into the red.

 

Wow. Just....wow.

Amazing that there were no or very low budget defecits for LBJ who is accused of being a ferocious spender and who engaged in that Vietnam conflict.

Amazing that there were no or very low budget defecits for LBJ who is accused of being a ferocious spender and who engaged in that Vietnam conflict.

770136[/snapback]

I found that very intresting too...

So this president has managed to blow a $200 billion surplus, AND drive the deficit down to -$300 billion?

 

If you do the "fuzzy math", as Bush would say, that means he's driven the budget half a trillion into the red.

 

Wow. Just....wow.

770091[/snapback]

 

I just love it how It's all Bush's fault and suffering the largest terrorist attack in American history and fighting two major wars had absolutely nothing to do with it .

So this president has managed to blow a $200 billion surplus, AND drive the deficit down to -$300 billion?

 

If you do the "fuzzy math", as Bush would say, that means he's driven the budget half a trillion into the red.

 

Wow. Just....wow.

770091[/snapback]

 

I just love it how It's all Bush's fault and suffering the largest terrorist attack in American history and fighting two major wars had absolutely nothing to do with it .

770715[/snapback]

Kind of irresponsible to pass a tax cut in such an enviroment then huh?

nope .. or you could get into some bad ecomonic scenarios ... potentially stagflation, which would of thrown the US into the economic mess they had back in the 70s

 

especially considering that they were coming off a speculative bubble

nope .. or you could get into some bad ecomonic scenarios ... potentially stagflation, which would of thrown the US into the economic mess they had back in the 70s

 

especially considering that they were coming off a speculative bubble

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Finally some good economics, arent you an economist phxphin?

I guess all those Nobel Laureate economists who opposed the Bush tax cut were practicing bad economics. But I suppose the concept of fighting staglation with that vastly and clearly proven more effective method of monetary policy via interest rates somehow just isnt applicable. One of the few things tonyi agreed with me on was that the tax cut was a bad idea.

 

btw, if we can all acknowledge that the president has very little to do with controlling the economy, why cant we also acknowlege that truth when his economic policies are something we favor?

i have no problems accepting that truth

 

as for monetary policy ... which way are you going to go with it

 

the rates were crammed so low there wasn't much effect dropping them anymore

 

the only way to you can go with the rates given the way the economy was moving was up, which would be contractionary and help fight off inflation

 

however, it's not going to stimulate much

 

so they were able to use monetary policy to fight inflationary pressure and fiscal policy in a hopes to curb recession pressures ... they did it with an immediate tax cut (putting an extra couple hundred bucks into the hands of most people) ... fiscal policy is usually very slow moving

 

I can also find economists that favor the tax cuts

 

to me a tax cut was very necessary at that time ... however I do have many concerns with how it was implemented and some of the other spending that is being done by the gov't

 

i'm by far not the biggest supporters of Bush's economic principles and the implementation of some of his ideas (which can be good)

 

to me the key was keeping the economy afloat as it shifted ... they did a good job at that ... inflation has remained low, despite having a long stretch of loose money

 

and to answer legacy's question, I am not an economist, but it was something that I majored in ...l i graduated with a dual degree in finance & economics

 

i've been interested in economics to a hightened level ever since competing in the Fed Challenge during highschool as a stem from my econ class - not only was that class a college level course, but making it to the national semis and presenting an analysis and conclusion to members of the Fed is an experience that was amazing .... truely learned alot (including, don't joke w/security at the Fed ... those guys will tackle you on the way to the bathroom...........)

 

none of this makes much difference ... but that is the background that helps influence my views ... really only stated because LoC asked

 

to me the right thing to do at that time was constrict the markets but give an immediate jolt and some long term relief through tax cuts

 

the fact that despite the crazy increase in fuel costs, fighting a war and coming off a speculative bubble that we aren't in a position like we were in the 70s is a testament to the decision makers we have ... even if I don't agree with some of the other stuff they do with spending, etc