julieswhimsies

Fri, Jan 7, 2011 : 3:06 p.m.

@clownfish Thank you.

clownfish

Fri, Jan 7, 2011 : 1:47 p.m.

@MIKE, nice gross over generalization of your interpretation of far out leftist dogma. When did either BUG or myself say many of those things your write about? I guess you missed the tax cuts Obama has PASSED, with a Democratic congress? We have Both a revenue problem AND a spending problem. If, as is often proclaimed, Govt needs to operate more like business then the govt needs to do what business does when income deceases, go out and find new sources of revenue while cutting expenditures. Under Bush, taxes went down and govt regulation was cut. Under Clinton there was a combination, including the aforementioned Glass Stiegal reform. Govt oversight of large industries like banking and energy companies was cut. What caused our economic meltdown? Collapse of the investment banking industry due to lack of regulation and oversight, matched with pure unadulterated greed. What caused the largest oil spill in history? Lax engineering by private companies (greed) and lax oversight by regulatory agencies. This cost us billions of dollars. The largest growth in income in our history, the largest growth in the Middle Class came about when tax rates for the uber-wealthy were in the 70-90% range. It was a different world then, we did not have China/India and Brazil to compete against. However, the simplistic argument that lowering taxes on those that hold 90% of the wealth, de-regulation of all industry and decreasing federal govt (with ZERO details on EXACTLY which programs are going to be cut)is just mental masturbation. If you notice, the republicans that "took control" of congress have almost NO details about how EXACTLY they are going to reduce spending by hundreds of bllions of dollars. Why? Because they don't know. But, they can spout just like you. "Dope smoking leftists!"! Doesn't Obama have any people outside of the leftist circles he was groomed in? Well, today Bill Buckley, Jack Kemp and yes, The Great Ronald Reagan would be considered "lefties" by you, I submit. Obama has cut taxes, he has hired people from the private sector with real world experience. However, don't let facts interfere with Death Panels and other great propaganda terms! Have you noticed that the leftist Dow Jones index is up since Obama took office, along with the Socialist NASDAQ, as well as corporate profits? Mao would be so proud!

bugjuice

Fri, Jan 7, 2011 : 1:39 p.m.

Republicans want to cut taxes with no way to offset the loss of revenue. Like we hear from them all the time, "it isn't a revenue problem, it's a spending problem" And now they want to cut taxes even more, cutting revenue, all in the name of balancing the budget. Voodoo Economics 101 Cutting taxes does NOT create jobs. It's a lie and Republican myth that has no basis in fact. All anyone has to do is look at the facts. Bush cut taxes and created the fewest number of jobs of any American president. And now the "new" Republicans want to do it again, for the benefit if their high roller benefactors. Advisors like Gene Sperling are wise and smart enough to know that it will take not only cutting spending, but raising taxes, making changes to entitlements AND lowering health care costs (as opposed to Republicans scrapping health care reform which will blow another hole in the budget by non partisan CBO) to get the economy moving again.

bugjuice

Fri, Jan 7, 2011 : 1:03 p.m.

Bush and Republicans cut taxes during his reign. Clinton raised taxes and balanced the Federal Budget. From the Wall Street Journal." The Bush administration created about three million jobs (net) over its eight years, a fraction of the 23 million jobs created under President Bill Clintons administration and only slightly better than President George H.W. Bush did in his four years in office. Kind of blows a hole in the cutting taxes creates jobs myth, eh? http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/

bugjuice

Fri, Jan 7, 2011 : 12:54 p.m.

Nobody wants to address the facts that national debt and deficit rose under Republican presidents. People just want to throw around Faux News propaganda and repeat Republican talking points and smears ad nauseum.

Jake C

Fri, Jan 7, 2011 : 12:08 p.m.

"So under your theory of how the economy should be grown, we should tax the richest 10% who already pay 70% of the taxes to [blah blah blah]..." Mike, the problem with your complaint is that the richest 10% of Americans earn something like 90% of the income and possess 95% of the wealth, so why are they only paying 70% of the taxes? We have a huge income & wealth disparity in this country that can't be ignored. Should the rich always be allowed to use loopholes & lobbyists to avoid paying their fair share of taxes just because they were smart or ruthless or lucky enough to become multi-millionaires, forcing the rest of us poor slobs to bail them out whenever they get themselves into trouble?

Mike

Fri, Jan 7, 2011 : 11:39 a.m.

@bugjuice and clownfish So under your theory of how the economy should be grown, we should tax the richest 10% who already pay 70% of the taxes to support the social programs and hire all of the rest of us who aren't business owners, increase gasoline taxes so everyone will be forced to drive a $50K electric car (which is subsidized by taxpayers; how'd that work out for Japan?), stop drilling for oil so gasoline prices will rise, pass a cap and trade plan so "global warming" can be stopped and social programs can be expanded and leftist elites can pad their bank accounts while flying around in their private jets, hide more tax increases in every bill that is passed by Congress to milk our wallets without our knowledge and consent, increase the number of regulations on business (thereby requiring they raise costs to consumers, don't forget the extra taxes on the increased costs), pass a VAT (value added tax) which will increase the cost of everything on top of all of the above. In other words continue to feed the beast called the federal government which will soon consume everything we produce as a nation and destroy anyone who produces wealth for themselves and their families. What country did you grow up in that you would want to destroy the American dream? Quit being so envious of everyone else and take of advantage of the freedoms and opportunity that we have in this country. You guys support medical marijuana, so go out and start a grow operation or dispensary when your head clears. You can continue to stick your head in the sand (or bong) and blame Bush for everything. Bush went nuts with spending, especially the latter part of his term and especially once the congress became Democrat. I don't support what he did at all, and I've researched Clinton's surpluses and there were quite a few accounting gimmicks there. WE HAVE A SPENDING PROBLEM NOT A REVENUE PROBLEM. And until that is fixed we will continue to spend ourselves into oblivion until the cuts that will be required will be 100X more painful and devastating to peoples lives and cause social unrest that we are witnessing in Greece and Ireland. I don't understand how you can't see that. Doesn't Obama have any people outside of the leftist circles he was groomed in? By bringing in Clinton retreads every time we turn around it seems like he's a Clinton wannabe. Maybe youy guys should have voted for Hilary and then Bill could be back in the Whitehouse and made Obama the Secretary of State. His lack of experience in doing anything but organizing people and giving speeches is taking us further down the road of no return. Tax the rich; and once they leave and take their businesses elsewhere (which many can do) then that will leave you and the other sheep to be taxed until there isn't anymore to wring out of you.........Good luck with that, I'm going to fight for less government spending and lower taxes AND SPENDING CUTS.

bugjuice

Fri, Jan 7, 2011 : 9:56 a.m.

Then there's the Deficit graph under various American presidents since Roosevelt. Well, look at that! The deficit increased every time under Republican presidents. http://home.adelphi.edu/sbloch/deficits.html

bugjuice

Fri, Jan 7, 2011 : 9:47 a.m.

I love this graph from Wickipedia showing Democratic presidents in the "green" and Republican presidents in the "red". The debt under Reagan increased every term he was in office as it did under every Republican president since Roosevelt. Wow! Look at Bush's last term! http://en.wikipedia.org/wiki/National_debt_by_U.S._presidential_terms

clownfish

Fri, Jan 7, 2011 : 9:35 a.m.

If the so called "trickle down economics " of the Great Ronald Reagan (who raised taxed in his first term, and increased the size of the federal govt and the debt load) why don't we see massive job growth from 10 years of the lowest income taxes in 60 years? We have more millionaires and billionaires in this country than EVER, yet we have the highest unemployment in decades. The so called Reagan Boom was the result of the internet boom of the 90's, while Clinton resided in the WH. It MAY have been due to tax rates, but the link is tenuous at best. If it were a direct connection we would have seen massive economic growth under Bush and after Bush. Guess what? If we read other comments here we can clearly see that Mr. Sperling is not a commie/leftist/socialist as is often the first knee jerk word reaction by those guided by celebrity entertainers. It is like saying that because Obama has passed multi billion dollar tax cuts for business he is anti-business, or that by passing multi-billion dollar tax cuts for the middle class he is anti-American. Too many people live in an alternate universe controlled by "media elites", then they go on rants about "media elites" controlling others. Gingrich? Didn't he leave congress because of ethics violations? Funny how all the good Clinton did is ACTUALLY the work of a twice divorced philanderer from the Family Values Party!! Too rich for words!! Clinton holding out until he got what he wanted must mean nothing. @Michiisbest-Great another I never worked a day im my life or was accountable to make a profit without a taxpayer handout economic advisisor.- are you writing about Rich Rodriquez? Economies thrive when the government stays on the sideline. Like in Sudan, Iraq and Afghanistan? Thriving they are with limited government.

bugjuice

Fri, Jan 7, 2011 : 9:27 a.m.

And not a finger licking bit of rationalizing from Heardoc about Bush's two unnecessary wars based on cooked intelligence that hung us with a trillion $$ unpaid bill each and every year. None of Bush's defenders ever mentions the lost lives and treasure of his two war folly to avenge his Daddy's "loss" to Saddam and ride Karl Rove's voter duping "War President" strategerie to a second term. Make sure you throw the specious class warfare claim into the mix since class warfare always favors those with the most dough. But we've never seen a picture of Bush biking and chewing gum have we? He's lucky to have government supplied socialistic lifetime health care at the taxpayers expense. Thank you Newt Gingrich, the family values spouting, serial wife dumping, aide marrying, say anything to feed the base hypocrite.

ChelseaBob

Fri, Jan 7, 2011 : 9:18 a.m.

Bugjuice- Your economics is wrong. Heardoc is correct, but the biggest boost to the economy was the gridlock that wouldn't allow anyone to make major regulatory changes. Economies thrive when the government stays on the sideline. The one place you are correct, is the costly wars. Those are a bleeding ulcer on a national economy and most great nations have been brought down by unsustainable foreign adventures. Would have been a lot easier to just take out Sadam and his sons, and let everyone else know that unfriendly government officials that support terrorism have a propensity for being killed.

clownfish

Fri, Jan 7, 2011 : 9:16 a.m.

Awesome -- another leftist to the whitehouse. What has this guy ever accomplished? I am glad this will be a one term presidency. What did Gene accomplish? What BUGJUICE wrote! Republicans have had several days now to fix everything. Why isn't the economy back where it was under Clinton? If memory serves, the repubs gave Obama about 3 days then went after him with everything. So far the repubs have: Raised our debt by an extra couple of hundred billion via tax cuts that will create few jobs. Propositioned raising the debt by a couple of hundred billion by overturning the health insurance reform bill. Produced a fine dog/pony kabuki show by having congressmen read the Constitution on the floor of the house. This after saying the "will of the people" is to reduce the nations debt and have congress "get to work". In two days they have totally thrown out their "pledge to America", a pledge co-written by a former AIG official. Remember AIG? They took your money to fix their mistakes, and the Tea Babies ran against that. Meanwhile President Obama continues to fight the wars the "right" wanted, but did not want to pay for, and wrestles with the worst economy since the 30's. And the republicans join in with our nations enemies to fight the commander in chief. But, that is like the call to reduce debt, just another flip flop from the ";core values" republican party. The "will of the people", at least this person, is that congress work WITH the president, not against him while we are at war. Are you one of the people joining with AQ and Hamas to defeat Obama?

Speechless

Thu, Jan 6, 2011 : 11:43 p.m.

Sperling is a quintessential example of the former Clinton White House's peculiar blend of big bank liberalism. His published statements show a sincere, earnest interest in advancing traditionally liberal social service programs, much like many Kennedy/Johnson Democrats of an earlier generation, and probably more so than most Clinton-era officials. Yet, in regard to Wall Street, his actions in and out of government come across more like a Hoover/Willkie Republican than a Great Society Democrat. In 1999, Sperling was a key administration player who helped convince Congress to repeal most of the Glass-Stegall Act, a landmark banking reform bill passed under FDR. As a result, banks, securities firms and insurance companies were allowed to merge to a degree unseen since the 1920s stock bubble. This repeal is, of course, seen a major contributing factor to the banking collapse of 2007-08 and the current Great Recession. Sperling has maintained warm relations with Wall Street all throughout. According to a recent editorial piece in The Huffington Post: "... 'He saw nothing at all wrong with the pattern of growth we had in place in the '90s,' Dean Baker, co-director of the Center for Economic and Policy Research in Washington [and a former Ann Arborite], said of Sperling. 'He was not thinking at all critically, seeing that there were even any issues here...." From a news report published by Bloomberg in October 2009: "... Treasury Secretary Timothy Geithners closest aides... include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford...."

Heardoc

Thu, Jan 6, 2011 : 9:59 p.m.

@bugjuice The budget surplus occurred after the repubs took over the house in '94. That is when the welfore to work reform was passed -- after three times and two vetos and a pending veto over-ride Clinton signed the package. This then started the economic boom we saw in the late '90s -- not Sperling. Secondly -- it is a proven fact that lowering taxes actually generates more money to the government -- that is what Reagan did and and that is why our economy boomed and the net revenue to the government went up even with lower taxes. Please stop presenting misinformation on this matter. -- look it up please. Your complaint about the Bush tax breaks is a Red Herring. All of your leftist friends in Congress have, for the past 10 year, said that these taxes were bad yet just in the past two months these same leftists started to state that the Bush tax cuts for the 'Middle' class and lower should remain and those nasty wealthy people need to pay up. (Smacks of class warfare by the leftists again).... Did you miss that this past month's news as far as votes in congress? The man we should be thanking for the surplus during that time is Newt Gingrich. Sperling just followed what the House of Reps wanted done -- not much there with Sperling, much like Obama. A man that can mountain bike and run as well as GW Bush at his age -- you should be so lucky.

Ross Dunbar

Thu, Jan 6, 2011 : 8:30 p.m.

I cannot think of a better or more competent pick to lead the National Economic Council than Gene Sperling. Our nation and President will be well served by his intellect. I encourage people to read and listen to Sperlings interview on our long term economic challenges at: http://www.pbs.org/wgbh/pages/frontline/tentrillion/interviews/sperling.html

bugjuice

Thu, Jan 6, 2011 : 8:29 p.m.

With the help of Mr Sperling, President Bill Clinton left a budget surplus that Bush squandered playing army in the Middle East and giving tax breaks to the wealthiest 2%. Contrary to the trickle down myth that lower taxes generates jobs, disproven by Reagan's own supply side economist David Stockman, Bush's tax breaks resulted in an economy that generated the least number of jobs under any president in history and left a 2 trillion dollar hole on the budget not counting the cost of adding in two wars. Bush's two wars, that we still pay for today in lives and treasure, were off the budget book and paid for by borrowing against future generations. Bush, the president who spent more time on vacation than any president in history, never asked for common sacrifice by all Americans and instead told us to go shopping. Call Sperling whatever you want but he was part of an economic team that balanced budgets and left money in the bank for the next guy who gambled, lost everything and rode away on his mountain bike.

Heardoc

Thu, Jan 6, 2011 : 7:38 p.m.

Awesome -- another leftist to the whitehouse. What has this guy ever accomplished? I am glad this will be a one term presidency.

Michisbest

Thu, Jan 6, 2011 : 4:31 p.m.

Great another I never worked a day im my life or was accountable to make a profit without a taxpayer handout economic advisisor.

Top Cat

Thu, Jan 6, 2011 : 4:29 p.m.

It is a shame that all these incompetent hacks just get recycled.

yohan

Thu, Jan 6, 2011 : 4:06 p.m.

Sperling? Isn't he the one who told Bill Clinton that NAFTA was a good idea? I guess we know who's side he is on.