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Showing posts with label trickle down economics. Show all posts
Showing posts with label trickle down economics. Show all posts
Thursday, April 29, 2021
President Biden and Trickle Down Economics
A lot of people, myself included, weren't sure how far Joe Biden as President would go with Progressive ideas. Last night gave great hope.
We saw the disaster trickle down economics was in Kansas. We knew better.
Thursday, November 26, 2020
Timely, Thanksgiving Day Reminder of Trickle Down Economics
If "trickle-down economics" is or were so great.
Meanwhile, this is a line for food recently in our own Dallas, Texas.
26 million now say they don’t have enough to
eat, as the pandemic worsens and holidays near
Thanks, Senator McConnell.
Thanks, Republicans.
Wednesday, April 11, 2018
Three Perfect, Very Recent Examples of Republican Party Officeholders
Here's just three very recent examples of Republican Party government officeholders--what they've done and who they are.
Sam Brownback, Kansas Governor
Kansas' tax cuts are a spectacular failure
Donald J Trump, United States President:
Under Trump's watch, national debt
tops $21 trillion for first time ever
Sound familiar? Then it gets worse.
Eric Greitens, Missouri Governor who only just began his administration and term, it should be remembered.
Eric Greitens: Missouri governor admits
cheating on wife
I ask you, Missourians, Kansans, Americans...
Is this what and who you wanted in your state and/or national leader?
Monday, June 19, 2017
The Kansas Economic Experiment--and Hopefully, Lessons--Still Very Much in the News
The very, very failed Republican Party, Governor Sam Brownback "trickle down", "supply side economics" experiment they tried on Kansas from 2012 until just recently is still very much in the news just now. This time it's mentioned with a wise caution by Paul Krugman in The New York Times.
EnlargeZombies, Vampires and Republicans
What are these zombies of which I speak? Among wonks, the term refers to policy ideas that should have been abandoned long ago in the face of evidence and experience, but just keep shambling along.
The right’s zombie-in-chief is the insistence that low taxes on the rich are the key to prosperity. This doctrine should have died when Bill Clinton’s tax hike failed to cause the predicted recession and was followed instead by an economic boom. It should have died again when George W. Bush’s tax cuts were followed by lackluster growth, then a crash. And it should have died yet again in the aftermath of the 2013 Obama tax hike — partly expiration of some Bush tax cuts, partly new taxes to pay for Obamacare — when the economy continued jogging along, adding 200,000 jobs a month.
Despite the consistent wrongness of their predictions, however, tax-cut fanatics just kept gaining influence in the G.O.P. — until the disaster in Kansas, where Gov. Sam Brownback promised that deep tax cuts would yield an economic miracle. What the state got instead was weak growth and a fiscal crisis, finally pushing even Republicans to vote for tax hikes, overruling Brownback’s veto.
And here's why it's so important to know and understand and learn the lessons from the Republican Party mess in and from Kansas. The learn and know seemingly nothing President Trump himself wants to institute a lot of these same "trickle down" ideas with his own tax plan. He wants to cut the taxes of the already-wealthy and corporations with his tax plan as well as with his/their "Trumpcare" replacement.
Even the Republican Party's own news source, Fox, reports and admits what it is.
So for pity's sake, America. Let's learn the lessons of the economic boom from the Bill Clinton era when he raised taxes and the George W. Bush era, with its own huge economic downturn and deficits when he lowered taxes. These two, along with the glaring example and lessons from Kansas just now should teach us better.
Here's hoping.
Sunday, June 18, 2017
Advertisement In Today's NYT All Kansans and Right Wingers and Americans Should See
There is a terrific, important, even, paid advertisement in today's New York Times on page 2 of the Review section from the President of the American Federation of Teachers, Randi Weingarten on Kansas and what Sam Brownback and his Republican Party did to it.
A free-market failure in the heartland
Yes, we know Republicans in the Topeka statehouse finally, finally owned up to fiscal and economic reality recently and took back Governor Sam Brownback's and the Republican's 2012 tax cuts for the already-wealthy and corporations. But we need to learn from the nightmare experiment this turned out to be.
Kansas Gov. Sam Brownback turned his state into a laboratory for the most extreme form of trickle-down economics, promising that it would usher in an economic boom. It didn’t. It never has. Brownback’s five-year experiment caused state revenue to plummet, the deficit to explode, and painful spending cuts to be made—including cuts decimating public schools. Last week, a once-unlikely alliance stopped Brownback’s attempt to double down on his plan: Democratic and Republican lawmakers, urged on by parents, business people, civic activists and unions of working people.
And here's why it's so important to understand and remember what was attempted.
Not only is Kansas an excellent lesson on the hazards of "supply-side economics", but the opposite tactics in government has resulted in much different and far better conditions and in more than one state.
So Kansans, Missourians, everyone, in fact, across the nation, for the love of God and all that is good, let's learn these very, very fresh lessons from Republican Governor Sam Brownback, his Republican, supply-side cohorts and the
Let's not let this President Trump and Paul Ryan and their supply-siders try to pull this again, this time on the entire nation.
Links:
Tuesday, June 6, 2017
Fantastic Kansas News Tonight!
Kansas Legislators Repudiate Governor
by Overriding Tax Veto
House, Senate override veto;
tax bill to become law
It took five years of creating nothing but debt and bad budgets and red ink all across Kansas, from Topeka and the statehouse, out to schools and universities and all the state offices but fiscal reality finally, finally hit the Kansas Republican legislators.
It would be so nice now if all Republicans and Right Wingers would stop pushing and promoting "trickle down economics" where they think, if you give enough tax breaks to the already-wealthy and corporations, it will get down to the rest of America and Americans.
It won't happen but it would be nice.
Monday, January 16, 2017
Jeff City Republicans Seem to Want To Go Down the Kansas Deficit Rabbithole
You'd think they could and would look just across the state line, to Kansas and their budgets and budget problems since 2012 with their "trickle down economics" tax cuts for the already-wealthy and corporations and learn their lessons.
And these were just some of the ugly, unnecessary results:
And there's been plenty of evidence that the path they chose for taxes was a mistake, too, those Kansas Republicans.
California Raised Taxes, Economy Grew 4.1%; Kansas Lowered Taxes, Economy Grew 0.2%
So, with all that history, from 2012, when the Kansas Republicans set all this in motion, to today, do you think Missouri Republicans in our statehouse in Jefferson City would take any and all of it into consideration and respond accordingly?
Wouldn't you?
Oh, heck no. Take a look. This just hit from Yael Abouhalkah on his blog.
ERIC GREITENS SLICES MISSOURI BUDGET, FAILS TO BLAST GOP’S IRRESPONSIBLE TAX CUTS
Missouri Gov. Eric Greitens on Monday slashed $146 million from the current budget — more than half coming from higher education spending — to try to keep it balanced for the fiscal year.
Missourians and Kansans, both, naturally want to have good education systems but where do state representatives slash the money from when they've screwed up the budget? You guessed it, education. Wonderful. To heck with you students and the state's future, we've got budget cuts to make---for our irresponsibility.
Yael goes on to point out:
...for a guy who keeps telling people he’s going to be a truth-teller, someone not beholden to the old ways of doing business in Jefferson City, Greitens partly misled the public about why he had to do that.
In a message delivered on Twitter, the new Republican chief executive trotted out Obamacare and the “previous administration” as the main culprits for these detailed cuts. Wrong — at least for the most part.
In a message delivered on Twitter, the new Republican chief executive trotted out Obamacare and the “previous administration” as the main culprits for these detailed cuts. Wrong — at least for the most part.
In reality, the budget was approved by the GOP-dominated General Assembly. That’s right: Greitens’ own party.
Plus, slow revenue growth has caused some of Missouri’s problems. That’s not because of former Democratic Gov. Jay Nixon or the Affordable Care Act.
That gets us to this inconvenient fact for Greitens and the GOP.
One of the main problems with the current budget has been a collapse in corporate tax revenue. The tax collections dropped more than $150 million last year and are down an estimated $65 million more this year. Why?
Because bills passed in 2013 and 2015 have made it easier for some businesses “to reduce their Missouri tax liability,” according to this detailed explanation from the Missouri Budget Project.
And things could get even worse in the next fiscal year budget, which Greitens plans to unveil in February.
Plus, slow revenue growth has caused some of Missouri’s problems. That’s not because of former Democratic Gov. Jay Nixon or the Affordable Care Act.
That gets us to this inconvenient fact for Greitens and the GOP.
One of the main problems with the current budget has been a collapse in corporate tax revenue. The tax collections dropped more than $150 million last year and are down an estimated $65 million more this year. Why?
Because bills passed in 2013 and 2015 have made it easier for some businesses “to reduce their Missouri tax liability,” according to this detailed explanation from the Missouri Budget Project.
And things could get even worse in the next fiscal year budget, which Greitens plans to unveil in February.
That’s because even more Republican-approved tax cuts (over the veto of Nixon) are expected to kick in by then. The tax reductions could slice state revenues by $50 million in the first year, which isn’t a huge deal.
But the GOP-passed bill calls for bigger tax cuts as the years roll by. The Missouri Budget Project says the fully implemented bill could cost the state “at least $620 million a year….”
The hardest hit in Greiten’s message were major state universities, with up to $76 million in cuts.
Apparently, new Missouri Governor Greitens is being a good, political party Republican so he's not knocking anyone in his party or their actions. That's all well and good but once again, these people need to put their constituents first, not that political party.
But the GOP-passed bill calls for bigger tax cuts as the years roll by. The Missouri Budget Project says the fully implemented bill could cost the state “at least $620 million a year….”
The hardest hit in Greiten’s message were major state universities, with up to $76 million in cuts.
So these Republicans, both in Washington and in the state capitols are still, still, to this day bent on, as I said above, "trickle down economics" and how they think it will work. Just to give yet one more huge example of how it doesn't and how it, instead, creates huge deficits, check out red state Oklahoma's current experience:
And again, where do they take the money?
They, Republicans, don't learn. They want to keep slashing taxes for the already-wealthy and corporations, promising it will create jobs and tax revenue.
It doesn't. It patently, absolutely does not. It does neither.
This, ladies and gentlemen, is "trickle down economics", let there be no doubt.
Links:
Thursday, December 22, 2016
What Trump's Proposed Economic Plans Already Did To Kansas and Oklahoma
Kansas expects budget shortfall
around $350 million this fiscal year
As if that isn't and hasn't been horrible enough, check out what the rocket scientist Republicans have done in their beloved red state Oklahoma.
And besides these plans, of cutting taxes for the wealthy and corporations, Mr. Trump also wants to beef up our military and their budget, as though they don't waste millions and billions enough already.
So get ready, America. Those pesky, hard-headed Republicans, with their ideas of shoveling yet more money to corporations and again, the already-wealthy and the military are now coming at the entire nation.
God help us all.
And thanks, Republicans, once again, in advance!
Saturday, December 17, 2016
How Dangerous Would/Will A Trump Presidency Be?
How bad could a Donald Trump presidency be, you ask?
From Professor Robert Reich's Facebook page today.
Trump has named Rep. Mick Mulvaney (R-S.C.) as his director of the Office of Management and Budget. Among Mulvaney’s chief duties will be overseeing the most dramatic overhaul of the nation’s tax code since President Ronald Reagan – cutting taxes on corporations from 35% to 15% and on wealthy individuals.
How will Mulvaney accomplish this while avoiding larger budget deficits? By cutting spending. Since Trump wants to increase military spending, where will those spending cuts come from? Medicare and Social Security.
Here are 4 things you need to know about Mulvaney:
1. When Mulvaney, 49, was elected to Congress in 2010, he quickly staked out ground as one of Congress’s most outspoken fiscal hawks — playing a key role in the 2011 showdown between President Obama and House Republicans that ended in the passage of strict budget caps.
2. Mulvaney is a founding member of the House Freedom Caucus, a group of about three dozen conservative hard-liners that has used its leverage to push Republican leaders to the right, and pushed House Speaker John A. Boehner (R-Ohio) out of power in 2015.
3. Mulvaney is also an advocate of a balanced-budget amendment to the Constitution.
4. Mulvaney is a close ally of Paul Ryan (who wants to turn Medicare into vouchers) and of Scott Pruitt (Trump’s pick to head Health and Human Services, who wants to repeal Obamacare).
Here are 4 things you need to know about Mulvaney:
1. When Mulvaney, 49, was elected to Congress in 2010, he quickly staked out ground as one of Congress’s most outspoken fiscal hawks — playing a key role in the 2011 showdown between President Obama and House Republicans that ended in the passage of strict budget caps.
2. Mulvaney is a founding member of the House Freedom Caucus, a group of about three dozen conservative hard-liners that has used its leverage to push Republican leaders to the right, and pushed House Speaker John A. Boehner (R-Ohio) out of power in 2015.
3. Mulvaney is also an advocate of a balanced-budget amendment to the Constitution.
4. Mulvaney is a close ally of Paul Ryan (who wants to turn Medicare into vouchers) and of Scott Pruitt (Trump’s pick to head Health and Human Services, who wants to repeal Obamacare).
So if you like
--cutting tax rates for the already-wealthy because, hey, they need more money, right?
--and cutting taxes still farther for corporations because why should they have to help pay for the nation's infrastructure?
--and if you like the idea of increasing our military spending still further because hey, we only outspend the rest of the nation's military budgets several times over. Let's go bigger!
--and if you like huge, multi-billion dollar budget deficits
--and if you think cutting Medicare so Americans get still less medical needs met
--and if you think cutting Social Security to grandma and grandpa is a good idea because hey, they're moochers....
THIS IS THE PLAN FOR YOU, AMERICA!
Why be fiscally responsible?
If you like the Kansas "trickle down economics" and their results, with all the budget deficits--$359 million, to date---you're going to LOVE the Donald Trump administration.
Let's never forget, too, folks---these are Republicans. This is the Republican Party doing this to you, to us all. They did it to Kansas and now they want to do it to America.
Links:
Thursday, August 11, 2016
If There's Any Hope for Kansas, It Should Be This Year
I just saw this headline today on the Facebook page of the Kansas Democratic Party, highlighting an article from the Wichita Eagle newspaper.
.
And it hit me.
If Kansas can't or won't "go blue" and vote Democratic Party now, when very Right Wing, Republican, uber-conservative economy wrecker and trickle down economy promoting Governor Sam Brownback has wrecked both the state budgets AND the economy and then a deeply irresponsible Donald Trump is heading up the Republican Party ticket for the presidency, it will never happen. There will be no hope. Ever.
Between that political party's gerrymandering and "voter ID" laws and then the propensity for Kansans to vote for these people?
Hopeless.
God help Kansas.
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