Bush Tax cuts did not stimulate the economy blabber jabber-Numbers here

swinney

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Tue May-04-04 05:54 PM
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Bush Tax cuts did not stimulate the economy blabber jabber-Numbers here

The tax cuts for 2001-2002-2003 put 342 Billion in our pockets. Add on 2004 and it is 619 Billion.

Gross Domestic Product is over 10,000 Billion. Consumer Spending part is about 7,000 Billion.

You have $7,000 in your pocket and someone gives you $342 do you go on a spending binge?

Data from a special report by www.cbpp.org

clarence swinney burlington nc

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54anickel

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Tue May-04-04 09:40 PM
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1. Nice site, thanks for posting. This chart says it all nicely

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unblock

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Tue May-04-04 09:45 PM
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2. and that doesn't even take distribution into account

the folks most likely to spend got the least amount of tax cut.
the folks who were already sitting on hoardes of cash got the most.

so to rephrase:

you have $7 in your pocket and someone gives you $0.07. do you go on a spending binge?
OR
you have $7,000,000 in your pocket even after you've bought everything you could possibly want and someone gives you $500,000. do you go on a spending binge?

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JHB

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Wed May-05-04 09:44 AM
Response to Reply #2

3. Corporations have record cash-on-hand

See this post in GD:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x1531898

From the WSJ, via skimble:

It sounds perverse, but one of the emerging problems for investors and company executives is cash, too much cash.

According to Standard and Poor's, cash on hand at the nonfinancial S&P 500 companies will top half a trillion dollars for the first time ever by end of this quarter. While it's only an estimate, because not all companies have reported yet, so far, with 193 companies already in, cash and short-term equivalents is up 17% over the first quarter of 2003, which itself was up 25% over 2002, according to Howard Silverblatt of Standard and Poor's.
(rest on the GD post)

Could help a lot if it would go towards more jobs and better pay. But it won't.

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