Taxes

America's Self-Inflicted Economic Wounds

The country may be limping along, but we did it to ourselves.

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Jobs
Old Sarge / Foter / CC BY-NC

As of last month, to go by the polls, half of Americans consider the country to still be in recession. Even more expect their kids' generation to have to scrap harder than their parents to get by. Little did those poll respondents know that, even as they voiced their worries, job creation had taken a dip, with only 142,000 nonfarm slots created in August, compared to 212,000 in previous months.

Another poll in September found similar economic gloom. That's hardly a shocker when the proportion of the population working or looking for work is at its lowest level since 1978. Some of those sharing their pessimism with the pollsters may be among the ranks of young college graduates for whom the underemployment rate has risen from from 9.6 percent in 2007 to 16.8 percent in 2014. Gloom comes with the territory.

No, it's not the Great Depression—technically, we're in the midst of an economic recovery. But it's a lousy recovery, and one that most people find unconvincing as hell. Whatever else the sort-of recovery, not really recession may be, it's strong evidence of self-inflicted economic wounds. America may be limping along, but we did it to ourselves.

Fat Cat
White House

The White House and its allies tried to make hay over the summer with terrible tales of "corporate deserters" who are, as the president put it, "fleeing the country to get out of paying taxes."

But those formerly American companies setting up shop in Ireland, Canada and elsewhere weren't jumping—they were pushed.

The accounting firm KPMG points out that the United States' corporate income tax rate is roughly 40 percent. That compares to 26.5 percent in Canada, 21 percent in the United Kingdom, and 12.5 percent for new operations in Ireland, rising to 25 percent for other business activities. Only the United Arab Emirates has a higher rate.

Not only is the U.S. corporate tax rate high, but a 2013 paper from the International Monetary Fund points out that "All G-7 countries other than the United States have now adopted territorial taxation (or a partial version thereof) for active business income." The U.S. is the last major country inflicting worldwide taxation "under which corporations deemed 'resident' in a country are taxable by that country on their income from all over the world…" Everybody else settles for a piece of the action within their borders.

Their whining aside, you'd almost think American lawmakers were working for the Irish Chamber of Commerce.

Businesses also have to run a bureaucratic gauntlet to stay on the good side of tax collectors in the U.S. The consulting firm PricewaterhouseCoopers ranks the U.S. at 64 out of 189 countries for ease of paying business taxes, with a total tax rate of 46.3 percent, and 175 hours required to comply, with an average of 11 payments per year.

Canada, our friendly neighbor to the north, comes in at #8, with a total tax rate of 24.3 percent, 131 hours to comply, and eight payments. Ireland, where several U.S. firms recently relocated their headquarters, comes in at #6, with a total tax rate of 25.7 percent, and 80 hours required to comply with an average of nine payments.

So, paying business taxes in the U.S. is an expensive ordeal. Could it be… Could it be that making the country a relatively unattractive place within which to locate a business might slow down the creation of jobs and prosperity?

And it's not just evil corporations. The U.S. government stands out among world governments for trying to tax its citizens even when they live far from American shores and may have no intention of returning home. Efforts to collect have become sufficiently expensive and intrusive, including the Foreign Account Tax Compliant Act of 2010 (FATCA), that growing numbers of Americans dump their citizenship just to get free of the IRS.

Consider that prospect through the eyes of a foreign-based entrepreneur trying to decide where to settle, invest, and build something new.

Just days ago, the Tax Foundation released the International Tax Competitiveness Index, placing the U.S. at 32 out of 34 OECD countries (only Portugal and France scored lower). Once again, the U.S. was slammed for its treatment of business, but the country was also called out for "individual taxes with a high top marginal tax rate and the double taxation of capital gains and dividend income," as well as poorly structured property and estate taxes.

OK, we all have our tax headaches. Yeah, it sucks that the U.S. is losing ground to other countries that actually try to make their tax systems tolerable. But we've suffered under the IRS for decades; it's not going to sink us now.

Well, not by itself it won't.

College grads

Among the things that Americans worry about that aren't called "economy" is the Affordable Care Act. We've never much liked Obamacare and polls find that we keep not liking it. People might like it even less if they knew that it probably plays a large role in pushing those underemployed recent college grads to battle for part-time jobs flipping burgers.

As part of its latest monthly survey of service sector businesses in Texas, the Federal Reserve Bank of Dallas included specific questions about the impact of the Affordable Care Act. The vast majority reported increased costs from the law for 2014 and even more saw higher costs next year.

But those are just fat-cat executives. Who cares about them? What does that mean for the working folks supposedly benefiting from the law?

Well… 20.8 percent of those Texas fat cats say the number of people they employ will be lower as a result of the Affordable Care Act (2.7 percent say it will be higher). And 22.4 percent say they'll use a higher proportion of cost-reducing part-time, contract, or temporary workers (7.1 percent will use fewer). Some businesses are reducing wages and benefits, too—certainly more than are increasing them.

Similar hits to employment are reported among businesses surveyed by Federal Reserve Banks in Philadelphia, New York, and Atlanta.

The New York Federal Reserve Bank separately surveyed manufacturers and business leaders around the Empire State. Surveys said:

About 20 percent of respondents in both surveys said that they were reducing the number of workers and/or raising the share of part-time workers. A similar proportion said they were paying less compensation per worker because of the ACA, and a similar proportion of manufacturers said they were outsourcing more work.

Those figures are virtually identical to those drawn from Texas, thousands of miles away. Increased costs from a law peddled as an aid to the American people are resulting in fewer jobs, and a higher proportion of part-time gigs that offer few if any benefits.

Americans have reason to feel gloomy about the economy. But that pall hanging over their paychecks and bank accounts isn't a natural disaster—it's a series of injuries inflicted on the American economy by the officials they elected to office.

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  1. Their whining aside, you’d almost think American lawmakers were working for the Irish Chamber of Commerce.

    Most American lawmakers are economically illiterate.

    1. No they aren’t, they just assume their constituents are.

    2. Actually, they aren’t illiterate. If they were we wouldn’t be in half the trouble we are. They are extensively read in economics. Their heads are chock full of fancy economic theories, most of them utter swill. They have gone for the while Statist theory of economics hook, line, sinker, rod, reel, and waders. But don’t make the mistake of thinking of them as economic illiterates; they are extensively read and educated about their pet theories and can dance dialectical rings around most people who disagree with them.

      Hence the present mess.

      Like an awful lot of bad theory, the notion that the State can effectively oversee the economy and make it better is based on a wrong assumption. In this case the assumption is that the State, however constituted, can collect and correlate market information completely enough and fast enough to make good judgements about the economy. And that assumption is central not only to the theories these dolts profess, but to their self-image. They aren’t going to give it up, ever.

      1. Whats sad is that a lot of these same people would like to see a total collapse so they can blame it on capitalism and assume even great control.

        1. Maybe some. A tiny, mad, minority. Most simply cannot conceive of a system that has LESS control; their minds won’t wrap around it. So when it all goes crash they will continue to apply the methods they are SURE will work.

          God help us all…

      2. Of course not all knowledge is equal in it’s accurate portrayal of reality. And unfortunately modern economic thought is the child of fascism and wishful thinking.

        1. I feel I must quibble here; Progressive economic thinking is the child of elitism and wishful thinking. So was the majority of economic thinking throughout history. The fascism is a thin coat of fashionable paint.

          The Progressives think largely the same way the Aristocrats, the Theocrats, the Roman Emperors, and every other bunch of “we know what’s best for you” swine in history thought. The ideas of economic freedom that underlie Capitalism are radical and (on a historical basis) heretical.

          The problem is, they work. Notnas perfectly as the dreams of the “we know best” jerks, but far better than the reality.

          1. The Progressives think largely the same way the Aristocrats, the Theocrats, the Roman Emperors, and every other bunch of “we know what’s best for you” swine in history thought.

            ^^THIS^^ times a 1000

            I am using this. Hope you do not mind. I will provide citation when I remember.

            1. I’m delighted. Please spread it far and wide. I think that the more people realize this, the harder it will be for Progressive Pillocks, Liberal Lotharios, and Revolutionary Racebaiters to seduce them.

      3. a whole lot of silly opinion
        not much fact

        1. You’ve accurately described your every comment.

  2. J.D. Tuccille on America’s Self-Inflicted Economic Wounds

    I am an American; I have inflicted no economic wounds.

    1. Well you are a useless cunt….that’s kind of a wound.

      1. Did you misread his handle?

        1. I suspect he did. I read it as Palin’s Buttplug at first glance myself.

          1. OB is a mere lightweight imitation.

            1. Get lost, turd

              1. Sevo,

                Your treatment of this person because you don’t like his/her opinion is pretty much the same for everyone, including me of course.

                At least you are a consistent and predictable ass hole.

                You are typical of the cowards who infest websites, knowing that the anonymity of such sites will protect you from the consequences of your month in real life.

                Eat shit, you fucking moron.

                1. On The Road To Mandalay|9.18.14 @ 5:49PM|#
                  “Your treatment of this person because you don’t like his/her opinion is pretty much the same for everyone, including me of course.”

                  You can get lost too, turd.

                  1. Hi Sevo Asshole

                    I’m not about to “get lost”. Count on seeing me around this website a lot.

                    Have a nice evening, shit for brains. Fuck you, moron.

                    1. Is this your last post ever Mandalay ?

                    2. As usual, On The Road To Mandalay, you have nothing new to say, and your response is devoid of any rational thought, because you do not have intelligence.

                      What you don’t like are our opinions. Since you don’t agree, our opinions irritate you, as well as our rebuttals to your arguments, which make you all the angrier because you cannot reply to them with a coherent thought. So, you spew trash and nonsense. You just keep repeating “Fuck you, moron.” and “have a nice evening, shit for brains” over and over again.

                      Well, fuck you in the fucking fucker, your ass eating moron.

                      Snaps out of it.

                      Whoa…. for a minute, I felt like I was channeling a retarded asshole or something…

            2. LOL!

        2. Did you misread his handle?

          I confess that I did.

          My general chain of recognition: Buttplug = shreeky = Weigel = Cunt

          1. Sounds like you just need glasses. The thought process appears sound.

            1. I’ll look into this….

  3. Some wag said that a recession is when your neighbor can’t get a job, and depression is when you can’t get one.

    Obviously, a lot of people either can’t get a job or know somebody who can’t. I think it should be pretty clear by now that it’s unlikely that either appears in the BLS stats as unemployed.

  4. I take it that if the American people elect politicians who profess to be libertarians, that all of our fucking economic woes will be over?

    1. If the American people elect politicians who are libertarians, all of our fucking economic woes will be over. And security woes. And freedom woes.

      1. If the American people managed to elect a bunch of genune Libertarians we would be in for years of entrenched bureauweenies fighting a bitter retreat. And, of course, we would have to deal with the stupidities of the market.

        And the market IS stupid. It does insane things like set the pirice of select pieces of illustrated cardboard (collectable cards) absurdly high. It’s just LESS stupid than an economy miss managed by a small group of ill informed buttinskis.

      2. libertarians have serious issues
        their ideas are stone cold goofy

        1. Turd.Burglar.

        2. If the idea that you, and only you, not some bureaucrat a thousand miles away, with whom you have not even had a casual conversation, knows what is best for you is goofy, then call me Mickey Mouse’s dog, cause I’m the goofiest motherfucker in America.

    2. Ever heard of the Great Depression of 1921? That’s because we took a more libertarian approach to economic recovery.

      Compare that with the approach we took in 1929-1946.

      1. That is the most stupid I’ve seen packed into three sentences…maybe ever.

        Well done!

        1. So are you disputing the Austrian notion that recessions are healthy corrective measures or are you disputing that the 1921 episode had a relatively libertarian response?

          1. Tarrif wars.

        2. I believe I can give you a list of people who HAVE in fact packed major stuipidity into a few sentences. This is not one of them.

          Have you READ posts from:

          Tony, AmericanSocialist, CraigInMass, and the new guy JasonRendal.

          1. Ugh, there’s more?

        3. So following the post-WWI recession of 1921, we cut taxes severely, reduced government outlays and resisted temptations to mess around in private markets. Result equals short recession and 7 years of economic expansion known as the roaring 20’s.

          Following the 1929 crash, we engage in a 16 year odyssey of government interventions, new government agencies price fixing, wage controls, high tax rates, rationing and it’s known as the Great Depression.

          1. Yeah, that’s why I was asking excited Almanian why it was so stupid.

          2. Coming back – realized I utterly misread your post. Thought you were a troll confusing 1921 with 1929…which would be about the dumbest thing I’ve ever read.

            Nope – I misconstrued what you meant.

            My bad – sorry 🙂

          3. yep, which cratered the economy in 1929. So those policies were a total and complete failure.

            1. What “cratered” the economy in 1929 was that every major country in the world engaged in tarrif wars, in a vain attempt to insulate themselves. Learn some history you ignorant turd.

              1. Unless you were being sarcastic. =)

        4. WTF?
          http://mises.org/daily/3788
          LAH is spot on.

          Instead of “fiscal stimulus,” Harding cut the government’s budget nearly in half between 1920 and 1922. The rest of Harding’s approach was equally laissez-faire. Tax rates were slashed for all income groups. The national debt was reduced by one-third.

          The Federal Reserve’s activity, moreover, was hardly noticeable. As one economic historian puts it, “Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction.”[2] By the late summer of 1921, signs of recovery were already visible. The following year, unemployment was back down to 6.7 percent and it was only 2.4 percent by 1923.

          Did RTM sock puppet Almanian!?

    3. On The Road To Mandalay|9.18.14 @ 4:56PM|#
      “I take it that if the American people elect politicians who profess to be libertarians, that all of our fucking economic woes will be over?”

      Road guy, as an ignoramus, you have no idea what’s wrong or how to fix it.
      You, and idjits like you, are the reason the econ sucks.

      1. Eat shit, you fucking moron. Go back to your hobby of licking old whores’ clap infested pussies down at the trailer park.

        Fuck off, you worthless piece of shit. As a moron the economy doesn’t need your input anyway. Fuck you.

          1. Sorry Sevo Asshole,

            However I’m not about to go to the web you are suggesting. Sorry to disappoint you, scrotum brain.

            1. I’m watching it. It’s hilarious.

    4. of course not. there would be mass starvation, massive unemployment, no public education, slave labor, massive environmental destruction, income inequality which makes what we have today look like the 60’s, etc…

      Look at Somalia and the early 1900’s in the USA for historical reference.

    5. Thanks for outing yourself. Did Daily Kos crash again?

  5. Cue shriek to to tell us the EFFECTIVE tax rate is something like 12% and besides BOOOOOOOOOOOOOOOOOOOSH in three, two….

    1. Wall Street Journal – that liberal rag:

      WASHINGTON?U.S. companies are booking higher profits than ever. But the number crunchers in Washington are puzzling over a phenomenon that has just come into view: Corporate tax receipts as a share of profits are at their lowest level in at least 40 years.

      Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011, which ended Sept. 30, according to the Congressional Budget Office. That’s the lowest level since at least 1972. And well below the 25.6% companies paid on average from 1987 to 2008.

      Corporate income-tax receipts typically fall during recessions, and they declined sharply after the 2008 financial crisis, which wiped out big swaths of profits across the huge financial sector. But U.S. profits have rebounded sharply in recent quarters, while tax receipts have stayed low.

      http://online.wsj.com/news/art…..2233215330

      1. So the large companies are more global now than they were in 1987? Shocked.

        1. What? Read the article. Corporations (both C and S) are more profitable than ever and pay the lowest % of their earnings in taxes since 1972.

          Inflation is near nothing and the equity markets set new record highs again today.

          For corporate America this is the best economy in history.

          1. But corporations are evil.

            1. Says who?

              Michael Moore? Fuck him.

              1. Go be a turd elsewhere.

                1. Eat shit Sevo.

                2. Fuck off.

                3. Fuck off.

                  1. Last. Post. Ever.

                    This time it’s for reals.

              2. Oh, please no. I don’t even want to TOUCH him.

            2. A leftist’s critique of corporate entities is as poorly reasoned as the rest of their economic understanding. But that’s not to say that there aren’t valid free market critiques of a system characterized by government granted privileges, monopolies and favors.

              Joint-stock companies aren’t necessarily the same thing as a corporation. The defining characteristic of a corporation is it’s statutory liability shield.

          2. Inflation is NOT near nothing. And Corporate earnings are modestly better. What is us is the stock valuation thanks to the Fed’s latest bubble-magic.

            1. Nonsense.

              The valuation of the S&P 500 is very reasonable 16.71 multiple on earnings.

              http://online.wsj.com/mdc/publ….._uss_pglnk

              Previous multiples have been well over 20x earnings.

              1. Inflation is NOT near nothing.

                As to P/E ratios, what does near record low interest rates do to net earning? It increases them. The un-Fed interest rate would be much higher and the earns would drop accordingly. As to “very reasonable” 16.21 p/e . . . that’s about average of the last 100 years.

                Inflation is NOT near nothing.

          3. S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns…

            And what’s the fastest growth category of American businesses? Why, that would be S corps, many of which are converting from C corps. And what happens in the latter case? Do you think corporate tax receipts might just go down in that case? Nah, couldn’t be.

            LAH already pointed out the issue of increasing percentage of sales outside the US as well, which remain untaxed until they are repatriated.

            Retard says what?

          4. 12.1% of profits earned from activities WITHIN THE U.S. in fiscal 2011.

            1. So what? That is where most earnings are. Earnings overseas are not taxed until repatriated – which means they can be postponed indefinitely.

          5. S Corps don’t pay income taxes. The owners pay taxes at personal income tax rates.

            Inflation is not near nothing and most people are not participating in stock market gains.

            This economy might be decent for large corporations but the majority of people are not employees or owners of large corporations. I guess you don’t give a damn about the small business owner.

            Don’t you ever get tired of being wrong all the time?

            1. 62% of Americans own stock. idiot. S-corps are included in the WSJ article. Inflation is 1-2% and energy prices are very reasonable due to domestic production highs.

              1. Ha! Yea, inflation is practically nothing! I’m definitely not paying more for almost everything. That is merely a hallucination.

                1. “Ha! Yea, inflation is practically nothing! I’m definitely not paying more for almost everything. That is merely a hallucination.”

                  Housing is less. Energy is either less (NG) or at a level of about 2-3% yearly inflation, which efficiency gains (thanks GW and Obama!) have made up for…and more!

                  Health Care has leveled out, although it remains higher than inflation – it’s still 1/2 of what it was under GW (5% as opposed to about 10)

                  Paying more? You’re not shopping right.

                  1. We are paying more and getting less because of that wealth redistribution law known as Obamacare.

                    When you add several million people that basically pay nothing to average it out the money has to come from somewhere.

              2. PB, you mendacious piece of shit. Food prices have skyrocketed, the price of gas has nearly doubled in the past 5 years. Food and Energy are way up. That is inflation.

                I do not give a fuck what some wipe in the bowels of government says. Anyone with half a brain knows that the fictional inflation rate posted by the fed is to keep social security and federal pay flat.

          6. dude you cant reason with the libtards. they live in fantasyland

            1. libtards?? are you in the 4th grade?

              1. Turd.Burglar.

              2. he is using small words, so you can understand

      2. So what Shreek? It is a fairness issue, not one of revenue. Your god-king said so himself.

        1. Companies are increasing sales and profits without re-hiring US workers in large numbers.

          Whether that is fair or not is up to the political pundits.

          1. “Whether that is fair or not is up to the political pundits.”

            So you look to political pundits to guide your moral compass as to what is fair or not ?

            Interesting.

      3. In fiscal 2011 many corporations were still writing off losses from the previous years.

        “But aggregate corporate taxes in 2010 were low, just 1.3 percent of G.D.P., because corporations can carry forward losses from previous years to offset taxes in future years. Since many corporations had huge losses in 2008 and 2009, because of the economic recession, this reduced their tax liability in 2010 below the long-term trend of about 2 percent of G.D.P.”

        http://economix.blogs.nytimes……blogs&_r=0

        1. Yes, but profits have continued to climb into 2014.

          IIRC, the time limit on loss carryovers is three years.

      4. It wants a subscription to read the whole article. Meh.

  6. I hear Pavlov’s Dog shrieking – good sock puppet! Right on cue!

    1. Hey – I just trolled a troll!

      SCORE!

  7. I think what america needs to do is stop worrying about terrorism and should start focusing on economy

    1. What the American government needs to do is take a few years off.

    2. Don’t you remember?

      “Laser like focus on Jobs”

      and

      “won’t rest until every American has a job”

      (that second one scares me, since I envision minors and old folks working working the quaries for some bread and water)

    3. but what about the poor military industrial complex? Someone needs to think about them…

  8. Bitcoin down $200 in the last few months – http://winkdex.com/.

    Gold is in a bear market and at 2014 low. Not good times for prepper types…..

    1. The dollar, on the other hand…

      http://cnsnews.com/news/articl…..first-time

      1. The USD is doing fine. Your link concerns ground beef which is in high demand and supply constrained.

        Other commodities are falling – like oil, corn, and wheat. And gold.

        1. Yep, it’s almost like President Obama could care less about the Labor Participation rate, but is really enthused about keeping Wall Street stock prices heading upward and bombing brown people.

          1. it would seem that way to a really
            stupid person

            1. Turd.Burglar.

    2. Actually, it is a good time. Stuff is cheap to stock up on.

    3. Re: Peter Caca,

      Gold is in a bear market and at 2014 low. Not good times for prepper types…

      Right, preppers…

      By the way, gold is low compared to 2013. Compared to when I bought, on the other hand… 🙂

      1. “By the way, gold is low compared to 2013. Compared to when I bought, on the other hand… :-)”

        Well, in that case, the 40% I’ve made in the market for the last year is really nice!

        But we’re not talking anecdotes. I remember all the Shiff fans telling me to stock up on Gold and Silver in the late 1970’s and early 80’s.

        Depending on exactly when you bought, you probably would have made 2-4% compounded.

        How much did investing in AMERICA make in that time? Well, one good measure is Berkshire Hathaway, which invests largely in conservative businesses (home improvement, insurance, food, etc.).

        1971 it was 11K per share
        2014 it is 140K per share

        Which of these things (gold and stocks) are NOT like that other.

        Only fools invest in gold.

        1. And if you bought Enron shares at their peak, how did those fare against gold?

    4. Would preppers be buying up bit coins because of their ueber usefulness after a catastrophic event?

  9. Too much austerity, duh.

  10. Federal spending doubled in little over a decade. Only stupid people think that isn’t wealth being drained out of the economy.

    1. It’s not being drained out of the system. It’s being put to better use by a wise all-knowing benevolent government.

      Off to reeducation with you!

    2. “Federal spending doubled in little over a decade. Only stupid people think that isn’t wealth being drained out of the economy”

      Simplistic.

      Let’s talk the biggest driver of Federal Spending – Health Care!

      Everyone knows our capitalist (fee for services) systems doesn’t work…but because insurance companies and health care companies didn’t give a crap about bankrupting our country, the Gubment had to step in and pay for a lot of medical needs…at least until the ACA and other policies stemmed that tide of selfishness and fraud.

      So Federal money (our money) paid for medical care that OUR MONEY WOULD HAVE HAD TO IF NOT.

      We, as a whole, get zero benefit from being ripped off by the medical system, even if it adds to GDP and Payrolls. In fact, it’s a net loss due to over treatment, wrong treatments, overcharges, fraud, etc.

      This – and other actual reasoning – is why it’s not as simple as “wealth being drained”. If we drink and drive less and there are fewer accidents, then “wealth is lost” in the form of hospital bills, lawyers charges and new cars. But it’s not a bad thing.

      The world is a complex place.

      1. I can’t tell if you are retarded or sarcastic.

        1. It’s headinass. It’s retarded.

      2. Who doesn’t know that capitalist systems don’t work? True Scotsmen?

  11. my co-worker’s mother-in-law makes $67 every hour on the laptop . She has been out of work for 6 months but last month her pay check was $14046 just working on the laptop for a few hours. check out here……………..

    http://www.Jobsbat.com

    1. What I don’ get is how she can be making porn on a laptop. That’s gotta be uncomfortable as hell.

  12. Don’t worry, the Federal Reserve Bank will save us.

  13. No, it’s not the Great Depression ? technically, we’re in the midst of an economic recovery.

    No, we’re not, and yes, it is again the Great Depression circa 1937. So get ready for a new and even worse crash.

    1. That crash took place 8 years after the first crash? we’re at about 6-7 years after the subprime mortgage crash.

      So? next year or the year after?

  14. Actually, they aren’t illiterate. If they were we wouldn’t be in half the trouble we are. They are extensively read in economics. Their heads are chock full of fancy economic theories, most of them utter swill. They have gone for the while Statist theory of economics hook, line, sinker, rod, reel, and waders. But don’t make the mistake of thinking of them as economic illiterates; they are extensively read and educated about their pet theories and can dance dialectical rings around most people who disagree with them.

    I’m going to nitpick, and say this is more true of the staffers than the legislators themselves.

    You know, the Congressional staffers who were carefully groomed and programmed at places like the Kennedy School of Government, and have no comprehension of what real wealth creation entails. People who think government stimulus makes the economy grow.

    The legislators only know how to panhandle, pantomime concern for their constituents, and win popularity contests.

    1. This may comfortably fit your paranoia (mine goes in other directions), but I don’t think it’s actually true. The legislators mostly go to the same schools, are taught the same swill, and buy into the same nonsense. Debate with them and they will have all the accepted answers. They are well read, conventional, progressive ecnomics thinkers. Their staffers may be BETTER read.

  15. Self Inflicted wounds?

    Massively burdensome tax system – check.

    Obamacare -check.

    But Tuccille left out another biggie – an EPA determined to obliterate the economy by massively increasing the cost of energy while simultaneously reducing the reliability of the nation’s electric systems.

    1. you fox news kids always write
      hilarious, uneducated posts

      1. Pure prejudice. Doubtful many of the posters here rely on corporate news outlets.

    2. “EPA determined to obliterate the economy by massively increasing the cost of energy while simultaneously reducing the reliability of the nation’s electric systems.”

      This must be why NG prices are at a historic low and our power is being produced cleaner than ever with very little inflation.

      But, yeah, I understand – the Kochs own this place so you have to cheerlead for them to pay them off.

      1. “This must be why NG prices are at a historic low and our power is being produced cleaner than ever with very little inflation”

        NG prices are affected by increased supplies from the shale fracking boom – which the EPA gets zero credit for (nor does any other entity of the Federal government).

        Natural gas prices became cheaper than coal and that prompted electric utiltites to switch fuel sources based on price – which the EPA also gets zero credit for.

        But that economic differential is not a constant. Natural gas prices spiked during the cold winter and there were natural gas supply shortages in the Northeast. If the new EPA coal power plant regulations had been fully in effect then, there would have been power outages during an extraordinarily severe winter period.

  16. The so called “unemployment figure” is spin and a lousy indicator of employment. Britian solved their umemployment by converting the idle over to ‘disability.’

    For a realistic unemployment figure, as well as a nice little graph to show the recent historical trend, take a look at the BLS’s labor participation stats: http://data.bls.gov/timeseries/LNS11300000
    Single step arithmetic get you to a 37.2% real unemployment measure.

    1. And the disability racket has had more growth than any other sector under the glorious leadership of Chairman Owebozo and the debt monetizing genius of Kommissar Bernanke!

  17. my co-worker’s half-sister makes $89 hourly on the computer . She has been fired from work for 10 months but last month her pay check was $19003 just working on the computer for a few hours. visit this web-site….

    ???????? http://www.netjob70.com

  18. We had a Great Depression, and now we’re having a malignant malaise. It will go on for an extended period of time because socialism and altruism are the dominant economic and moral philosophies of our age. The left would rather have retribution against the wealthy than to have the rising tide that lifts all ships flow into the harbor of our collective port.

    If you want everyone to have a bigger slice of the pie then you need to bake a bigger pie. That’s a capitalist function, but the left simply wants to divvy up the bigger slices of the pie and hand them out to their constituents, a process which — in a mixed economy — makes the pie smaller than it could otherwise have been.

    1. “than to have the rising tide that lifts all ships flow into the harbor of our collective port.”

      Very interesting. We have arguable the richest country in the history of mankind, yet a massive poverty problem and inequity which is only getting larger since Reagan and his fantasy of piss-down-on-me economics. If it was gonna work, it would have worked by now!

      I guess it did work. The newest Pew study shows that ONLY the top 1% has made gains over the past number of years. Their yachts will float us all when they hire us to shine the brass. But please piss in this bottle first.

      Check it out. It’s truly amazing. Even if you are the top 5% or 10%, you are becoming worse off (in comparison).

      http://www.pewresearch.org/fac…..t-the-top/

      1. I suppose you would rather Reagan had pursued economic policies like Japan and France?

        Attempt to keep things in perspective. His plan might not have been perfect, but we have done better than those two nations did during the same time period by not being regressive.

        But yeah, feel free to blame republican presidents.

      2. Craig, I thought up made significant gains over the past few years. With your Tesla Motors shares and other green energy investments.

        We also have more liabilities than any country ever. So net wealth may not be that impressive (I think debtclock.org may have this information). We have had four terms of Democrats since Reagan as well as three terms of big government Republicans. You’d think economic strategies would have been adjusted by then.

  19. The White House and its allies tried to make hay over the summer with terrible tales of “corporate deserters” who are, as the president put it, “fleeing the country to get out of paying taxes.”

    Sooo?.. Show me your tax return, Mr. President. Have you claimed any deduction or credits in order to get out of paying taxes? Or did you actually pay MORE, because you’re wealthy enough now and can afford it?

  20. Never fear!

    Boner and Real Republicans know why this job problem exists!

    “Boehner then lamented “this idea that has been born, maybe out of the economy over the last couple years, that you know, I really don’t have to work. I don’t really want to do this. I think I’d rather just sit around. This is a very sick idea for our country.”

    Welfare Queens. Again.

    1. Turd.Burglar.

  21. And here is another way the EPA is trying to inflict economic wounds on the country: bans on HFC’s used as coolants.

    http://www.nationalreview.com/…..diane-katz

    From the article:

    “The HFC crackdown is just the latest example of what makes this administration the most aggressive set of regulators in the nation’s history. In its first five years, annual regulatory costs increased by more than $73 billion. Not surprisingly, the EPA is responsible for the largest portion of the most costly regulations ? for the vast majority of them, the benefits aren’t worth the costs.”

  22. my best friend’s mom makes $77 every hour on the laptop . She has been out of work for 10 months but last month her pay was $16294 just working on the laptop for a few hours. browse this site….

    ???????? http://www.jobsaa.com

  23. The real irony is the statist double Dutch rudder each other over Canada oh Canada in terms of socialized medicine and education (college), but you talk about The US having a corporate tax rate like Canada and the rabid wolves come out.

    Most of our woe’s are self-inflicted. Bush and Obama have massively expanded the federal government. Doing so is expensive. We could cut taxes all around if we didn’t feel like we should be at war with everything from drugs to Iraq to poverty to ISIS (an ideal).

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