At The NBER’s Recession Dating Procedure (That's National Bureau of Economic Research)
You can see the first graph that the last recession was shallower than the average of the previous 6, but contrary to the supposed impact of tax cuts the recovery has also been shallower.
Real personal income performance has been absolutely pathetic as shown in the second graph.
The payroll performance is even worse.
The real significant impact of Bush's policies is that the gap between the rich and the poor grew as wages for most people stagnated while pay for upper eschelon management skyrocketed.
These graphs cover through September 2003 so the data Tom posted needs to be taken into consideration as well.
At Business Cycle Expansions and Contractions You can see that the last contraction was no shorter than the previous one which had no tax cuts. You can also see that the longest expansion in history started without tax cuts to bring us out. The recesssion was ended relatively quickly SOLELY through low interest rates. Any smart person not burdened by political dogma would have tried to repeat that cycle not muck with it.
Regards,
Mark
Current Events » in reply to More economics
Some Real Comparisons
The whole thread (37 posts)
- More economics
- Some Real Comparisons
- So Only Independents Can Read Graphs?
- I never say "me too". You were doing a good job and I had nothing to add.
- Okay, let's simplify:
- re: Some Real Comparisons
- So Only Independents Can Read Graphs?
- What BS
- War and deficit spending have been the last refuge of desperate politicians stimulating an economy. (n/t)
- Tax rate reductions spurring the economy and resulting in higher revenues is nothing new
- Some Real Comparisons