Posted on Oct 27, 2016
Economically speaking, which Presidential candidate would be the worst for the American economy?...
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Tax cuts have proven effective at stimulating the economy and increasing tax revenues. The three best examples we have came under Presidents Coolidge, Kennedy, and Reagan. However, only one of the three had success in cutting spending, President Coolidge. Now, we are faced with a choice of two candidates, only one of whom has any understanding of economics, fiscal policy, and monetary policy (and it sure as hell isn't Hillary). So, I'll bank on Donald IF he can get Congress to participate and cut spending significantly. Ultimately, there is no way we can increase tax revenues or cut spending sufficiently to cure America's economic ills. Thus, the only viable solution is to grow our way out of the mess we got ourselves into, and Donald is the only one espousing such a solution.
Economically speaking, which Presidential candidate would be the worst for the American economy?...
Posted from quora.com
Election 2016
Economics
Money
Taxes
International Trade
Posted 8 y ago
Responses: 9
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Me. I would spend all of the money on me, instead of things such as stupid head dummy stuff on the NASA program, which is all fakery, or on submarines, because we have enough nuky weapons which could be loaded on Tomahawk Cruise missiles, and last, but not least, I would not pay the congress, since they already make loads of cash off of the companies and people that they support.
I can't figure out why my wife just shakes her head, when I am working on my campaign speech.
I can't figure out why my wife just shakes her head, when I am working on my campaign speech.
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Cpl George Crab
Tomahawk Missiles, which I mentioned in the previous answer, are missiles that are actually Tom Cruise and his clones (yes, Tommy, I know all about you), loaded with atom bomby stuff. Just wanted to clear that up.
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And yet, the greatest era of economic expansion came only after raising taxes on the wealthiest and expanding government spending. Coolidge's policies led to the Great Depression, Kennedy had little affect on the economy as he was in office for less than 2 years, but the policies of the '60s led to the massive inflation of the '70s. Reagan's policies led, initially, to higher unemployment, and ultimately, to the Savings and Loan scandal.
Low corporate and individual tax rates at the top lead to lower revenue for the government. We have seen that, on the Federal level, expanded government spending and high rates on the top earners leads to economic expansion, lower unemployment and higher wages. This was shown during the New Deal. On the State level, we have seen the same thing in Minnesota and California. In Kansas, Louisiana and Illinois, to name a few, we have seen that lowering the top tax rates and cutting spending leads to economic depression.
Interesting how it is always the conservatives that ignore history first, then ignore all other facts after that.
Low corporate and individual tax rates at the top lead to lower revenue for the government. We have seen that, on the Federal level, expanded government spending and high rates on the top earners leads to economic expansion, lower unemployment and higher wages. This was shown during the New Deal. On the State level, we have seen the same thing in Minnesota and California. In Kansas, Louisiana and Illinois, to name a few, we have seen that lowering the top tax rates and cutting spending leads to economic depression.
Interesting how it is always the conservatives that ignore history first, then ignore all other facts after that.
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CDR Michael Goldschmidt
If you really think the New Deal did anything except expand government power and intrusion like never before, you are not familiar with Henry Morganthau's 1939 testimony before Congress, when he said that, despite nearly an entire decade of government spending and Keynesian stimulus, the economy was no better off. If you do not know who Henry Morganthau was, you know nothing about the New Deal.
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CDR Michael Goldschmidt
A big part of what ushered in the Great Depression was shutting down international trade. First, the US invoked the Smoot-Hawley Tariff in 1930, then our trading partners retaliated. Easy money in the 20s led to boom, to be followed, as always, by the bust in 1929 and credit contraction. Had the government just stayed out of the whole mess, instead of trying to engineer the economy, it would have corrected in a relatively short time, but gubmint gonna gubmint.
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1LT Aaron Barr
First, Coolidge's policies didn't lead to the Great Depression. The proximal cause of the initial stock market crash was the Fed over-reacting to the free money environment they'd created by constricting the money supply by nearly a third in the space of 2 years. The market and economy began to recover until the passage of the Smoot-Halley Tariff Act turned a pretty bad recession into a Depression. The New Deal made that Depression last over 10 years.
Second, the government has no money without first taking it out of the private sector. The more money you take from the productive part of the economy, the less you have in that part to be productive. This is made worse by the fact that the government spends based on expected POLITICAL outcomes, rather than expected economic outcomes and very seldom do those two converge. Thinking government spending stimulates the economy is like thinking you can raise the level of water in a swimming pool by scooping water from the deep end and dumping it back in the shallow end.
Second, the government has no money without first taking it out of the private sector. The more money you take from the productive part of the economy, the less you have in that part to be productive. This is made worse by the fact that the government spends based on expected POLITICAL outcomes, rather than expected economic outcomes and very seldom do those two converge. Thinking government spending stimulates the economy is like thinking you can raise the level of water in a swimming pool by scooping water from the deep end and dumping it back in the shallow end.
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