I think it’s a real misnomer for liberals to always talk about “tax cuts for the rich.” Bush gets branded as having been the saviour of the rich and that somehow only the wealthy got tax relief.
My wife and I felt the impact of the Bush tax cuts in a huge way. When we had our children, my wife quit her job to be home with them. It was our plan from day one. We wanted to raise our OWN kids, take care of our OWN kids, and educate and nurture our own kids. No daycare. Period.
But we knew that living off just my meager teacher income would be a killer. Luckily we paid off our car and truck. When we had Luke, Caleb and Veronica, we were in serious financial turmoil. It was rough. When Bush’s tax cuts kicked in and we were allowed to write off $1,000 per child WHILE our actual taxes went down at the same time, my wife and I would get tax returns of $3,000 and $4,000 and I’ll tell ya, seeker, it saved our hineys. My wife and I paid off credit card debt one year. Another we traveled a little and it helped get us through several months without touching our savings, we were able to buy things we needed for the babies, and breathe a bit.
Those tax cuts are very tangiable for middle class folks like me. Naturally rich people are going to feel them more profoundly because, for goodness sakes, they make more! They deserve it. The rich have a far greater tax bracket, which isn’t really constitutional in itself.
But to address the “confidence” issue you bring up, it’s tough to say. I actually think businesses do gain confidence in a president who wants them to have access to capital, keep more of what they make, and they can project more mobility to hire if they know they’re not going to get strangled in taxes. It’s really simple math. If a small business owner, say a contractor, has 25 workers, and the tax cuts disappear, effectively giving him a tax increase, it’s a no-brainer. The guy has to cut overhead and compensate----FIRE 5 workers. Now you just created five guys on the unemployment line and possibly food stamps and Medical line.
My problem with hardnose conservatives is the hypocrisy, which I’ll definitely grant you. So many of these Republicans are such phonies. They wave the flag like mad telling everyone how passionate they are and cry like Glen Beck and accuse you of not loving your country if you don’t wear a U.S. flag pin on your lapel, but the minute they get too much regulation or their workers want living wages and health care, they terminate the American jobs and outsource them to the Philippines. Real patriotic.

Then they turn and blame the government and say they had no choice. Bull. So real patriotism doesn’t outsource. That’s the part I hate. And it’s also part of the hypocrisy of the illegal immigration stuff with conservatives. They LOVE the cheap labor and not having to pay unionized workers (which conservatives HATE), but boy they don’t want the baggage.
I think the liberals are hypocrites with this silly “we’re not RAISING taxes! We’re just taking them back to the Clinton levels of the 90’s! Remember those Clinton years!? Prosperity, balanced budgets, solid economy, no wars, yep. If it was good enough for the 90’s, it’s good enough for now!”
Problem is, this isn’t the 90’s and rolling taxes back WILL kill us and is truly a tax increase. The 90’s had the internet coming onto the scene for the first time, a global market opening up, the dot coms of Silicon Valley, new firms popping up, no terrorism on a scale like this, no wars because of said terrorism, new cell phone technology, new satellite technology, computers gaining steam and technology on fire, etc. We’re in a depressed, lackluster, nothing economy.
I actually disagree with you. I think we CAN save our way out of this funk. The bottom line was Americans need to learn a lesson. You don’t buy a house for $400,000 when you only make enough money to barely afford a $150,000 home. Some people just need to fail, get some scabs and bruises, and dust themselves off. Bailing out the banks wasn’t that big of a deal because we needed capital restored to businesses for lending. But the Stimulus was pure nonsense and hasn’t produced jack Q. Squat for anyone.
Sometimes an economy just needs a hands-off approach. Bailing out the banks would’ve been enough. GM and Chrysler should’ve just declared bankruptcy and started over. Maybe they both need to start designing cars that don’t fall apart and better marketing needs to be there.
Sometimes hard lessons need to be on the scene. Nobody wanted a lesson. We all think spending and spending will change it all. It’s kind of like that big scab you got falling off your skateboard as a kid. Putting all sorts of Neosporin and goo and bandages and treating it over and over and over just won’t let it heal. For God’s sake, let the thing alone to dry and fall off good as new.
Not to go off on a tangent, but I think we agree more than we disagree…my comment about the tax cuts for the rich was not meant to ignore what happened in the real estate market but to showcase the oft repeated theory that more money in the pockets of the highest earners mean more jobs. Now it’s claimed like the highest earners don’t have the ‘confidence’ to invest, yet they want the tax cuts they presently enjoy to continue…What’s going to change, will extending the cuts give them confidence they don’t have now and will that confidence produce gains that will balance the effect extending the cuts will have on the deficit? Maybe I just don’t get economics…As for deficit spending - you can’t ‘save’ yourself out of a recession and the stimulus was needed. Guess it will always be an open question as to what would have happened without it, my feeling is that I wouldn’t be able to afford to sit here posting on a forum.
Did go off on a tangent BTW, sorry.