Lately we've been reading many letters in Fence Post that say lowering taxes means creating jobs. What kind of jobs do they "create"? Everything they buy is made in China, just like the stuff poor people buy, just at a higher price.
Our federal personal tax level is the lowest since after World War II. So where are the jobs? Former President Bush put us into a very expensive war in Iraq. At the same time, he lowered taxes. How did he expect to pay for this folly? What kind of frugal economics would you call that? The next thing you know, these same people excoriating President Obama for the national debt are going to start telling us it was Obama who put us into Iraq in 2003 in the first place.
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I'm not an economist, but even I used to wonder: If you lower taxes when times are good, as Bush did, what do you do when times are bad and now there's no money in the treasury? You end up with massive deficits. The writing was on the wall.
And because of lack of oversight and regulations, (which the Republicans are still fighting) we have a collapse of our economy akin to the Great Depression.
Now all these pseudo economists keep telling us it's lower taxes that makes jobs. Why hasn't this translated into more jobs? Why would a CEO hire more people when he is now in a position to get the same productivity at half the price, and he can pay himself the profit that ensues? And not pay taxes on this profitable money!