Portrait of the Bush Economy

[L.A. BRONCOS FAN]

Continuing our swirl through the land of the Rich and the devastation left behind them, here's our friend David Cay Johnston (http://en.wikipedia.org/wiki/David_Cay_Johnston) with an exclusive peek at a new report on the Bush economy.

We knew it wasn't pretty; these are the gruesome details (http://www.msnbc.msn.com/id/3036677/#39351780):
<object id="msnbc78b0c1" classid="clsid<img src=" images="" smilies="" cheesy.gif="" alt="" title="03Cheesy" smilieid="14" class="inlineimg" border="0" height="245" width="420"><object id="msnbc78b0c1" classid="clsid<img src=" images="" smilies="" cheesy.gif="" alt="" title="03Cheesy" smilieid="14" class="inlineimg" border="0" height="245" width="420">




<embed name="msnbc78b0c1" src="http://www.msnbc.msn.com/id/32545640" flashvars="launch=39351780&width=420&height=245" allowscriptaccess="always" allowfullscreen="true" wmode="opaque" type="application/x-shockwave-flash" pluginspage="http://www.adobe.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash" height="245" width="420"></object>Visit msnbc.com for breaking news (http://www.msnbc.msn.com), world news (http://www.msnbc.msn.com/id/3032507), and news about the economy (http://www.msnbc.msn.com/id/3032072)



</object>

Notice Bush's list at about 1:05 of the clip — the cuts will help "businesses that create jobs," those at the "low end of the economic ladder," and "small businesses."

The first isn't true unless you replace jobs with profits. The second is just a lie. And the third isn't true unless you replace small businesses with billionaires. ("Replacement phrases" that make Movement Conservative nonsense make sense are discussed here (http://www.americablog.com/2010/09/what-small-business-really-means.html).) The facts are these:



Income for the average worker (adjusted for inflation):

2000 average income — $61,500
2008 average income — $58,000


"Jobs":


Bush created 3.5 million jobs over 8 years. Recall that one of our magic numbers is 150,000 new jobs/month — that's what it takes to break even with population growth. 96 Bush months x 150,000 = 14.4 million jobs needed to break even. He missed by a factor of four.

But true to form, profits were way up. The number of people making $200,000/year or more increased almost ten-fold.


And finally "small businesses" (i.e. billionaires):


30% or more of the tax savings in 2007 (the height of the "boom") went to those with incomes over $1 million/year.

12.5% of the savings went to the top .1% — those with $2 million/year income or more. (Johnston misspoke; "one in a thousand" is the top .1%, not the top .01%, as Table 7 here shows (http://www.taxfoundation.org/news/show/250.html).)



Johnston's summary: "Clearly this was focused on helping a narrow group of people at the very top." Note also Keith's implication that Bush was deliberately "starving the beast" — deliberately strangling government of revenue.

Here are some more magic numbers, by the way — easy-to-remember breakpoints for income distribution (not wealth distribution). Sources for this include the excellent Slate multi-part series (http://www.americablog.com/2010/09/slate-historical-look-at-income.html), Emmanuel Saez's academic site (http://elsa.berkeley.edu/%7Esaez/), plus the google. There's a mix of years and methodologies here, so this isn't gospel; but it's good enough:


Top 20%   = $100,000 per year
Top 10%   = $150,000 per year
Top  5% = $200,000 per year
Top  2% = $250,000 per year (tax cut point)
Top  1% = $400,000 per year
Top  .5% = $600,000 per year
Top  .1% = $2 million per year
Top  .01% = $10 million per year

Check the Slate article (http://www.slate.com/id/2266025/entry/2266026) for changes in the ratios over time. The highest income I'm aware of (http://www.americablog.com/2010/09/brad-delong-how-rich-are-really-rich.html) is David Tepper, Appaloosa Management — $4 billion in 2009. I'm sure he's piker compared to some.

Welcome to Bush-world, the real one, and Blue Dog–world as well. There's a movement afoot in parts of our ever-helpful press to rehabilitate the ex. Resist, guys.

[Rohirrim]

Here's the interesting thing about this, these policies are still the platform of the Republican Party. They like this stuff. They have no intention of changing it. In fact, they want to double down. Boehner is already preaching it.

[L.A. BRONCOS FAN]

Here's the interesting thing about this, these policies are still the platform of the Republican Party. They like this stuff. They have no intention of changing it. In fact, they want to double down. Boehner is already preaching it.

And the undereducated, willfully ignorant right-wing goobers who have been voting against their own interests for the past 30 years are eating it up, as usual, all in the service of ideology.

[bronclvr]

Bush? Bush is like Cutler and Hillis, he's gone-why don't we go back 30 or 40 Years and complain about whoever was President then? How about we start a thread about Nixon? Geez, Bush has been gone for almost two Years-

[Rohirrim]

Bush? Bush is like Cutler and Hillis, he's gone-why don't we go back 30 or 40 Years and complain about whoever was President then? How about we start a thread about Nixon? Geez, Bush has been gone for almost two Years-

Because we are living in Bush's economy. The economy created by Republican Party policies. Policies that are about to be reinvigorated when the Republicans take back the House. The Bush economy is like Jason. You can't kill it. :wiggle:

[bronclvr]

Because we are living in Bush's economy. The economy created by Republican Party policies. Policies that are about to be reinvigorated when the Republicans take back the House. The Bush economy is like Jason. You can't kill it. :wiggle:

Bush sucks, Obozo sucks-you can run but you cannot hide-

[L.A. BRONCOS FAN]

...you can run but you cannot hide-

You finally got something right, i.e., you righties can run, but you can't hide from your horrific record and the damage done.

[bronclvr]

You finally got something right, i.e., you righties can run, but you can't hide from your horrific record and the damage done.

You really have a reading comprehension problem-

[L.A. BRONCOS FAN]

You really have a reading comprehension problem-

That would be your problem, as evidenced by your lack of a rebuttal to the OP.

[TDmvp]

You finally got something right, i.e., you righties can run, but you can't hide from your horrific record and the damage done.




I bet you can't even hear Jimi... ;D

<object width="640" height="385"><param name="movie" value="http://www.youtube.com/v/c3YfAu2dIV4?fs=1&amp;hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/c3YfAu2dIV4?fs=1&amp;hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="640" height="385"></embed></object>
:poke::poke::poke:

[bronclvr]

That would be your problem, as evidenced by your lack of a rebuttal to the OP.

Bush sucked, and you have s short memory-

YOU were the OP-this is Obozo's fiasco now, he signed up for it, HE knew what he was getting into, and my, what a wonderful job he's done so far! Not-

[L.A. BRONCOS FAN]

Because we are living in Bush's economy. The economy created by Republican Party policies. Policies that are about to be reinvigorated when the Republicans take back the House. The Bush economy is like Jason. You can't kill it. :wiggle:

Yep.

Republicans are like a drunken teenager who, after totaling the family sedan, sits on his unrepentant ass and cries "have you fixed the car yet, daddy?"

[L.A. BRONCOS FAN]

...this is Obozo's fiasco now

He signed on to try to fix the fiasco, but he didn't create it - that was your guy.

Why do you have trouble with such a "subtle" distinction?

[bronclvr]

He signed on to try to fix the fiasco, but he didn't create it - that was your guy.

Why do you have trouble with such a "subtle" distinction?

You know, I have told you at least twenty times I'm not a Repug, you just can't seem to get it-MAKE A NOTE-

Just because someone doesn't share in your ultra-liberal views doesn't make them a repug-take a class-

Obozo hasn't done jack to make it better, he's approaching Bush territory-

[L.A. BRONCOS FAN]

You know, I have told you at least twenty times I'm not a Repug, you just can't seem to get it-

You can tell me 20K times and I still won't believe you.

Walks like a duck, quacks like a duck...

[L.A. BRONCOS FAN]

Obozo hasn't done jack to make it better, he's approaching Bush territory-

I would certainly agree that he hasn't done nearly enough, but to say he hasn't "done jack" or that he's "approaching Bush territory" is just the sort of ridiculous hyperbole you hear from the republi-cons (and probably one of the reasons why I "mistake" you for one of them.)

[TDmvp]

It's funny I'm getting Repped from Spider saying I'm right on base and getting flamed by you spin doctors for the same post/ideas LOL ...

Crazy world ...

[bronclvr]

You can tell me 20K times and I still won't believe you.

Walks like a duck, quacks like a duck...

Believe what you will-it ceratinly makes a big difference in my life-ok, I'm done with you-throw your ignorant insults at somebody else, I'm sure they would like to be pigeon-holed too-

[L.A. BRONCOS FAN]

Believe what you will-it ceratinly makes a big difference in my life-ok, I'm done with you-throw your ignorant insults at somebody else, I'm sure they would like to be pigeon-holed too-

What does it say about you that you show up on a thread about the Bush economy and create a huge, ongoing deflection/attack on Obama?

This is exactly what republicans do.

For a guy who "isn't a repug" you certainly seem to follow the GOP's SOP.

[L.A. BRONCOS FAN]

It's funny I'm getting Repped from Spider saying I'm right on base and getting flamed by you spin doctors for the same post/ideas LOL ...

Crazy world ...

Are you talking about the thread about the poor getting thrown under the bus?

None of the criticisms there targeted you personally from what I could tell.

[Pony Boy]

he signed on to try to fix the fiasco, but he didn't create it - that was your guy.

Why do you have trouble with such a "subtle" distinction?

27292

[TonyR]

Frauds.

<object width="640" height="390"><param name="movie" value="http://www.youtube.com/v/gl-qPE8AfqQ&hl=en_US&feature=player_embedded&version=3"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.youtube.com/v/gl-qPE8AfqQ&hl=en_US&feature=player_embedded&version=3" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="390"></embed></object>

[L.A. BRONCOS FAN]

27292

Phony Boy with a "rebuttal" of the facts worthy of the right-wing brain trust.

[L.A. BRONCOS FAN]

Frauds.

<object width="640" height="390"><param name="movie" value="http://www.youtube.com/v/gl-qPE8AfqQ&hl=en_US&feature=player_embedded&version=3"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.youtube.com/v/gl-qPE8AfqQ&hl=en_US&feature=player_embedded&version=3" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="390"></embed></object>


Ha ha ha! :rofl:

They really are clueless.

Their entire platform boils down to "let's hope we can get the American people to blame the Democrats for the mess we created because that's our only prayer when it comes to returning to power."

[TonyR]

All you dopes who think voting out the Dems and voting in the GOP is going to fix/change anything are dupes of the higest order. It would be hilarious if the level of stupidity wasn't so tragic.

Republicans are loudly proclaiming right now that they want to eliminate the part of the law that forces everyone to buy insurance. But that's exactly the part of the law that insurance companies like. In fact, they want to see it strengthened. At the same time, they want to get rid of the popular parts of the law that keep insurance companies from figuring out ways to screw patients. But those are the provisions that Republicans say they'll keep if we turn over Congress to them.

And yet, the insurance companies are massively funding Republicans this cycle anyway. Why would that be? It's almost as if they're sure that Republicans are just blowing campaign smoke and will support their agenda once they're safely in office.

http://motherjones.com/kevin-drum/2010/10/republican-mouth-vs-insurance-money

[TonyR]

You can't make this stuff up. Let's put the GOP in charge to save us from the socialists!!!


You know, I keep hearing what a gift the health-care law is to the insurance industry, and then I read that they're donating tens of millions of dollars to groups trying to elect candidates pledging to repeal the legislation, and then millions and millions more to individual Republican legislators who've pledged to repeal the law. It's all very confusing.

http://voices.washingtonpost.com/ezra-klein/2010/10/do_health_insurers_know_whats.html

[Rohirrim]

All you dopes who think voting out the Dems and voting in the GOP is going to fix/change anything are dupes of the higest order. It would be hilarious if the level of stupidity wasn't so tragic.

Republicans are loudly proclaiming right now that they want to eliminate the part of the law that forces everyone to buy insurance. But that's exactly the part of the law that insurance companies like. In fact, they want to see it strengthened. At the same time, they want to get rid of the popular parts of the law that keep insurance companies from figuring out ways to screw patients. But those are the provisions that Republicans say they'll keep if we turn over Congress to them.

And yet, the insurance companies are massively funding Republicans this cycle anyway. Why would that be? It's almost as if they're sure that Republicans are just blowing campaign smoke and will support their agenda once they're safely in office.

http://motherjones.com/kevin-drum/2010/10/republican-mouth-vs-insurance-money

Not only that, but as the piece I posted about the Chamber of Commerce spending shows, the insurance giants were funneling secret money through the Chamber to bring down health care reform while at the same time putting on TV commercials saying they were for it.

[TDmvp]

Are you talking about the thread about the poor getting thrown under the bus?

None of the criticisms there targeted you personally from what I could tell.

hehhe yea I ment that for the other thread and had 2 threads open and it went to the wrong place ... I've been up all night ... bed time LOL ...

[TonyR]

Romney's problem on this issue isn't with independents. It's with the GOP base.

I'd also be curious to hear from some conservatives about how they see this. In 2008, nearly all of them were fine with Romney's health care plan. (National Review endorsed Romney for president.) Now, to a man, nearly all of them believe the imposition of a regulate/subsidize/mandate scheme represents one of the worst catastrophes in American history. How do they account for their dramatic change of mind? Were conservatives all simply wrong and ignorant in 2008, and now they've opened their eyes? Or is something else at work?

http://www.tnr.com/blog/jonathan-chait/78187/romney-deathwatch-continued


A challenge to all the vocal righties here: how do you explain the dramatic change of mind?