tax cuts

Are Non-Economists Entitled To An Opinion On the Economy?

Here is a debate I've been having with my brother-in-law over the past few weeks. I'd like to hear some thoughts on it:

My stance is that economics is extraordinarily complicated. I can pretty quickly come up with a list of well-pedigreed experts and Nobel prize winners on either side of any economic issue. The list of economists who think that the stimulus saved the US economy from depression is long, but so is the list of economists who think that FDR's efforts prolonged and deepened a recession.

I am a criminal lawyer, not an economist. I took two classes (Macro and Micro) in Economics in college. I listen to podcasts such as Russ Robert's EconTalk. I've read a few books such as Paul Krugman's The Return of Depression Economics, and I read the occasional posting on sites like this. However, the more I read, the more I'm convinced that I don't have the energy or the time to really delve into the complexities of these issues to the point where I could have what I would consider an informed, intelligent opinion.

My brother-in-law, in contrast, thinks that economics can be reduced to extremely simple principles that are readily understood by anyone realistic enough to face facts: 1) if you teach a man to fish, he'll eat for years, instead of just giving him a fish 2) deficit spending will destroy our children's futures and 3) taxing rich people destroys jobs and sends investments overseas.

Tax Cuts, Tax Cuts - Hello, We Need INCOME!

Submitted by on

This is completely insane. We now have two more tax cuts coming through the Senate.

One to give home buyers a $15,000 tax break to anyone who buys a home and another in the Stimulus to buy a car.

How many super rich are going to gobble up houses as a result!

How many rich will buy a car?

We need income people! The layoffs are like a blizzard and the last thing working America needs are more incentives to go into more debt, more consumerism and less real production.

Her amendment would provide tax breaks to those who purchase new cars and light trucks between Nov. 12, 2008, and the end of this year that cost less than $49,500. Families earning more than $250,000 wouldn’t be eligible for the break. Mikulski estimated the amendment would save car buyers $1,500 on a $25,000 purchase.

The Great Economic Plan is...Tax Cuts?

Submitted by on

Where have we heard this before? Wasn't it Bush II who claimed tax cuts stimulate the economy? Yet splashed all over the headlines are more tax cuts.

President-elect Barack Obama, commencing face to face consultations with congressional leaders Monday, is embracing an unexpectedly large tax cut of up to $300 billion. Obama said the country faces an "extraordinary economic challenge." Besides $500 tax cuts for most workers and $1,000 for couples, the Obama proposal includes more than $100 billion for businesses, an Obama transition official said. The total value of the tax cuts would be significantly higher than had been signaled earlier

A grand total of $300 Billion in cuts and the New York Times nails it: