The philosophy of GWB was clearly stated in his speech to a diamond studded Fund raiser on October 20, 2004 in New York City. Bush said, “This is an impressive crowd- the haves and the have mores. Some people call you the elites; I call you my base”. That is clearly what has driven his economic and tax policies and his base is the group that has clearly benefited from his policies!

We have a perfect example on here as to why personal debt is at an all time high. A blogger and his wife purchased a motorcycle with a $400/month payment, and a brand spanking new mobile home, all while they were fresh out of college, with no job stability whatsoever. Their case is extremely common. If people can get it financed, they will.

Look at the "Rent to Own" places that are absolutely prospering. They sell items at 3 to 5 times retail, when payments are stretched out over time, and these are not modest purchases, either. I DO know people on welfare who have big screen televisions. A lot of them, in fact. Meanwhile, we're working and our only TV is a 13". And my computer is a cannibalized assemblage of parts. And we drive an 8 year old vehicle.

But let's blame Bush for people's stupidity, shall we? If the president's to blame, then the president's the solution, and we can have a complete nanny state, where the government makes every decision for you!

Gideon:

Many people make unwise choices. However the lack of wage growth and the creation of lower paying jobs, the shift of higher paying jobs to other countries and the other issues I listed are the result of the economic policies we have been following. We reward companies for shifting jobs to lower paying areas. The tax cuts to the wealthy are NOT creating good jobs for Americans or resulting in better wages and benefits. The shift of the wealth has taken place toward the upper income groups. The plight of the low and middle income workers has gotten, on the average, worse during the past 6 years. There are some REAL dangers for the future which are the result of the policies we have been following!

I spent 35 Years successfully running the financial affairs of both large and small companies. I have a BS in Finance/Economics and an MBA. I understand our economic system and I have done the research that clearly supports what I have been saying.

I'm sorry, Col, but empirical evidence does not support this. Without even having a college degree, the only time my career has ever suffered a downturn was when it was through conscious choice.

You have enough education to realize there are different schools of economic thought, I'm sure. There are also different ways of spinning numbers.

While Bush has been no friend to the lower and middle classes (on that much we can agree), I believe it is irresponsible to blame the failure of these classes on Bush. As the adage goes "act your wage!" When Americans spend more than they earn, economic disaster is inevitable.

Take groceries, for instance. For years, we have bought generic basically everything. This is why we can feed our family on about $300 a month. Because we basically spend about HALF what people who buy name brands and do not shop sales spend. Would I rather have the higher quality foods? Certainly. But not if it means living beyond our means.

Just remember the difference between microeconomists and macroeconomists:

Microeconomists are wrong about specific things, while macroeconomists are wrong about things in general.

“I'm sorry, Col, but empirical evidence does not support this. Without even having a college degree, the only time my career has ever suffered a downturn was when it was through conscious choice.”

YOU are incorrect. There has been erosion after tax and inflation for most of the middle and all of the low income workers. The new jobs that were created are on the average paying 30% less then the jobs that were lost and the new jobs have less benefits especially health and retirement. The growth in personal debt and the mortgage defaults also support this situation. The shift in wealth to the upper income has also been confirmed.

I am not saying everyone has experienced a downturn. You were lucky. However that is not the case for the majority of the bottom 2/3 of the middle income workers and almost ALL of the low income workers.

gid forget it all he cares about is the government control all of your money. he want be satisfied until taxes are at 100%. and the government is given you back what they think you need. this was the last thing that his president proposed.

Reply By: Jythier Posted: Friday, August 17, 2007
Just remember the difference between microeconomists and macroeconomists:

Microeconomists are wrong about specific things, while macroeconomists are wrong about things in general.

What I have said about the Macroeconomics is correct. There are individual situations that do not conform to the overall results. However overall the economic group that has done well during the past 6 plus years are the wealthy. There is also a small slice of the top 1/3 of Middle income Americas that has experienced some limited benefit. However, the vast majority of the middle income Americans and all the low income Americans have not participated in the Bush/GOP economic boom! That fact is now showing up in the mortgage failures, the record high personal debt and the downturn in spending even at low end retailers such as Wal-Mart! That is the reason the Stock Market has dropped which ironically now impacts the wealthy who own most of the securities traded on the Stock market! Thus the one sided economic policy Bush and the GOP in Congress have followed is NOW coming around to bite them in the A*s.

Reply By: danielost Posted: Friday, August 17, 2007
“gid forget it all he cares about is the government control all of your money. he want be satisfied until taxes are at 100%. and the government is given you back what they think you need. this was the last thing that his president proposed.”

As I have said I favor a return to the rates in effect prior to 2000 for the top 10%. That would mean a TOP income tax rate of 39% NOT 100% and a 5% higher capital gains and dividend rate.

this hits everyone that sells a house. or stocks rich, poor, middle class.

so much for you only wanting to raise taxes on the rich.

There is a $500,000 exemption from the capital gain from your home. Dividends and Capital gains on Stocks impact the wealthy. Most middle income people that own stocks own them in their retirement accounts which are not taxed until you use the money after retirement! YOU ARE JUST WRONG!

as i have said all you have to do is donate your money if you don't think the government is not throwing enough away.

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Reply By: danielost Posted: Friday, August 17, 2007
as i have said all you have to do is donate your money if you don't think the government is not throwing enough away.

I pay my taxes and I did not get the big tax cuts from the Bush tax cuts. The tax cuts to the top 10% need to end!

you must need a shoulder to cry on. well it won't be mine.

Reply By: danielost Posted: Friday, August 17, 2007
I pay my taxes and I did not get the big tax cuts from the Bush tax cuts.


you must need a shoulder to cry on. well it won't be mine.


I am not looking for a shoulder to cry on. I have no problem paying my taxes. We do need the added revenue and we need to end the tax cuts to the wealthy and Big Oil ASAP!