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From our American History Lecture Seven: The Brooklyn Bridge connects Brooklyn to the east side of lower Manhattan. Built in 1883, it heralded new suspension bridges to span across many American waterways. Soon the Brooklyn Bridge enabled the transport of 33 million persons a year -- before automobiles.
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They that wait upon the Lord shall renew their strength. — Isaiah 40:31
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"We all know art is not truth. Art is a lie that makes us realize truth." Pablo Picasso.
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Bush era taxcuts
After the Bush Taxcuts of 2001 and 2003 took effect, taxes collected by the government rose $800 billion dollars, according to the Office of Management and Budget
and 8 million jobs were created, according to Labor Department statistics.
Initially the deficit swelled to $400 billion but by 2008 it narrowed to $160 billion. Taxes collected by the government increased from $1,800 billion to 2,600 billion (or $800 billion, recouping the original cost of $400 billion) and 8 million jobs were created. Conclusion: taxcuts more than pay for themselves.
Obama tax increases on the Middle class
On September 12, 2008 while campaigning in Dover, New Hampshire, then candidate Obama made this solemn promise to the American people:
- I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase - not your income taxes, not your payroll taxes. [1]
As of January 1, 2011, income taxes and payroll taxes are slated to increase on all working people in the United States, including the poor and those least able to afford it. A working family with four children, for example, will pay $215 more per month under President Obama and the Congressional Democrats economic program.
GDP Report Shows Stimulus Failed
The U.S. Commerce Dept. reported Gross Domestic Product has not responded adequately to the one trillion dollars in stimulus passed since Speaker Nancy Pelosi took control of the U.S. House of Representatives in early 2007. More than 8 million jobs have been lost however, affecting the lives of 30 million workers. Several trillion dollars have also been added to the National debt. Analysts for the New York Times anticipate another downward revision when 3rd quarter estimates are released Friday.
By contrast, the 3.0%+ growth rates sustained by the Reagan era tax cuts as the United States emerged from the 1982 recession provided the necessary stimulus to maintain a growing population and declining unemployment (below chart).
The Congressional Budget Office reports the GDP output gap (the difference between actual GDP and potential GDP if all labor and capital were fully employed) is about 6.5 per cent, and economic growth for the next few years "will probably be muted." The US economy has no recent experience of living with an output gap of anywhere near this level.
The Output Gap: a reflection of actual vs potential output. The U.S. economy is operating 6.5% below its productive capacity. At 1% growth, it will take the better part of a decade to return the 10% Unemployed back to the workforce, barring no other unforseen disasters. The two Stimulus packages, since the Democrats took control of Congress in January 2007, represent an incredible waste of precious resources which could have been used to foster job creation rather than add to a colossal foreign debt.
The original term Keynesian New Dealers used for the unemployed was "wastage."
Declining workforce participation is another factor affecting the Output Gap since the Pelosi/Reid Congress took office.
Workforce participation constitutes the total number of eligible working age adults. Some workers (women who drop out of the workforce for child rearing purposes, or seniors who work to remain active rather than they need the money, for example) in the adult population are discounted, or deemed 'ineligible' to work to arrive at the base number from which the Unemployment rate is calculated. Prior to the recession, more than 66% of working age adults were considered to makeup the workforce. Nearly two full percentage points, or 3,000,000 workers have been shaved off the statisitcs by government number crunchers, to arrive at the base number used to calculated a 9.6% Unemployment rate. If those three million eligible workers were addded back in, the 15,000,000 unemployed figure would swell to 18,000,000 (each one percentage point of the Unemployed represents roughly 1.5 million people).
Underemployment is said to be another 7%, or 11,000,000 people, bringing the entire group total to 29,000,000 unemployed, underemployed, or 'ineligible' currently. Not counted in this figure are new hirees, persons who recently experienced Unemployment. The turnover rate (for whatever reason) of new hirees is much greater than more established workers.
Workers during Recovery Summer had smaller paychecks due to a decline in the average number of payroll hours worked per week. Likewise fewer payroll hours does not bode well for the Unemployed, as payroll hours are first to be increased before an employer hires more workers. Declining payroll hours and Workforce participation are two examples of 'under utilization of resources' contributing to the Output Gap.
Conservative Quotes
"Nothing is easier than spending the public money. It doesn't appear to belong to anybody." - Calvin Coolidge
"Too much of what is called 'education' is little more than an expensive isolation from reality." - Thomas Sowell
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