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Tuesday, November 16, 2010

Glittering Economic Generalities

I've always had a good laugh when listening to conservatives that were pretty much mum on economic issues for 8 years now fancy themselves masters in economic theory.

And while Palin was absent from the socio-political scene in the lower 48 until John McCain sealed his own fate by choosing Palin as his running-mate, you get the same sense from her - that she has no clue what she's talking about.

During the 10 years the Bush Tax Cuts were in place, incomes actually decreased by $2.7 trillion dollars, so to say that that the Obama administration is responsible for money not being about to be invested is to ignore even recent economic realities.

Secondly, in terms of "job creation", the unemployment rate during the Clinton era - when the marginal tax rate was reset to 34% - and that same group after the implementation of the Bush Tax Cuts is quite clear. So, to that end, I would ask Palin where were the jobs "created" during the tax cuts she is championing to extend?

This isn't to say that investment wasn't possible during Bush's tenure in office, just largely ignored or even muted by those that were able to invest and "create" jobs.

As an aside that I think should be hammered home by everyone that responds to allegations such as these by Palin - or any conservative the pretends to even marginally understand the complexities of the modern economic realm - what happened to those same conservatives complaining about Democrats engaging in "class warfare"? It's pretty obvious that that is precisely what she is doing and what Fox"Business" does on a daily basis.

Economics aren't cannot and should not be viewed through a conservative or a liberal lens. I think that that is where many people get off track when debating this topic.

Exit Question: If conservatives really wanted these cuts to be permanent, why did they set them to expire in 10 years?

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