Those of us who understand economics 101 know that every time in American history that taxes have been cut accross the board, revenues to the Federal and State treasurys increase. We call this supply-side economics and it is now axiomatic. The 2003 Bush Tax cuts have resulted in a flood of tax receipts to the Treasury that has decreased the deficit and has been well documented. As I write about in my soon to be released book “Conservative Comebacks to Liberal Lies”
Three times in 1900s (the 20s, 60s, and 80s) and once in the 21st century (Bush 43), taxes were cut across the board. All four cuts stimulated the economy substantially and immediately and resulted in increases in tax dollars to the federal treasury not decreases as Democrats predicted.
Consider the Bush Tax Cuts that all the Democrats said would lead to massive unemployment and would destroy the economy:
Under Bush “43” tax revenues to the federal treasury also increased. According to the Wall St. Journal, “In the first 5 months of Fiscal 2006, through February, overall revenue continued to surge, growing at an overall rate of 10.3%, or an $81 billion increase from the year before, to $871 billion. That builds on the astonishing 15%, or $274 billion, revenue increase for all of 2005, which various fiscal wise-men assured us would fall off dramatically. Apparently not.”
Tax receipts for the first seven months of fiscal 2005 and 2006 from the CBO, in billions are:
2005- Individual income $547 billion, 2006- $603 billion 10.2% increase
2005 Corporate income $134 billion, 2006- $174 billion 29.5% increase
Tax receipts as a result of the Bush tax cuts on individual income, dividends, capital gains and corporate income have increased, not decreased!
While the Paul Krugmans of the world at the Grey Lady may be “surprised” that the deficit has shrunk due to the Bush/GOP Tax Cuts, we fiscal supply side conservatives are not surprised in the least.
But our friends at the NY Times are still holding out hope:
The surge could also evaporate as quickly as it appeared. Over the past decade, tax revenues have become much more volatile, alternately soaring and plunging in the wake of swings in the stock market and repeatedly defying government projections.
Brain Wesbury was dead on when he referred to the tax and spend liberals as the “Pouting Pundits of Pessimism.”
Fantastic interveiw in Saturday’s WSJ by Kimberley Strassel with former GreenPeace “entusiast” Bjorn Lomborg author of the smash hit “The Skeptical Environmentalist.”
His major argument is that we must focus on the most pressing global concerns (HIV/AIDs being at the top of the list) of which “global warming” ranks dead last.
So all the more credit to Mr. Lomborg, who several weeks ago got his first big shot at reprogramming world leaders. His organization, the Copenhagen Consensus Center, held a new version of the exercise in Georgetown. In attendance were eight U.N. ambassadors, including John Bolton. (China and India signed on, though no Europeans.) They were presented with global projects, the merits of each of which were passionately argued by experts in those fields. Then they were asked: If you had an extra $50 billion, how would you prioritize your spending?
Mr. Lomborg grins and says that before the event he briefed the ambassadors: “Several of them looked down the list and said ‘Wait, I want to put a No. 1 by each of these projects, they are all so important.’ And I had to say, ‘Yeah, uh, that’s exactly the point of this exercise — to make you not do that.'” So rank they did. And perhaps no surprise, their final list looked very similar to that of the wise economists. At the top were better health care, cleaner water, more schools and improved nutrition. At the bottom was . . . global warming.
Read the entire interveiw (subs req) here.
This is great, two of our favorite people, Michael Yon and Patti Patton Bader, talking about Soldiers Angels.
Check it out at Michaels’s outstanding blog.
We had Patti on our July 4th show and she was so passionate and so positive that she makes you proud to be an American. She also told us after the show in an email that 8 listeners had contacted her about adopting a soldier. That is such great news. Thanks to the great listeners of WRKO!
From the radio archives…
Someone You Should Know: Patti Patton Bader
Pundit Review and Matt from Blackfive discuss Soldiers Angels with Patti Patton Bader
BizzyBlog’s Tom Blumer has been the go-to guy in the blogosphere for coverage of the Kelo eminent domain issue. With a settlement reached, we brought him on to discuss the case and its implications.
The segment is also available for download at iTunes, just search for Pundit Review Radio Podcast.
What is Pundit Review Radio?
Pundit Review Radio is where the old media meets the new. Each week Kevin and Gregg give voice to the work of the most influential leaders in the new media/citizen journalist revolution. Hailed as “Groundbreaking” by Talkers Magazine, this unique show brings the best of the blogs to your radio every Sunday evening from 7-10 pm EST on AM680 WRKO, Boston’s Talk Leader.
Matt from the #1 milblog Blackfive joined us for our weekly collaboration to bring the inspirational, true stories of the men and women that are fighting for us around the world to the radio.
This week, the incredible story of Jason Cunningham, who sacrificed his own life to save others in the mountains of Afghanistan. We are so lucky to have men like this fighting to defend us.
The segment is also available for download at iTunes, just search for Pundit Review Radio Podcast.
What is Pundit Review Radio?
Pundit Review Radio is where the old media meets the new. Each week Kevin and Gregg give voice to the work of the most influential leaders in the new media/citizen journalist revolution. Hailed as “Groundbreaking” by Talkers Magazine, this unique show brings the best of the blogs to your radio every Sunday evening from 7-10 pm EST on AM680 WRKO, Boston’s Talk Leader.
Patrick Frey, aka Patterico, joined us on Pundit Review Radio to discuss the New York and Los Angeles Times fetish for disclosing successful counter terrorism programs and highly classified national security secrets on their front pages.
The interview is also available for download at iTunes, just search for Pundit Review Radio Podcast.
What is Pundit Review Radio?
Pundit Review Radio is where the old media meets the new. Each week Kevin and Gregg give voice to the work of the most influential leaders in the new media/citizen journalist revolution. Hailed as “Groundbreaking” by Talkers Magazine, this unique show brings the best of the blogs to your radio every Sunday evening from 7-10 pm EST on AM680 WRKO, Boston’s Talk Leader.
Click here to find out.:)