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And BEST Market Return goes to Demo or Repub?
Posted: Tue Oct 14, 2008 5:38 pm
by L.Wood
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October 14, 2008
Bulls, Bears, Donkeys and Elephants
By TOMMY McCALL
"Since 1929, Republicans and Democrats have each controlled the presidency for nearly 40 years. So which party has been better for American pocketbooks and capitalism as a whole? Well, here’s an experiment: imagine that during these years you had to invest exclusively under either Democratic or Republican administrations. How would you have fared?"
YOU be the judge but here's the facts-
"As of Friday, a $10,000 investment in the S.& P. stock market index* would have grown to $11,733 if invested under Republican presidents only, although that would be $51,211 if we exclude Herbert Hoover’s presidency during the Great Depression. Invested under Democratic presidents only, $10,000 would have grown to $300,671 at a compound rate of 8.9 percent over nearly 40 years."
There you go John (sic) Galt. Vote your pocket book away!
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Re: And BEST Market Return goes to Demo or Repub?
Posted: Tue Oct 14, 2008 7:29 pm
by Dardedar
DAR
Just the facts, Jack. Finally the truth comes out! Excellent.
Re: And BEST Market Return goes to Demo or Repub?
Posted: Mon Oct 27, 2008 11:31 pm
by Dardedar
DAR
There is all of this babble about Obama taxing us to death and how it will cause the end. Considering Reagan is a major deity in the republican party, I thought I would post this little flashback here:
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If tax increases are so bad then why is it that tax increaser President Bill Clinton had the largest economic expansion in American history on his watch? Why is it that Conservatives applaud Ronald Reagan for his tax cuts and economic growth under his watch and conveniently forget that Reagan was also associated with the largest peacetime tax increase in American history at the time? As Conservative economist Bruce Bartlett wrote in 2003 in the conservative National Review:
Peter Wallison, who was White House counsel to President Reagan, responded to my analysis in the New York Times on October 26. He pointed to Ronald Reagan's resistance to tax increases in 1982, citing passages from Reagan's diary that were published in his autobiography, An American Life. The gist of Wallison's article is that Ronald Reagan successfully resisted efforts by his staff and many in Congress to raise taxes, thereby ensuring the victory of Reaganomics.
The only problem with this analysis is that it is historically inaccurate. Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion.
According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.
In 1983, Reagan signed legislation raising the Social Security tax rate. This is a tax increase that lives with us still, since it initiated automatic increases in the taxable wage base. As a consequence, those with moderately high earnings see their payroll taxes rise every single year.
In 1984, Reagan signed another big tax increase in the Deficit Reduction Act. This raised taxes by $18 billion per year or 0.4 percent of GDP. A similar-sized tax increase today would be about $44 billion.
The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again. Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first 2 years. And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.
The year 1988 appears to be the only year of the Reagan presidency, other than the first, in which taxes were not raised legislatively. Of course, previous tax increases remained in effect. According to a table in the 1990 budget, the net effect of all these tax increases was to raise taxes by $164 billion in 1992, or 2.6 percent of GDP. This is equivalent to almost $300 billion in today's economy.
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