by Jim Edsall
MISCONCEPTION 1: Tax revenues are down because the rich don’t pay enough.
FACT: Tax revenues are down because 46% of Americans pay NO federal income tax
The biggest reason that government revenues are relatively low compared to GDP recently is NOT that the tax rate on the rich is “only” 35%. It is because Bush got so progressive with his tax cuts that 46% of Americans now pay NO federal income taxes:
Yes, all who are employed pay payroll taxes (“FICA” toward Medicare and Social Continue reading
June 18, 2012 by Jim Edsall
In his 54-minute speech on the economy in Ohio on June 14, 2012, President Obama claimed that electing Mitt Romney would mean a return to “the policies of the last decade”, that is, to the economic policies of George W. Bush. Romney’s policies are indeed like those of a former president, but that president is not George W. Bush. It is Ronald Reagan.
Yesterday on Fox News Sunday, former Clinton advisor Joe Trippi lauded Obama’s speech as right on target for 2012. Why? Because the President is desperate to make this election a contrast between himself and Romney, rather than a referendum on his own performance. The tactic of trying to tie Romney to Bush is a clever one, as recent polls show that 65% of the American people believe that the economic downturn is still either largely or at least partly due to Bush. Trippi believes that speech effectively reset the debate.
Romney has thus far successfully kept the focus on President Obama and his failure to turn the economy around, particularly the unemployment rate Continue reading
by Jim Edsall
According to recent polls, half of the American people believe that Barack Obama should not be given a second term as President, and it’s all about color but it’s not about race. In his 2008 campaign, Obama positioned himself as uniquely able to unite all Americans by respecting divergent viewpoints and working to achieve consensus. That message had particular appeal in swing states like Ohio, Pennsylvania, Virginia, North Carolina, and Florida, which are not all Republican “red” or all Democrat “blue”. Many who voted for Obama were hoping for unifying, moderate, bi-partisan, purple governance. What they got was something else entirely.
With a Democratic majority in the U.S. House of Representatives, and a filibuster-proof Democratic majority in the U.S. Senate, the President Continue reading