U.S. Economy : Another piece of good news

[Cyrus]

/images/graemlins/cool.gif

Americans' overall income shrank for two consecutive years. This is the first time this happens since World War II.

I’m sure there is a piece of good economic news behind all this, so I will wait to be enlightened by the wise folks on the Bush side.


CNN Report (http://money.cnn.com/2004/07/29/news/economy/income/index.htm?cnn=yes)

[GWB]

A key concept in economics is leading and lagging trends. The stock market often predicts accurately the economy of a few years into the future (and employment is often the last thing to change).

So when the stock market decline started in March 2000 under Clinton, and then we had 9/11 a year later, it is not surprising that lagging trends like employment/wages take time to turn around.

The current trend is that wages and employment are increasing, reflecting the rebound in the market of a year or two ago. We are having some of the best increases in these messures in decades - not surprising after the record declines after the Clinton crash.

All you have reported is the linguring effects of the Clinton crash, while the current Bush recovery trend is very good.

Note that the 2 years your linked article reports on is 2000 to 2002. I took office in the middle year of that period, so the downward trend had already started before I got there. It is logically unreasonable to expect my policies to take less than a year or two to show an effect on lagging trends like wages/employment.

I hope you are enlightened. /images/graemlins/laugh.gif

[adios]

This excerpt from the article says it all:

The report said the sharpest drops were in both the number and the earnings of people with the highest incomes. Those with incomes of $10 million or more saw average income fall 22 percent, while the number of returns reporting incomes at that level fell 53 percent during the two year period.

Meanwhile the average income of those filing returns with incomes between $25,000 and $500,000 saw the average income little changed, somewhere between a 0.1 percent decline and a 0.2 percent gain, depending upon the income category, the Times said.

[GWB]

[ QUOTE ]
Those with incomes of $10 million or more saw average income fall 22 percent, while the number of returns reporting incomes at that level fell 53 percent during the two year period.

[/ QUOTE ]


You mean this is hurting Rich People!

Time for another tax cut!

[El Barto]

Interesting thread. I guess Cyrus has no reply to the answers to his original post. So his assumptions were wrong. Anyone disagree?

[Utah]

Just so I understand this correctly:

George Bush is the President who takes care of the wealthiest people. But, its only the wealthy people who saw a drop in income while those in the $25k to $500k saw a very modest can in a tough enviroment.

Man, GWB has really stuck it to the poor for the benefit of the rich.

[cardcounter0]

This is based on reported Gross Income to the IRS.
Haven't laws been fiddled with in the area of dividends, etc. making the amount you report as Gross Income change?

What is income and what is "passive gains"? What has been shipped off-shore and isn't reported to the IRS at all?

[ThaSaltCracka]

this is simply a terrible article if you are trying to make a point.

[MMMMMM]

"this is simply a terrible article if you are trying to make a point."


The good Cyrus is always trying to make a point. Thing is, he doesn't know what it is half of the time /images/graemlins/wink.gif

[ThaSaltCracka]

you two are so alike its scary, even though neither one of you will admit it.

[Rooster71]

[ QUOTE ]
Just so I understand this correctly:

George Bush is the President who takes care of the wealthiest people. But, its only the wealthy people who saw a drop in income while those in the $25k to $500k saw a very modest can in a tough enviroment.

Man, GWB has really stuck it to the poor for the benefit of the rich.

[/ QUOTE ]
Yea, but then after figuring their income AFTER their new GWB tax rates, any difference is negligible. So yes, the wealthiest of society were assisted by Georgie's policies.

[Utah]

please explain

[andyfox]

John Kerry should find the tape of George Bush's speech where he said a woman lawyer making $200,000/year deserves the same percentage tax cut as the waitress serving her making $20,000/year. He should just air that tape for his commercials from now until November 2.

[Randy_Refeld]

I know that makes me want to vote for Bush. Unfortunately it is a loser for Bush becasue the poor want to "stick it to the rich." Would the poor liek it if the rich decided 200 k a year was enough, that theywould quit earning income after 200k.

Randy Refeld

[Cyrus]

"This is simply a terrible article if you are trying to make a point."

I asked to be enlightened and all I get are bland dismissals of the article. Why is it "terrible"? The point the article makes and I bring your attention to is that Dubya is not getting the economy issue - yet. Despite the various other data, such as corporate earnings, that seem to be helping the incumbent, there are other data that show the economy is possibly struggling.

"You [and MMMMMM] are so alike its scary, even though neither one of you will admit it."

Alike? I have never met MMMMMM so I can't tell if he is as beautiful as I am.

/images/graemlins/cool.gif

Otherwise, I haven't the faintest idea what you are talking about. If you mean that you dislike both our posting equally, then that's your take and problem. The sameness is imaginary from your part as far as content, construct of arguments and attitude are concerned. Are you truly paying attention?

[ThaSaltCracka]

[ QUOTE ]
Despite the various other data, such as corporate earnings, that seem to be helping the incumbent, there are other data that show the economy is possibly struggling.

[/ QUOTE ] Yeah but this article doesn't really show any data proving that.

[ QUOTE ]
If you mean that you dislike both our posting equally, then that's your take and problem

[/ QUOTE ] To be honest with you, I find myself both agreeing and disagreeing with both of you from time to time. Other than your guys politcal views, I sense that both of you are probably more similar than you think, and thats all I was trying to say, so settle down cyrus.

[ACPlayer]

The economy is on the right track. The tax cuts we implemented are working, the numbers are improving. Major job creation is around the corner. One more set of tax cuts and the end of social security in my next administration will put us on the jet path to a great future.

--- GWB

[adios]

[ QUOTE ]
John Kerry should find the tape of George Bush's speech where he said a woman lawyer making $200,000/year deserves the same percentage tax cut as the waitress serving her making $20,000/year. He should just air that tape for his commercials from now until November 2.

[/ QUOTE ]

Bush should counter with an add indicating what that typical waitress actually does pay in federal taxes when it's all said and done. Ten percent of zero is zero. We've been down this road before but feel free to re-hash the debate again.

BTW what is fair re-distribution on income anyway? I think that's relevant question that I've never heard an answer to from the Democrats, it's a fair question, and a question that can certainly be answered without any equivocation whatsoever. I'm going to make a separate post so I'll see if anyone of the raise tax advocates has an answer.

[MMMMMM]

Yeah, Cyrus, settle down;-)