Monday, September 10, 2012

The Myth of the Clinton Economy

Whenever anyone outside of the Democrat party challenges the kool-aiders to a debate on Clintonomics, the end result is a tantrum from the left that it was Bush's fault since he lowered Clinton taxes - thus everything fell apart. So are they admitting that there was an inescapable bubble forming under Clinton via Greenspan? In truth, Clinton didn't understand economics, and he was not the Policy Wonk that the Democrats hold him out to be.

I previously examined one horrible aspect of Clinton's poor decisions in his selection of Arthur Levitt as the SEC Chair.
The contraction in the number of 6 and 7 figure earners from 1998 to present is a direct result of the Arthur Levitt's destruction of market function in favor of electronic interaction and regulatory expansion.
Yes - Bill Clinton did that! It also spawned High Frequency Trading.
Who picks up the Tax Revenue void in place of these earners? The Middle Class of course!

From ZH:

Today, Clinton still takes credit for Greenspan’s manipulated boom.  His supporters on the left love nothing more than to point at his presidency as vindication of the backwards theory that higher taxes equal more growth.  Clinton wasn’t a policy wonk; he was a politician who dipped into the Social Security trust fund to give an appearance of balancing the budget while the national debt still climbed higher.

Even Hussein alluded in his acceptance speech that the crisis was decades in the making. Do we skip the Clinton Decade? Nope - perhaps it was all Bubba's fault? Not entirely, but I always contend that Clinton tried to lead from the left in his first term and was handily throttled for it. The miserable failure of the Co-Presidency was artfully framed in the memorable TIME cover (The Incredible Shrinking President). Suddenly the Democrats lost their majority and Republicans took over the legislature. Clinton pretended to be "the great compromiser". Clinton succeeded at what he did best and that was blaming others for his own errors. His cabinet selections, SCOTUS appointments and policy decisions are still impacting the American Middle Class in a very negative way...

Hussein will attempt to model his second term like that of Bubba, complete with a Republican House (and possibly, Senate) to blame the failure of Bernanke or his policy decisions. But the Healthcare Law will immediately bite into America as early as January. If you think this economy is bad now, you ain't seen nothing yet. The ACA will most likely strike such an immediate blow to the middle class that the Great Depression will be completely forgotten in retrospect. I hate to predict gloom and doom, but the velocity of money doesn't lie nor does the escalation of food stamp and welfare recipients.


chess said...

Tom..You just need to drink the koolaid..Teachers are our heroes...You and Bart Simpson need to write that on the chalkboard 100 times.
If we cant educate our kids then we will be a country of morons and will fall behind in the world. Oh.I guess we been there and done that.

chess said...

This was for Toms Teacher comment sorry.

Ikaika are you sticking with fomo=FUBAR...Notice I havent mentioned TOAST in like a month? I agree Clinton benefitted from Big Al and the internet bubble with gazillions in revenues when the companies had zip revenues. And then weve had the housing bubble and that helped .BHO just needs a huge government bubble to increase revenues and create growth. Just ask Paul krugman how to do it and we are on easy street in this country.

ikaika said...

Nah - I'm hoping that the press will catch on to two truths:
1. Clinton wasn't as good they think
2. Hussein cannot escape his destiny by invoking past economies.

chess said...

If those 2 things could happen then this would happen to libtards brain along wiith media

chess said...

U.S. Department of Education: 79% of Chicago 8th Graders Not Proficient in Reading

And someday their vote will equal yours...and your kids.

chess said...

ok. Away from politics and for the little boy in us..crank it up when watching this