Friday, July 01, 2011

Minnesota Shutdown 2011: State Government Shuts Down

So the former RIPublican governor screws the pooch on the state budget, declines to run for a third term, then tells fellow RIPublican­s to hold the line of the budget. The MN economy will crash shortly as thousands of state employees have no income. No income by anyone slows the economy. No income means no tax revenue for income or sales.

Why are countries with low tax rates suffering from slow sluggish economies. Why are highly taxed countries not having the same problem. Could it be that they live within the means that they wants themselves to live? i.e. cradle to grave healthcare and education for all. Sweden, Denmark, Germany all have high tax rates on both individual­s and corporatio­ns. All have much lower disparity in income than the U.S.

Where is the economic growth from all of the tax cuts previously­? Reagan cut taxes after coming into office and had two recessions­. Bush had to raise taxes, Clinton raised taxes further and there was economic growth like not seen since the end of WWII. Bush II cut taxes and the economy stalled before Osama put it in hiatus. Obama allowed the RIPublican­s to force and extention of Bush's tax cuts and the economy is about in a double dip recession from it when it was climbing out with the stimulus (that was under financed because of RIPublican pressure).

Tax cuts for the wealthy never creates jobs, ever!
Read the Article at HuffingtonPost

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