American Short-Term Memory

Here’s a golden oldie.

Those who fail to learn from history are bound to repeat it…

https://www.youtube.com/watch?v=1EalCmTANIg

In 1993 newly elected President, Bill Clinton, told the American people that he “was sorry” but he was forced to raise our taxes. In August, 1993, the Democratically-controlled Congress passed the Omnibus Reconciliation Act of 1993. Democrat Bill Clinton signed the bill into law and the following happened:

  • It created 36 percent and 39.6 income tax rates for individuals.
  • It created a 35 percent income tax rate for corporations.
  • The cap on Medicare taxes was repealed.
  • Transportation fuels taxes were hiked by 4.3 cents per gallon.
  • The taxable portion of Social Security benefits was raised.
  • The phase-out of the personal exemption and limit on itemized deductions were permanently extended.

Comments

  1. Yeah, and we had one of the largest periods of economic growth in modern history as well as a budget surplus.

  2. And on the flipside, under the candidate who promised to demand OPEC “turn on the spigots” and give everyone a tax cut, the cost of a gallon of gas has doubled, the deficit has ballooned to historic levels, and unemployment as high as it’s been in a decade.

    But, please McCain, feed me the appropriate BS about how your tax cuts are going to save the economy.

  3. My parents were able to start their own small successfull business in the 1990s, many thanks to President Clinton and his economic policy.

  4. Yeah, I mean, who thinks that the 90’s post-Bush the Elder weren’t a period of prosperity and economic growth? Even Bush the Lesser said in 2000 that it was amazing he won, that they were up against peace and prosperity.

  5. Let’s not forget that President Clinton handed President Bush a recession that was triggered by the justice department and courts hitting Microsoft with fines that almost killed the dot.com businesses.

    So if I hear you right, it’s OK to have the most corrupt administration in office as long as you’re getting your wallet filled? Sounds pretty nihlistic.

    You can have your kick back to the 90’s but I’m voting for the candidate who will put the country first.

  6. Oh, and did I mention that it was the Democrats who pushed this economic crisis on the entire country by promoting and protecting policies that pushed home loans on people who had no business getting them?

    These are the same people you want to trust to get us out of this hell-hole?

  7. I worked (continue to work) for a computer company that survived two crashes in the industry: the .COM crash and Y2K crash*. The reason why the bubble burst was NOT antitrust… the reason why the bubble burst was idiocy. Priceline worth more than several airlines? Buying dog food over the web? Flooz.com?

    Too many people thought adding a .COM after the name of your company meant free money would fall from the sky. The .COM bubble burst because the market suddenly realized that full arcades in the break room, and catered lunches every day wasn’t making anyone any money.

    Microsoft deserved to be brought down. Having been on the development team for IBM’s OS/2 Warp, I can tell you that their practices were predatory – hell, OS/2 was developed as a joint venture beween IBM and MS, and then Bill Gates left with the code and started work on Windows. OS/2 was a far superior OS that could run Windows, DOS, and Linux apps without the 640K limitation. MS killed innovation in the industry for so long, only Apple forced them to change, and even that was a near thing.

    “So if I hear you right, it’s OK to have the most corrupt administration in office as long as you’re getting your wallet filled?”

    That was not your argument. Your argument was that we were doomed to repeat the economic catastrophe that was caused by Kommisar Klinton and his Glorious Five Year Plan. There was no catastrophe, the 90s were boom times, and if Obama gets into power, we’ll see them again.

    Bush was saddled with an the end of .COM bubble. And Bush has had eight years to use his Amazing Free-Market Dreamcoat to “correct” his predecessor’s “mistakes”. On January 14, 2000, the Dow was 11,722.98. What’s it today?

    “I’m voting for the candidate who will put the country first.”

    As am I. Someone who doesn’t treat his candidacy as a series of Indiana Jones-esque stunts designed to raise his own profile and do nothing to actually help his country. Someone who the richest man in the country and one of its greatest philanthopists (Warren Buffet) believes has the best economic plan.

    /rant

    * – Y2K crash: when the industry went crazy to fix the Y2K problem between 1997 and January 2, 2000 and found itself massively overstaffed on January 3rd, 2000.

  8. And it was overvaluing of property that lead to the crash, not the granting of loans. I remember when I first moved to AZ, and I saw crappy ranch homes facing the road on Cactus Road worth more than split level Mizer-styled homes on FL’s Intracoastal Waterway. More idiocy.

  9. And, because God has a terrific sense of humor, a message from the candidate who will put country first:

    “In all due respect, one of the people I admired most was an obscure governor of a southern state called Arkansas and he turned out to be a fairly successful president.”

    – John McCain, October 16th, 2008.

    You gotta admit, there’s a kind of beautiful symmetry to all this.

  10. 9 posts…. 6 are Klute.

    Doth thou protesteth too much?

  11. Properties don’t overvalue themselves, Klute. There was an outrageous run up on demand based on the easy access to credit, and massive speculation. That’s the market at work responding to ham-handed policies that ignore the perils of market manipulation.

  12. Clinton left office with a budget surplus.

    Bush is leaving office with a massive deficit.

    If DSW said that President Clinton left President Bush with a recession, what is President Bush leaving the next president with? A bigger recession and instead of a budget surplus, a huge budget deficit.

    I would like someone to refute those facts.

    As President Reagan said, facts are stubborn things.

  13. Jack,

    It was the sellers who ran up the values, not the buyers. Supply could have easily met demand (although, personally, I’m glad it didn’t – urban sprawl), everyone just wanted to be rich buying property, so people bout multiple properties and sat on them.

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