2016 Election
#2851
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,877
Re: 2016 Election
"...
The results will be truly dramatic. According to the well-respected Tax Foundation, the Simple Flat Tax will deliver an economic boost of tremendous magnitude. In the first decade, the Simple Flat Tax will:
The results will be truly dramatic. According to the well-respected Tax Foundation, the Simple Flat Tax will deliver an economic boost of tremendous magnitude. In the first decade, the Simple Flat Tax will:
- Boost Gross Domestic Product by 13.9 percent above what is currently projected.
- Increase wages by 12.2 percent.
- Create 4,861,000 additional jobs." https://www.tedcruz.org/tax_plan/
Oh.
https://en.wikipedia.org/wiki/Tax_Foundation
#2852
Re: 2016 Election
"The Tax Foundation has received funding from ExxonMobil[citation needed] and from conservative political groups such as the Koch Family Foundations"
Oh.
https://en.wikipedia.org/wiki/Tax_Foundation
Oh.
https://en.wikipedia.org/wiki/Tax_Foundation
#2853
Re: 2016 Election
It is important to note that you only quoted that portion of the Tax Foundation's report that was based on a "static" analysis. The Tax Foundation article went on to look at the growth result of the plan. If that were taken into account, the expected growth in the economy would reduce the deficit to $768 billion over the same period.
Nathan Lewis, also writing in Forbes, provides an interesting history of the results of the major European and Asian countries being on the gold standard between 1870 and 1914. It's worth a read: Forbes Welcome
As for 40 or so of economists thinking a return to the gold standard would be "nuts" don't forget that, as one president said: we could use some one-armed economists - when pressed, they always say, "On the one hand, this...but on the other hand, that."
"Our analysis finds that the plan would reduce federal revenues by $3.6 trillion over the next decade. However, the plan would improve incentives to work and invest, which would increase gross domestic product (GDP) by 13.9 percent over the long term. This increase in GDP would translate into 12.2 percent higher wages and 4.8 million new full-time equivalent jobs. After accounting for increased incomes due to these factors, the plan would reduce tax revenues by $768 billion." Details and Analysis of Senator Ted Cruz’s Tax Plan | Tax Foundation
I don't necessarily support a return to the Gold Standard without greater analysis, but the major reason some Republican candidates support it is to prevent the "quantitative easing" manipulation of the currency and therefore the economy based on Keynsian theories of economics. (With, in my opinion, decidedly mixed results. It has propped up the stock market and otherwise so distorted the economy we could see a major crash as a result.) Nathan Lewis, also writing in Forbes, provides an interesting history of the results of the major European and Asian countries being on the gold standard between 1870 and 1914. It's worth a read: Forbes Welcome
As for 40 or so of economists thinking a return to the gold standard would be "nuts" don't forget that, as one president said: we could use some one-armed economists - when pressed, they always say, "On the one hand, this...but on the other hand, that."
It's interesting that you think Bernie's supposed 1930s solutions aren't relevant to the 21st century economy, but somehow the 19th century economy is. There is nothing in that article to show causality between the Gold Standard and the level of growth, to me it seems nothing more that correlation.
#2855
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,877
Re: 2016 Election
I actually did say that, but you failed to read it. Admittedly, there was a typo where I put M instead of B, oops. But anyway, if as Giantaxe suggests the Tax Foundation are going to do a favourable analysis and they still find a $768B shortfall, then it doesn't look that good.
#2856
Re: 2016 Election
I don't doubt it. The trouble is no-one else has done a thorough analysis of Cruz's tax plan yet. Hopefully the Tax Policy Center are working on it, now they're done laughing at Trump's.
#2858
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,877
Re: 2016 Election
#2861
Re: 2016 Election
It's interesting that you think Bernie's supposed 1930s solutions aren't relevant to the 21st century economy, but somehow the 19th century economy is. There is nothing in that article to show causality between the Gold Standard and the level of growth, to me it seems nothing more that correlation.
Gold standard absolute nuts. Economically illiterate politicians appealing to the nostalgia vote.
#2862
BE Enthusiast
Joined: Aug 2011
Location: Grand Rapids MI
Posts: 431
Re: 2016 Election
Gulp, The Trump Organization warns the UK - they might stop investing in Turnberry!!!
#2863
I have a comma problem
Joined: Feb 2009
Location: Fox Lake, IL (from Carrickfergus NI)
Posts: 49,598
Re: 2016 Election
Gulp, The Trump Organization warns the UK - they might stop investing in Turnberry!!!
I hope Cameron flips the twat a V, just to see what he does.
#2864
Re: 2016 Election
I'd be more interested to hear about the candidate's opinions on North Korea's latest bomb test. Either it was another fake or it fizzled.
#2865
I have a comma problem
Joined: Feb 2009
Location: Fox Lake, IL (from Carrickfergus NI)
Posts: 49,598
Re: 2016 Election
And when this guy thinks you're going too far - then you just might be
I'd be interested to hear anyone's opinion on this. It was on the news this morning, but it seems to still be floating around in the ether at the moment.