Because taxing high income earners simply does not work. The people in our nation who fall into that tax bracket are mostly business owners, and they are not going to personally take the hit from higher taxes. They will pass their increased costs right down to consumers. Secondly, there is no justifiable reason why someone who earns more money should be taxed more. At that rate you are punishing success and taking a massive shit on the American dream.
He inherited a deficit of $458B, like I said. Bush inherited a recession and a massive stock market crash.
We don't spend 17% or 18% of our GDP on health care. We spend on insurance, which is not at all the same thing. It's because government policies have created a bogus and not-free market for the product. When the consumer has to pay for insurance, like auto insurance, I see the insurance companies advertising they can save you money if you switch to their coverage. A free market would mean we'd see them advertising the same sorts of things for catastrophic health coverage, too.
massive stock market crash? recession? the it bubble burst and the tigr economy collapsed, thats it. if u lived in south korea or japan or even seattle- maybe u should complain because their entire economy burst into flames but u dont. and the cbo as well as independent news organizations have verified the presidents assertion.
insurance companies dont care about competition, no, there only concern is risk minimization. i know- i work for them indirectly as a broker.
And Bush inherited an economy in really bad shape. I thought at the time it didn't matter if Bush or Gore won that we might have another great depression.
let me clarify the risk minimization comment for everyone. ill use car insurance as an example: by law in canada every qualified driver is entitled to insurance. however, certain companies will price themselves so prohibitively high for certain types of drivers e.g. male drivers under 25- that it wouldnt make sense to purchase insurance from that particular company and thats legitimate. moreover, insurance companies let it be known informally that they discourage certain kinds of risk e.g. certain geographical areas, new drivers, ppl with a claims history, etc. so sometimes i have this awkward scenario where the best quote might originate from company X but i know that company would get all pissy with me if i binded the risk on their behalf so i quote them company Y instead, even though it might be $1000 more expensive.
