Hale "Bonddad" Stewart| The Economic Lies From the GOP Debate

[Demeter]

http://www.huffingtonpost.com/hale-stewart/the-economic-lies-from-th_b_67786.html




Actually, I didn't watch the debate. I haven't watched a debate yet and won't until we get down to two candidates. But I can tell you exactly what the Republicans said without seeing them.

Reagan's policies saved the country, tax cuts pay for themselves, and deficits don't matter.

So let's see the real record of Republicans, shall we?

SEE GRAPH AT LINK

First, above is a graph of the year over year percentage change in tax revenues. I have circled Reagan and Bush II. Notice one very important fact. There is no noticeable difference between the change in tax revenue increases under supply-side policies and non-supply-side policies. In addition, note that growth in tax revenue is as much a function of GDP growth as tax rate.

Bonddad 1. Supply-side 0.

SEE CHART AT LINK

The chart above demonstrates the Reagan never balanced a budget. The blue line is expenditures and the red is receipts. Also note the scale for receipts is lower than expenditures. Reagen never came close to balancing a budget. To inherit Reagan's mantle, one must spend more than one receives whenever possible. Reagan was not a limited government guy.

Bonddad 2. Supply-side 0

SEE CHART AT LINK

The chart above is of Bush II. The blue line is expenditures and the red is receipts. Also note the scale for receipts is lower than expenditures. He never balanced a budget. He won't even come close. Why? See chart 1 - the "tax revenue explosion" is a PR gimic not a reality. In addition, Bush spends more then he receives every chance he gets. I guess Laura balanced the check book (God knows how she did that with Bush's spending habits).

So, to undo what Bush did one must do what Reagan did.. no, wait, Reagan didn't balance anything did he?

Bonddad 3 Supply-Side 0.

SEE CHART AT LINK

The chart above is of total government debt outstanding. Notice a trend. Whenever a Republican gets into office, they charge the national credit card. Big time. They borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow, and borrow .... and then they borrow some more.

Bonddad 4, Supply-Side 0

Any questions?