Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.2 9/5/84; site ssc-bee.UUCP Path: utzoo!lsuc!watmath!clyde!burl!ulysses!mhuxr!mhuxt!houxm!vax135!cornell!uw-beaver!ssc-vax!ssc-bee!thill From: thill@ssc-bee.UUCP (Tom Hill) Newsgroups: net.politics Subject: Re: Supply-side Economics: the myth of "increased revenues" Message-ID: <419@ssc-bee.UUCP> Date: Mon, 11-Nov-85 10:32:03 EST Article-I.D.: ssc-bee.419 Posted: Mon Nov 11 10:32:03 1985 Date-Received: Tue, 12-Nov-85 21:08:00 EST References: <756@whuxl.UUCP> <29200244@uiucdcs> <362@whuts.UUCP> <416@ssc-bee.UUCP> <789@whuxl.UUCP> Organization: Boeing Aerospace Co., Seattle, WA Lines: 43 > From Tom Hill, repeating well-established myths: > > Well Tim, the tax revenues have gone up since the tax breaks and that > > I believe was the thrust behind the bill. Less taxes for the wealthy > > means more investment and guess what? that is exactly what we have seen. > > Stop running off at the mouth simply because you can't stand T.C. > > > I have posted this before so I will simply summarize the *facts* as > presented in a New York Times article, Sept. 18,1984: > > 1)Tax revenues have *not* gone up. Here are the facts: > 1981 1982 > $284.1 billion, $276.9 billion > Well Tim, since our revenues were over 700 billion I am wondering where you got these figures? Care to post a source? > > 2)The savings rate has steadily declined. The rate reported for > last month was 1.2% - the lowest rate in decades. > That was reported in the New York Times last week as it was > announced by the government. > Oh quit this drivel and read an econ book. > 3)Investment has *not* led the recovery. In fact investment spending > as a percentage of GNP is six-tenths of a percent *below* the > 12.1% level in the third quarter of 1981. > Moreover, consumption spending now accounts for 62.9% of GNP: > it accounted for only 62% of GNP in the summer of 1981. > (all reported in NYT, Sept. 18,1984) > > These are not myths but facts. I believe social policy should > be based upon facts rather than fanciful notions about miraculously > increasing revenues by reducing taxes. > > tim sevener whuxn!orb You misplace you facts, as usual. Your poor little fingers must be getting tired. Tom Hill