RE: Steve Pearce U.S. Congress - Welcome To Double Dip Recession
Original Article
The article quoted is that of Louis Woodhill who is on the Leadership Council of the Club for Growth which is a 527 organization. A 527 group is a type of American tax-exempt organization named after a section of the United States tax code, 26 U.S.C. § 527. A 527 group is created primarily to influence the nomination, election, appointment or defeat of candidates for public office and is extremely biased toward GOP candidates.
"The Federal Election Commission filed a lawsuit on September 20, 2005, in U.S. District Court in Washington against the Club for Growth, the first case of its kind to arise from high-dollar fundraising during the 2004 elections. The pro-Republican group spent at least $21 million in the 2003-2004 election cycle. ... The FEC contends the club spent enough in federal races to require it to file with the commission as a political committee and to follow contribution and spending limits. It wants the court to fine the group and order it to comply with campaign finance rules."
--Associated Press, September 19, 2005
Washington, July 7, 2005 - A rift among the handful of millionaires behind the Club For growth for Growth degenerated into accusations of stolen donor lists and betrayed principles. More...
The Reagan tax cuts referenced in the article do not mention that by the end of Reagan's second term the national debt held by the public ballooned from 26 percent of the GDP in 1980 to 41 percent in 1989. By 1988, the debt totaled $2.6 trillion, due in part to both increased military spending at the end of the Cold War and according to some, the tax cuts. The country owed more to foreigners than it was owed, and the United States moved from being the world's largest international creditor to the world's largest debtor nation.
The article also ignores the most recent economic news that US markets closed sharply higher Wednesday. The S&P 500 finished up 3.13%, while the NASDAQ rose 3.13% and the DJIA gained 2.82%. Stocks Surge Most Since May, Dow Over 10,000. Tech Spending Is Back. And It May Even Last. Microsoft, Dell, Oracle, and others report sales gains as corporate customers finally upgrade.
http://www.businessweek.com/
NASDAQ
S&P 500 1,060 +32.21
DJIA 10,018 +274.66
NASDAQ 2,159 +65.59
Terry Riggs
A Wider Viewpoint
Original Article
The article quoted is that of Louis Woodhill who is on the Leadership Council of the Club for Growth which is a 527 organization. A 527 group is a type of American tax-exempt organization named after a section of the United States tax code, 26 U.S.C. § 527. A 527 group is created primarily to influence the nomination, election, appointment or defeat of candidates for public office and is extremely biased toward GOP candidates.
"The Federal Election Commission filed a lawsuit on September 20, 2005, in U.S. District Court in Washington against the Club for Growth, the first case of its kind to arise from high-dollar fundraising during the 2004 elections. The pro-Republican group spent at least $21 million in the 2003-2004 election cycle. ... The FEC contends the club spent enough in federal races to require it to file with the commission as a political committee and to follow contribution and spending limits. It wants the court to fine the group and order it to comply with campaign finance rules."
--Associated Press, September 19, 2005
Washington, July 7, 2005 - A rift among the handful of millionaires behind the Club For growth for Growth degenerated into accusations of stolen donor lists and betrayed principles. More...
The Reagan tax cuts referenced in the article do not mention that by the end of Reagan's second term the national debt held by the public ballooned from 26 percent of the GDP in 1980 to 41 percent in 1989. By 1988, the debt totaled $2.6 trillion, due in part to both increased military spending at the end of the Cold War and according to some, the tax cuts. The country owed more to foreigners than it was owed, and the United States moved from being the world's largest international creditor to the world's largest debtor nation.
The article also ignores the most recent economic news that US markets closed sharply higher Wednesday. The S&P 500 finished up 3.13%, while the NASDAQ rose 3.13% and the DJIA gained 2.82%. Stocks Surge Most Since May, Dow Over 10,000. Tech Spending Is Back. And It May Even Last. Microsoft, Dell, Oracle, and others report sales gains as corporate customers finally upgrade.
http://www.businessweek.com/
NASDAQ
S&P 500 1,060 +32.21
DJIA 10,018 +274.66
NASDAQ 2,159 +65.59
Terry Riggs
A Wider Viewpoint
While I agree that the Reagan tax cuts turned us into a debtor nation, you place your credibility at risk by citing recent stock market results as proof of anything regarding the state of the economy. a) The volatility of the stock market in the 1930's was also at its highest during the depths of the Depression, and the gains of one day did not mean that the Depression was over, by any means. b) In the age of globalization, the market value of international entities like Microsoft, Oracle and Dell does not reflect the state of the American economy, nor does any increase in that value necessarily translate into an increase in spending in America, American jobs or American incomes. I'm not, for this discussion, faulting the companies; in all honesty, good business dictates that you spend money in places where you anticipate growth, which for most of those companies would be the Far East. But for the purposes of this discussion, if you're going to counter the argument that a double-dip recession is imminent (and I sincerely hope you can), please do so by citing examples of American people benefiting, not just multi-national companies that happen to call themselves American.
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