Heritage Foundation Responds to White House's Austan Goolsbee

The White House recently released a very misleading video discussing the 2001/2003 tax relief. Austan Goolsbee, Chair of the Council of Economic Advisers, went on camera to promote the President's plan to raise taxes. To tackle many of the video's inaccuracies, we have released our own version.

Category:

News & Politics

Tags:

• white house
• austan goolsbee
• heritage foundation
• white board
• tax cuts
• tax hikes
• obama tax hikes

[that2001boy]

U didn't have facts to support your random comments. It was lame

[SaviorOfLogic]

@rickbar123 I consider those things scams. Social Security is Ponzi scheme and Medicare is basically the same; they are going to bankrupt the West. A weak government, which is kept weak, cannot be used by anyone, as it does not have the funding. If, for example, all taxes went to local services (say a town's police force), abuse would be far less common, as people would have a direct check on their local 'sheriff'. Bad things come from a government with good intentions.

[rickbar123]

@SaviorOfLogic Social Contract- Social Security, Medicare.........all the stuff your taxes pay for. Your right it's corporatism. Capitalism with a small weak Gov will get you corporatism.

[SaviorOfLogic]

@rickbar123 What is this 'social contract', I've never heard the term used in this context. Basc logic shows we haven't 'lost' jobs: if a Chinaman earns a dollar, what is he to do with it but spend it in America? I don't like what the corporations do, but the objections I have are things like getting preferential legislation and bailouts. Increased taxes are caused by the need to subsidise failed industries, caused by corporatism, not capitalism. How do we have less trade, our economy is bigger?

[rickbar123]

@SaviorOfLogic Why do you defend the corporate world. They offshore jobs, headquarters, bank accounts and drive profits made in America into countrys that let them hide the profit all to avoid paying a living wage and taxes. In the end, you pick up their bill. You will pay more property tax, income tax, payrole tax to cover what they skip out on. You have no logic or does a right wing think tank pay you. We have less trade now than 150 years ago. Sorry, it's fact.

[rickbar123]

@SaviorOfLogic Wrong. The EUs problems are due to job losses to China and other low wage countrys. China produces for other countrys as well. Just like us, the EU has lost manufacturing jobs, high paying jobs. It is much harder for to pay for a strong social contract with fewer good paying jobs. The invisible hand is corporate greed and it does not work. Capital does not favor social contracts....that is basic.

[SaviorOfLogic]

@rickbar123 I doubt we have less trade than when Benjamin Franklin made that quote. The Eu's problems are due to things like subsidies and their massive civil service, not free trade. The invisible hand works, and yes it can, why couldn't it? I see not why the trade deficit should be eliminated. What is happening is they are industrializing, so (in the short term) capital needs to move from the 'west' to the 'east'. Once they develop, it will self correct.

[rickbar123]

@SaviorOfLogic We have less trade now than 150 years ago. The EU is having major problems, all due to loss of jobs to China. No developed nation with a social contract can go head to head with low wage labor. The invisible hand is real. A true 'free trade' can never exist. Fair Trade is whats needed. A dollars worth of finished goods come in and the same leave. Wall Street, Wal Mart and the Mall owners would jump from the windows.

[SaviorOfLogic]

@rickbar123 First, yes, Hong Kong's government (like every one in history) is corrupt. I disagree with bailouts, which are not part of a free market. You seem to have bastardized Benjamin Franklin's quote that 'No nation was ever ruined by trade.', which is true. Just look at Europe, which flourished once tariffs were brought down. Now, government intervention could make the average Joe think he would be better off with 'protection', and ask for it (note Fox is by no means free trade).

[rickbar123]

@SaviorOfLogic Hong Kong had the largest bailout in the world. A bailout is the nanny state for the investor class. Take my money and make safe the rich mans free market for him to gamble in. No country to date has been made poorer by protectionism. America has trade deficits with EVERY COUNTRY ON EARTH. 350 billion with China alone. When the worker in America has had enough pain, he will turn off Fox and vote in those that want protection, this bullshit will end.