"Robert Reich Debunks 6 Big GOP Lies About The Economy"

[Lothario]

http://www.youtube.com/watch?v=S8uf-ZXLABE

So I was pretty blown away by Peter Schiff's congressional testimony the other day (http://www.youtube.com/watch?v=_BHLguFEN3M), so much so that I made the bold decision to post it up on facebook. Within seconds, the resident democrat had responded by posting the above Robert Reich video. The content is just absurd, and I'm really at a loss for a proper response. When people are hit square in the face by real, rational, and logical truth, and then respond with the unfounded accusations of some liberal quasi-economist without even the slightest attempt at any rebuttal - it really makes you feel pretty hopeless for a better society.

Anyhow, what's your guys' take on the above video? Oh, and please go give the video a thumbs down on youtube, thanks :)

[Cutlerzzz]

This won't be difficult to debunk. Lots of talking points, little substance. BRB.

[Ronulus]

This guy has no idea what he's talking about at all. Would take a while to write a response to everything. Not only that, but no socialist is going to listen to the rebuttal anyway.

[Sola_Fide]

Where do you start with a video like that? This is the economic "advice" that our leaders have been following for the past several decades. No wonder we are screwed...

[Humanae Libertas]

How is this guy taken serious in today's economy? His socialist policies that he loves, have failed.

[TheeJoeGlass]

My favorite part is when he claims medicare to be highly effecient, and then the crowd of college kids cheer loudly? Are they insane? Did Obama cut five hundred billion worth of fraud in the system to help pay for Obamacare?

[Cutlerzzz]

For starters, tax cuts without spending cuts are not tax cuts at all. The government is still taking the same resources out of the economy. None the less, tax cuts can create revenue.

The claim about "the marginal tax rate was 90%. Even if you take out tax deductions, that is still far more than what it is today" is a lie.

http://upload.wikimedia.org/wikipedia/commons/6/6a/USFederalIndividualIncomeTaxShareByIncomeLevel.197 9-2007.PNG

http://www.heritage.org/budgetchartbook/top10-percent-income-earners

Under Jimmy Carter, the rich paid 19% of all income taxes. By the end of Bush's presidency, 38%. Their burden has doubled.

Furthermore, the government collected far more revenue as a percentage of GDP under Bush then any time during the 50s or 60s, or even more then during 70s, 80s, or early 90s.

Here is a composite Federal, State, and Local statistic of total revenue.

http://static5.businessinsider.com/image/4e1c5b0a49e2aee94c060000-547/the-federal-portion-of-that-tax-revenue-the-blue-part-in-the-chart-below-is-in-the-same-range-as-it-has-been-in-since-1950-15-20-of-gdp-state-red-and-local-green-tax-revenues-are-in-a-similar-long-term-range-state-revenue-has-actually-shrunk-of-late.jpg

http://www.usgovernmentrevenue.com/downchart_gr.php?year=1950_2010&chart=F0-total&units=p

On average, during the 1950s, the average amount of revenue was about 26.65% of GDP. Under the evil tax cutter Bush, it was 33.39% of GDP. Federal revenue was higher as well.

In regards to the all time high corporate profits-uh yeah, prices are at all time highs. That needs to be factored in first. Second of all, the corporatist policies you propose with bailouts and subsidies are largely why. The US currently has the highest marginal corporate tax rate in the world.

http://www.thoughtsfromaconservativemom.com/wp-content/uploads/2010/12/201012_blog_edwards151.jpg

The US has the second highest effective corporate tax rate as well, assuming I'm reading this correctly.

http://barrons.wsj.net/public/resources/images/BA-AV544A_tax_c_NS_20110416012945.jpg


The part about creating jobs was mind numbing. He's basing it all on the idea that we need more "consumption" like we had under Bush, when government spending went to record highs and we had a negative savings rate. No, we need more savings. We don't need government monopoly wasting resources on things that do little help the economy. Savings creates investment and growth, not blind consumption, which is all government is given its lack of profit motive. Government spending is just throwing darts at a board.

Claiming that Social Security is anything but a Ponzi Scheme is too rediculous to even bother with. Peter Schiff has even gotten Social Security Administration officials to admit that it is a Ponzi Scheme.

[anaconda]

Due to a rare genetic anomaly (Fairbanks disease or multiple epiphyseal dysplasia (MED)), Robert Reich is 4' 10.5" tall.

[Cutlerzzz]

Due to a rare genetic anomaly (Fairbanks disease or multiple epiphyseal dysplasia (MED)), Robert Reich is 4' 10.5" tall.

Nice edit. lol

[John of Des Moines]

Due to a rare genetic anomaly (Fairbanks disease or multiple epiphyseal dysplasia (MED)), Robert Reich is 4' 10.5" tall.

Okay, that explains his physical issues. Now what causes his mental deficiencies?

[MJU1983]

Social Security related:


http://www.youtube.com/watch?v=sMGAi8aGeYM


http://www.youtube.com/watch?v=ddsPImROo_c

Fact: Beginning January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.

And guess what? Gov already spent all their money....

Social Security to Start Cashing IOUs (http://www.cbsnews.com/stories/2010/03/16/politics/main6302588.shtml)


(AP) The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.

It's time to start cashing them in.

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits - billions more each year.

Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes - nearly $29 billion more.

Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs - in the form of Treasury bonds - which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.

Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn't be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.

[Travlyr]

Okay, that explains his physical issues. Now what causes his mental deficiencies?

He's a "Nobel Liar. (http://en.wikipedia.org/wiki/Noble_lie)" He got rich off the government and now he sees it coming to an end.

[wannaberocker]

Robert Reich is the biggest piece of crap out there right now. Most leftist cant quote Marx because they have never read Marx, so they go to the next best thing Robert Reich, Paul Krugman and joseph stiglitz.

I remember watching a video where Robert Murphy did a responce video to some shit Reich was Spouting. but when i read the comments all the clueless leftist called Robert Murphy a republican party hack (lmao). My friend these people dont want to debate or to discuss facts. These people only believe in the religion of "take from one to give to the other and worship at the alter of govt". Its pointless to debate such clueless turds.