Is there an official point where we enter a recession?

 

FWIW, Warren Buffet says we're clearly in a recession.

 

FWIW, WB is a bottom dweller, scum sucking opportunist who has amassed a fortune, whom has a vested interest in seeing the economy go in the tank for a while. He's sitting on billions of billions of dollars and would love to use those dollars to buy businesses at fire sale prices. Isn't America great. :thumb:

Here's a novel idea.

 

Maybe just maybe Billary I rode the positive wave started by the Regan and Bush years and that GWB is now riding the downspin of the massive tax hikes that Billary I implemented.

 

I can't and won't try to cite it but I have heard that the overall effect of a presidents economic plan won't be seen for several years.

How well do you think the Clinton's years would have been had 9/11 been in 1993. Or Enron had went bust in late 1993. Or Katrina had hit in 1997, or the tech boom would have been in the 80's only to see major collapses in the early 90's.

 

On Oct 9, 2002 the Dow closed at 7289. Last year it hit a high of over 14,198. Explain to me again how the tax cuts sent us into a recession?

See next post.

U.S. GDP Growth Rates comparing 1993-2000 to 2001-2007 (source-USDA):

 

Clinton Presidency

1993 2.672%

1994 4.077%

1995 2.176%

1996 4.466%

1997 4.498%

1998 4.175%

1999 3.862%

2000 4.247%

 

Average: 3.77%

 

Bush 43 Presidency

2001 0.751%

2002 1.598%

2003 2.705%

2004 4.216%

2005 3.525%

2006 3.5%

2007 3.2%

 

Average: 2.79%.

 

 

 

Per Capita Income Growth Rates comparing 1993-2000 to 2001-2007 (source-USDA):

 

Clinton Presidency

1993 1.35%

1994 2.76%

1995 1.30%

1996 2.50%

1997 3.26%

1998 2.97%

1999 3.26%

2000 2.54%

 

Average: 2.49%

 

Bush 43 Presidency

2001 -0.20%

2002 0.66%

2003 1.57%

2004 2.69%

2005 2.12%

2006 1.94%

2007 1.09%

 

Average: 1.77%

 

 

Consumer Price Index (CPI) Growth Rate comparing 1993-2000 to 2001-2007 (source-USDA):

 

Clinton Presidency

1993 2.99%

1994 2.56%

1995 2.83%

1996 2.95%

1997 2.29%

1998 1.56%

1999 2.21%

2000 3.36%

 

Average: 2.60%

 

Bush 43 Presidency

2001 2.85%

2002 1.58%

2003 2.28%

2004 2.66%

2005 3.39%

2006 3.23%

2007 2.80%

 

Average: 2.68%

 

Source for data: http://www.ers.usda.gov/Data/Macroeconomics/

 

Thank you for bringing numbers into this. :thumb: Obviously, I am know expert on the economy and know very little about it. I do know that, strangely enough, the Clinton administration experienced no recessions. You may call me biased but I do not think it is possible for a President (or Congress) to prevent or cause a recession. Likewise, it is hard to gauge how long it takes for economic policies to truly take their effect on the economy.

 

One thing that I will point out is that all of the numbers improve after 2001 and 2003, which could (but may not be) a result of the tax cuts.

 

The only thing that I am sure of is that Bush's tax cuts DID NOT cause a recession. It is not possible.

 

But you have provided some solid numbers on the state of the economy in Clinton's term and in Bush's term. I will need to defer to someone who is more experienced in economics than me to answer the question as to why.

 

 

1st thing taught in Political Science at Eastern Kentukcy University is that political and economic gains/losses is a direct result of Party Control, including Presidency, during the prior 4 year Presidential term.

 

Also, thanks for the research.

FWIW, WB is a bottom dweller, scum sucking opportunist who has amassed a fortune, whom has a vested interest in seeing the economy go in the tank for a while. He's sitting on billions of billions of dollars and would love to use those dollars to buy businesses at fire sale prices. Isn't America great. :thumb:

 

Are you saying you disagree with him?

 

Should not all businesses/investors look to invest/buy at right time? Your post would seem to indicate that he can cause the economy to slow and that he is somehow irresponsible in his investments.

 

What am I missing?

Easily a Top 5 most ridiculous thread title ever on this website. Tax cuts causing a recession? Are you serious?

Easily a Top 5 most ridiculous thread title ever on this website. Tax cuts causing a recession? Are you serious?

 

I will take that as a compliment.

I will take that as a compliment.

 

Will you at least concede that a tax cut can not lead to a recession?

I will take that as a compliment.

 

Take it how ever you want please, but do you honestly believe that tax cuts can actually be the cause of a recession?

Take it how ever you want please, but do you honestly believe that tax cuts can actually be the cause of a recession?

 

I was just being a smart alec.

 

I don't know what causes a recession - more than anything I think it is probably consumer fear. How does that fear arise . . . well, when the price of everything goes up - especially government services (public higher education) the consumer quits spending money.

 

I think Bush's policies which include the Tax cut - I think they were the cornerstone - have been detrimental to our economy, which has led to consumer fear which has helped bring on the recession.

I was just being a smart alec.

 

I don't know what causes a recession - more than anything I think it is probably consumer fear. How does that fear arise . . . well, when the price of everything goes up - especially government services (public higher education) the consumer quits spending money.

 

I think Bush's policies which include the Tax cut - I think they were the cornerstone - have been detrimental to our economy, which has led to consumer fear which has helped bring on the recession.

 

With all due respect your last statement is in no way factual. Your statement about prices going up is much closer to reality. Rising fuel prices cause price increases all across the board as production costs go up and transporting goods to market also increase costs.

 

The housing market prices finally reached a ceiling and led to the current housing market situation. Then construction workers are laid-off, because they are not buying goods and services more people are laid-off, such as some restaurants closing. More people are laid-off and the cycle continues.

 

To turn this around is difficult as consumers need to spend money to put people back to work. But you have a lot of people laid-off and those with jobs may hesitate to spend, then if you have a tax increase consumers have less money to spend, fewer products are bought and more lay-offs occur. If on the other hand you have a tax cut, consumers have more money to spend or to start businesses or expand current businesses to put people to work.

I was just being a smart alec.

 

I don't know what causes a recession - more than anything I think it is probably consumer fear. How does that fear arise . . . well, when the price of everything goes up - especially government services (public higher education) the consumer quits spending money.

 

I think Bush's policies which include the Tax cut - I think they were the cornerstone - have been detrimental to our economy, which has led to consumer fear which has helped bring on the recession.

After reading your posts in this thread it appears your real complaint here is the cost of tuition. Almost every example you give you use the rising cost of tuition. And if you are using rising cost of college as evidence of a recession then we have been in a recession for 50 years. You need to come with something a little better then this.