12-10-2004 23:50									#1
	This Year's US Economics Nobel Winner: Bush Tax Cuts Too Small Support Apolyton, buy Galactic Civilizations: Deluxe Edition

Hey, they weren't supposed to award the prize to a supply-sider!

quote: Washington - Edward Prescott, who picked up the Nobel Prize for Economics on Monday, said President George Bush's tax rate cuts were "pretty small" and should have been bigger. "What Bush has done has been not very big, it's pretty small," Prescott said. "Tax rates were not cut enough," said Prescott. Lower tax rates provided an incentive to work, Prescott said. Prescott and Norwegian Finn Kydland won the 2004 Nobel Economics Prize for research into the forces behind business cycles. The American analyst, who is a professor at Arizona State University and a researcher at the Federal Reserve Bank of Minneapolis, said a large tax cut in 1986 had lowered rates while collecting the same revenue. But "in the early nineties the economy was depressed by the tax increase in 1993 by about four percent, and it's right at that level now," Prescott said. Bush, who is fighting to get re-elected on November 2, has cut taxes by about $1,7-trillion during his term. The US leader accuses his Democratic rival John Kerry of favoring tax increases, despite Kerry's promise to cut taxes for everyone earning less than 200 000 dollars a year. - Sapa-AFP

	12-10-2004 23:58									#2
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Well, he's right.

and yes, again, John Kerry is a Communist. It's people like him that made Reagan a Republican in the first place.

	12-10-2004 23:59									#3
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The funny thing is that he's an ASU professor. Where's the final presidential debate going to be held tomorrow?

ASU.

	13-10-2004 00:03									#5
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Did he have anything to say about spending like Peggy Bundy and borrowing to cover it? Or did he just babble about tax cuts?

-Arrian

	13-10-2004 00:05									#6
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I think he just babbled about tax cuts. No mention of any of the Bundys.

	13-10-2004 00:08									#7
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Ah.

I wonder how many economists, especially nobel prize-winning economists, actually think Bush's fiscal policy (taken in total) is intelligent?

Spend like it's goin' out of style, cut taxes, borrow to cover. Brilliant! We can keep doing this forever! Sure! Why not! We've got lots of Supercarriers!



We are merrily driving off the cliff...

-Arrian

	13-10-2004 00:49									#8
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ALL HAIL TEH KRUGMAN. TEH KRUGMAN PWNS ASU!!!

	13-10-2004 00:49									#9
	Re: This Year's US Economics Nobel Winner: Bush Tax Cuts Too Small Support Apolyton, buy Civilization 2

quote: Originally posted by DanS Hey, they weren't supposed to award the prize to a supply-sider!

OMG. Most of them are really supply-siders when you listen to them long enough.

The Nobel Prize in Economics is even more of a joke than it was before.

	13-10-2004 01:20									#10
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quote: We are merrily driving off the cliff...

Ah ha! You are Roland's DL!

	13-10-2004 01:25									#11
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Do you really think this sort of deficit spending won't catch up to us? It catches up to other countries. It might take longer because of our overall wealth & power, but when it does, I suspect the old saying will ring true. The bigger they are, the harder they fall.

-Arrian

	13-10-2004 01:31									#12
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Roland doesn't come around anymore. I new I should never have made that bet with him. Losers tend to not come around the winners too much.

	13-10-2004 01:34									#13
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this person doesn't know a damn thing about economics. At least not as much as I do.

The tax cuts were plenty, and they would have been good if there had been a similar decrease in goverment spending.

	13-10-2004 01:38									#14
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Diss

We'll at least be ignorant together

I love questioning Nobel Prize Winners.

	13-10-2004 01:39									#15
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Another giant leap for pseudosciences is made

Economists and my local weatherman! I trust them both equally

	13-10-2004 01:40									#16
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I'd trust the weatherman more, actually.

-Arrian

	13-10-2004 01:42									#17
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quote: Originally posted by GePap Another giant leap for pseudosciences is made Economists and my local weatherman! I trust them both equally

ALL HAIL TEH ALLKNWOING KRUGMAN!!!!

	13-10-2004 01:42									#18
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Just look at economic forcast-they are accurate about X percent of the time!

Not responsible if X<50%

	13-10-2004 01:43									#19
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quote: Originally posted by Ogie Oglethorpe ALL HAIL TEH ALLKNWOING KRUGMAN!!!!

I never knew you were such a Krugman fan

Lucky you- I mean, you could be one of those wierdos voting for badarnik or something, instead of a rational individual.

	13-10-2004 01:44									#20
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this is like giving the gold medal for the 1000 meter dash to "THE FRIDGE"...

	13-10-2004 01:51									#21
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quote: But "in the early nineties the economy was depressed by the tax increase in 1993 by about four percent, and it's right at that level now," Prescott said.

Wait a minute..."the early nineties"...wasn't that about the time the most sustained economic growth in human history started? Is this one of those Nobel Prize winners who rewrites inconvenient historical facts??

	13-10-2004 01:51									#22
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This is funny. The whole economics profession is getting hit by political partisans because the Nobel committee awarded its prize to Prescott.

	13-10-2004 01:55									#23
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I have no problem with him getting the Nobel. I do have issue with the assertion you try to make, that the fact this guy thinks the tax cut was too small that means something more than say previous Nobel prize winners giving their opinion.

Given how commonly economic forcasts are wrong, its best to have a healthy skepticism of the bunch.

	13-10-2004 01:56									#24
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As for me, I don't need such an excuse to rail about massive ongoing deficit spending. But this was a convenient one...

-Arrian

	13-10-2004 01:56									#25
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Economists are political partisans.

	13-10-2004 02:00									#26
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quote: I do have issue with the assertion you try to make, that the fact this guy thinks the tax cut was too small that means something more than say previous Nobel prize winners giving their opinion.

This guy's life work is on taxation and the business cycle as a macroeconomist. Are you questioning his competence to comment on the Bush tax cuts?

	13-10-2004 02:01									#27
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No. I question whether it carries any greater weight than anyone elses.

	13-10-2004 02:02									#28
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Well, just go down the list of Nobel laureates who have commented on Bush's economic policies. You will probably find a lot of microeconomists and others without such direct knowledge in the bunch...

	13-10-2004 02:04									#29
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Given the frequency of failures of economic forcasting, as I said, I trust their word as much as the weather people.

	13-10-2004 02:05									#30
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quote: Originally posted by DanS This guy's life work is on taxation and the business cycle as a macroeconomist. Are you questioning his competence to comment on the Bush tax cuts?

Col. Custer went to West Point and was a professional military commander. But I would question his competence as well.