• Federal expenditures (budget) of $5.1 billion in 1921 were reduced to $3.3 billion in 1929.
• Cut taxes four out of his six years as president.
• Cut effective tax rate on the wealthy was 50 percent (1922) to 20 percent. Revenue from that tax bracket then rose from $77 million to $230 million.
• By 1927, 98% of the population paid no income tax
• Tax burden on those making under $10,000 fell from $130 million in 1923 to under $20 million in 1929.• Unemployment averaged 3.3% from 1922 to 1929.
• Gross National Product increased annually by 7% from 1924 to 1929.
• Per capita income grew 30 percent from 1922 to 1928.
• Real earnings for employed wage earners increased 22% from 1922 to 1928.
• Industrial Production increased 70% from 1922 to 1928.
• The average workweek decreased 4% from 1922 to 1928. It was an AMAZING TIME!!! Then Hoover,who pushed for Smoot Hawley Tariff act:The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), otherwise known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was an act sponsored by Senator Reed, Smoot and Representative Willis C. Hawley and signed into law on June 17, 1930. The act raised U.S. tariffs on over 20,000 imported goods to record levels.Hoover opposed the bill and called it "vicious, extortionate, and obnoxious" because he felt it would undermine the commitment he had pledged to international cooperation. However, in spite of his opposition, Hoover yielded to influence from his own party and business leaders and signed the bill. Hoover's fears were well founded. Canada and other countries raised their own tariffs in retaliation after the bill had become law. Calvin Coolidge warned Hoover not to sign the bill...........Another Depression ensued. Roosevelt made a huge mistake which extended the depression,"We have tried spending money, we are spending more than we have ever spent before and it does not work. I say after eight years of this administration, we have just as much unemployment as when we started….and an enormous debt to boot." The testimony of Henry Morgenthau, Jr. Treasury Secretary for FDR? This testimony was in May 1939, unemployment was above 20%, six years after the NEW DEAL's inception. Just so you know Henry was FDR's best friend and this testimony was in front of the Ways and Means Committee when summonsed to account.In 2000 President Bush was handed a recession when the stock market bubble blew under Clinton,the NASDAQ crashed and lost 40% of its value.Bush went to Congress and requested tax cuts to stimulate the economy,here is what ensued:
A FEW DEMOCRAT LIES THAT NEED REVISITING
DEMOCRAT LIE #1 THE ECONOMY WAS HORRIBLE UNDER BUSH ,In 2001, President Bush proposed and signed the Economic Growth and Tax Relief Reconciliation Act. This legislation:
Reduced tax rates for every American who pays income taxes, including creating a new 10 percent tax bracket
Doubled the child tax credit to $1,000 by 2010
Reduced the marriage penalty beginning in 2005
Put the death tax on the road to extinction
Increased education tax benefits
Increased limits on IRA and 401(k) contributions and changed limits on defined benefit pension plans – which were made permanent in the Pension Protection Act of 2006
In 2003, President Bush proposed and signed the Jobs and Growth Tax Relief Reconciliation Act. This legislation:
Reduced the top tax rate on dividends and capital gains to 15 percent
Accelerated income tax rate reductions
Accelerated the expansion of the 10 percent bracket
Accelerated the increase of the child credit to $1,000
Accelerated the reduction in the marriage penalty
Quadrupled small business expensing from $25,000 to $100,000
Increased bonus depreciation for businesses to 50 percent through 2004
President Bush’s Tax Relief Allowed Americans To Keep Trillions Of Dollars Of Their Own Money
Results of the President’s tax relief were swift. The economy returned to growth in the fourth quarter of 2001 and continued to grow for 24 consecutive quarters. The economy grew at a rapid pace of 7.5 percent above inflation during the third quarter of 2003 – the highest since 1984. The President’s tax relief reduced the marginal effective tax rate on new investment, which encourages additional investment and, in the long-term, higher wages for workers.
In 2007, a family of four earning $40,000 saved an average of $2,053 thanks to the President’s tax relief.
The President’s tax relief was followed by increases in tax revenue. From 2005 to 2007, tax revenues grew faster than the economy. The ratio of receipts to GDP rose to 18.8 percent in 2007, above the 40-year average. Between 2004 and 2006, capital gains realizations grew by approximately 60 percent. Growth in corporate income tax receipts was especially strong in the President’s second term, nearly doubling between 2004 and 2007 and contributing a full percentage point to the increase in the total federal receipts-to-GDP share.
Like · Reply · And the biggest of Democrat lies: Bush caused the recession,no the Community Reinvestment Act did:The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining.
The Act instructs the appropriate federal financial supervisory agencies to encourage regulated financial institutions to help meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation (Section 802.) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions (Section 804.) Do gooder Democrats Passed the CRA and forces Banks to lower lending Standards..... a further explanation... http://www.businessinsider.com/the-cra-debate-a-users...
Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax…
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Scott Mickelson Clinton's White House finanacial advisor Franklin Raines has much to do with this crash,and he lied and cheated after his appointment at Fanny Mae Ginny up the numbers, for which the Government has to defend him costing Taxpayers 60 million Raines had to pay restitution of 24 million from his scheme!!! http://www.seattletimes.com/.../franklin-raines-to-pay.../
Franklin Raines to pay $24.7 million to settle Fannie Mae lawsuit