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Gibbs: The Poor Economy Doesn't Hurt Rich People

Greg Hengler
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As if we needed more evidence that Obama's administration has never managed or ran a business.

HT: Benjamin Rush.

Tags: Congress , Government Spending

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dale450 Wrote: Sep 08, 2010 3:24 PM

AMERICA

UNTIL THIS COUNTRY STOPS THE WARS AND TURNS IT'S HEART AND MIND BACK TO THE PEOPLE OF AMERICA ----- NOTHING OBAMA OR ANY OTHER POLITICIAN DOES WILL PROSPER!

GOD HAS TURNED HIS BACK ON AMERICA! ------ WE LOVE TO SPOUT THE PHRASE
(GOD BLESS AMERICA!) political pundits spout it all the time! - IT HAS BECOME AN EMPTY CATCH PHRASE ---- AN EMPTY CLITHQUE FOR OUR TIMES, TO MAKE US FEEL BETTER!

REALLY LOOK AROUND YOU AT THE HOMELESS ,THE HUNGRY AND THOSE WHO HAVE LOST EVERYTHING.

WHOLE FAMILIES THAT LIVE IN CARS ----

THEN drive down your street and COUNT - all the EMPTY homes the banks have foreclosed on .
CAN YOU EVEN REMEMBER THEIR NAMES? JOHN LIVED THERE I THINK? WAS’NT THAT PAULS HOUSE? ------------------- ( IS GOD...

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Patriotic Liberal Wrote: Sep 08, 2010 8:40 AM

Difference between Dems and Reeps? Dems are the friends of business. Reeps are businesses' bi-yatch.

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BK22 Wrote: Sep 08, 2010 9:00 AM

Friends of business?............bwahahahahahahahaha! No Dems are simply clueless!

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albert henry Wrote: Sep 08, 2010 11:41 AM

BK,

Nothing says friend of business like sticking 25 billion in the unions pocket.

Nothing says friend of business like restricting energy exploration and restricting oil drilling in the gulf

nothing says friend of busines, like ramming mandated laws down the throats of business owners such as health care, silly EPA rules

Nothing says friend of business like carbon offset credits, brought to you by the insanity that is Al Gore.

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albert henry Wrote: Sep 07, 2010 6:36 PM

As concerns income,

I used to tell my children, when they were in high school. What you do here determines what you will be qualified to do when you get out of high school. what you do the next four years after that determines what you will be qualified to do the rest of your life. That includes income making ability.

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albert henry Wrote: Sep 07, 2010 5:06 PM

Just a guy

More punishment mentality huh.

I wonder if education had anything to do with income. Let's do a study on that.

Get that stat out there before you start crying like some whiny little girly boy. ok

And you are wrong about those tax cuts.

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justaguyisback Wrote: Sep 07, 2010 3:59 PM

Right On Mr. Gibbs. It should be noted as well, that the 95% of Americans whose incomes stagnated during the years of the BUSH TAX CUTS were those in the below 200k bracket, while the 5% of Americans who saw their fortunes rise under the BUSH TAX CUTS were above that divide.

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moderateGuy Wrote: Sep 07, 2010 4:20 PM

Except of course that all incomes grew during Bush years, but an average of 1.2% per year, or 9% total.

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vladimir estragon Wrote: Sep 07, 2010 4:49 PM

Except of course what justaguy wrote. Averaging all incomes doesn't prove much at all. Most people's income grew 3-5% between 2000 and 20101. The income of the top 1% tripled.

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moderateGuy Wrote: Sep 07, 2010 5:08 PM

So, despite liberals' idiotic claims, you admit no one actually was worse off at the end of Bush years; unlike now after year and half of Obama.
And yes some people did better, some worse; that how capitalism works; not quite the way it was in your village in Kalmukia, I know.

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vladimir estragon Wrote: Sep 07, 2010 5:22 PM

Don't put words in my mouth. A lot of people were worse off in January 2009. A few people were a whole lot better off, and it wasn't because they were such hard workers.

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BK22 Wrote: Sep 07, 2010 7:32 PM

But of course those people in the 95% had jobs with the unemployment rate at 5%. Now with Mr. Short Pants in the whitehouse that number is 10%. Funny how those rich people made it possible for those 95% to have jobs.

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albert henry Wrote: Sep 07, 2010 3:52 PM

Golly geez,

I am so glad that Gibbs explained it to me. Let me see, people with more money, and people who have more money are doing better than people with less money, and who make less money.

So, People who are taxed higher have less money, so then is Gibbs sayiing he is in favor of lower taxes.

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vladimir estragon Wrote: Sep 07, 2010 5:38 PM

"People who are taxed higher have less money."

Who gave you that idea? Are you aware that people who make $375K are at the top tax rate, and so are people who make $37.5 million, or $375 million?

Another clue: people in the top tax bracket never pay the full tax on their full income. Never have, never will.

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socalcon Wrote: Sep 08, 2010 4:24 AM

Vlad,

Earned income credits have increased for low income earners since 2001. Bush tax cuts have put middle-income families at historically low Fed tax rates ( http://www.cbpp.org/cms/index.cfm?fa=view&id=3151).

So what, exactly is your problem? That the lawn-jockey-in-chief hasn't totally ruined the /economy-- so raise taxes on the 2% paying the/ highest taxes?

About class warfare: from the U.S. Census Bureau: In real income, the percentage of people in poverty has steadily declined — to 13.2 percent in 2008, from 14.2 percent in 1967 and 22.4 percent in 1959. That tells me the income growth at the top did not come at the expense of America’s poorest. (from the Chicago Tribune 9/7/10)

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vladimir estragon Wrote: Sep 07, 2010 3:43 PM

Poor economies never hurt the rich. It's always been that way. The rich people barely noticed the Great Depression. Same today: the top percentiles of wealth are still earning more every day. Corporate profits are increasing, and large businesses are sitting on mountains of cash.

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DocForesight Wrote: Sep 07, 2010 4:15 PM

Vlad,
Corporate profits are up because they are getting more productivity out of the employees they currently have. They are not adding more employees due, in part, to the uncertainty of tax policy, the effect on the "health care reform" bill on their balance sheet and don't want to take unnecessary risks with their legally earned profits (which keep the doors open and current employees paid) until they have a level of certainty for future R&D, inventory, marketing, supply chain management, etc.

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vladimir estragon Wrote: Sep 07, 2010 4:51 PM

I laugh at that "uncertainty" argument. When was the economic future ever a sure thing? Fact remains, they're sitting on piles of money. Their profits are up. Their productivity, as you point out, is up. So people are working hard to make money for the shareholders, but the corporation itself can just sit back and count the change.

Why do we grant corporations all sorts of privileges the same as if they were invidividual humans, but when it comes to individual responsibility, they get a pass?

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Paul3081 Wrote: Sep 07, 2010 6:52 PM

And we laugh at your never ending inability to read a simple sentence and comment without twisting it inside out first.

DocForesight said "... the uncertainty of tax policy"
Vlad the Moron said : "I laugh at that "uncertainty" argument. When was the economic future ever a sure thing"

"Tax policy" and "economic future" are not the same thing by a long way, especially in this instance. You know only too well what Doc was referring to, namely this BS prevarication coming from the White House on whether the tax cuts will be extended or not. There needs to be zero uncertainty in this matter. But, as Chip Reid demonstrated in the more recent clip here, the President is playing politics with this and could end the uncertainty right now if he...

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BK22 Wrote: Sep 07, 2010 7:38 PM

Vlad...once again you demonstrate your ignorance about the economy. You believe that redistribution of wealth is the way to go....socialism doesn't work because pretty soon...it is YOU who will considered rich and they will take YOUR money. Obama's decision to float the so-called highway/infrastructure stimulus is but one example of how naive and incompetent he is. How will he pay for it? He will tax oil/fuel higher to pay for it. Problem being that oil/fuel companies won't pay for it. YOU will pay for it. Poor people will be hurt the most. Naive...plain and simple!

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socalcon Wrote: Sep 08, 2010 4:28 AM

BHO has always had difficulty with the tough decisions. It took from Nov 2008 to April 2009 for the first family to select the First Pup, you know!

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moderateGuy Wrote: Sep 07, 2010 4:18 PM

Vlad, you ignorant russian peasant, businesses are "sitting on mountains of cash" because they cannot be sure what calamity "president" Dopey BO and his team of bunglers will bring on the economy next; business is not like community organizing, you actually have to have money to pay for things, supplies, salaries, taxes, outrageous health care mandates, etc. "The rich", this being the people who invest in businesses, curtial those investments in poor economies, hence there is less money for others to start new businesses; or stop their purchases of luxury items, which are made by "non rich", hence the "non rich" lose their jobs - see luxury boat tax, which "only affected the rich".
I know this is quite different from you village in the...

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socalcon Wrote: Sep 08, 2010 4:43 AM

I can't take it any more, lay off of Vlad. I happen to know Vlad is following the advice of the President and is in the process on getting a bank loan to pay his payroll !

Oct 7, 2008 2nd Pres Debate:"Right now, the credit markets are frozen up and what that means is that small businesses can't get loans. If they can't get a loan, that means that they can't make payroll. If they can't make payroll, then they may end up having to shut their doors and lay people off."

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NOTW Wrote: Sep 07, 2010 4:24 PM

And how shall the WH coerce, er uh, entice all those corporations to actually move forward and create prosperity with all the $$ sitting on the sidelines? So far the "confidence index" on this WH is running in the negative...something that matters more than what the Fed does or doesn't do.

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vladimir estragon Wrote: Sep 07, 2010 4:52 PM

Who tabulates the "White House confidence index"?

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Paul3081 Wrote: Sep 07, 2010 6:59 PM

Ah yes, another of your standard "I can't answer the question, have just been shown up for the idiot I am and now I am going to pick some minor incidental part of comment to ask a dumb smartass question about."

To answer your utterly stupid question...we do. We'll publish the final results in early November.

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BK22 Wrote: Sep 07, 2010 7:34 PM

And they will continue to sit on that cash until the clown in the whitehouse decides that it is more important for everyone to have jobs than tax the rich. They will also do that as long as there is fear of redistribution of weath for which the distributed TO didn't earn.

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Roscoe Mendago Wrote: Sep 07, 2010 3:38 PM

Gibbs is a sharp dude... It's been said before and I'm confident most conscious folk know, a poor person never provided a viable job. Those so-called rich people may very well be providing those dwindling jobs, those employers that Gibbs so cavalierly writes-off as being impediments to Obama's "Recovery Summer." Needless to say Obama's crew, the schnooks he's surrounded himself with, have run nothing, never met a payroll, have not as much as managed an ant farm, but there's Gibbs, still on the job...

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moderateGuy Wrote: Sep 07, 2010 3:24 PM

The only "rich people" not affected by poor economy, are people who luck out or scam their way into those riches; Hollywood actors, trial lawyers, environ-mental promo......oooooh, I get it!!

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Origanalist Again Wrote: Sep 07, 2010 3:23 PM

Uhhhhhhhhh, you can't fix stupid. Who the ^%$&^%#$$% does he think employs people making 40, 50, 60.000 a year. Heavan help us, these people are running this country. (into the ground)

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K.G.2 Wrote: Sep 07, 2010 3:14 PM

Is this dweeb insane? Let me count the ways. A little over a year ago big law firms gave pink slips to their young lawyers. These kids w/school debt, new babies and new mortgages were sobbing and throwing up in their waste baskets. These kids were all making the $250,000 cited by Obama as "rich." Now they are unemployeed and on the public tah-tah.

We are a sub-chapter S corp--getting killed in the economy and will get even more killed by the looming tax hikes, enviro regs and card dheck. We have been taking NO personal $$ for over a year and have had to cut back all overtime for our employees. EVERYBODY was to work harder for less $$ just to keep the business going. And we still might fail. Every month is worse than the...

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homer noble Wrote: Sep 07, 2010 2:59 PM

""Let's move," after all, is her battle cry."

It is our battle cry, as well; move her right out of the White House in 2012.

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homer noble Wrote: Sep 07, 2010 3:04 PM

Don't ask how this got posted to this discussion...it was posted on the WaPo fashion maven thread.

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Origanalist Again Wrote: Sep 07, 2010 3:19 PM

Ok homer, I won't ask if you don't tell!

Sorry, couldn't resist.

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NOTW Wrote: Sep 07, 2010 2:52 PM

Robert,
Tell your boss those people making $500k plus aren't really spending their money, which is hurting those people making $40k. They're saving their income because of the uncertainty you are selling. Connect the dots...

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