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OfflineDemon
A Drug AgainstWar

Registered: 06/19/00
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Voodoo economics
    #1304153 - 02/13/03 02:14 AM (14 years, 7 months ago)

Can someone please explain voodoo economics? Thanks.


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OfflineDemon
A Drug AgainstWar

Registered: 06/19/00
Posts: 457
Loc: j00/2 m07h3/2
Last seen: 13 years, 6 months
Re: Voodoo economics [Re: Demon]
    #1304774 - 02/13/03 07:26 AM (14 years, 7 months ago)

Ok, I just found out what it is...without your all's help!  :grin:
Voodoo economics is like when you have a politician saying he or she is gonna do make something happen without a logical explanation of how it's gonna work. Like voodoo.


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Invisiblecarbonhoots
old hand

Registered: 09/11/01
Posts: 1,351
Loc: BC Canada
Re: Voodoo economics [Re: Demon]
    #1306967 - 02/14/03 03:32 AM (14 years, 7 months ago)

Wasn't that term coined when Ronald Reagan was prez?

He practised Voodoo. Typical voodoo dogma is that tax cuts will provide an economic stimulus so large that the growth of the economy will more than make up for the tax cut.

Another would be that 0% or near 0% inflation (achieved through high intrest rates set by the central bank), on it's own, will grow the economy. We had that one tried in Canada. Inflation was brought down from 4-5% to 0% in the early ninties. Jack Selody from the Bank of Canada said our economy would go from 700billion to 11trillion! Just from that!

Our economy went into severe recession from the high intrest rates.

BC is just now geting a big Voodoo injection. Complete with massive tax cuts. (for those who need them least) We are seeing wage rollbacks, schools and hospitals closing, higher service costs. (tuition nearly doubled) There is talk of toll highways, hamburger stands in the wilderness parks, you name it.

MOst people saw their tax cut more than clawed back by higher service costs, if they didn't outright lose their job.

Voodoo.


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OfflineSkikid16
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Registered: 06/27/02
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Re: Voodoo economics [Re: Demon]
    #1307655 - 02/14/03 09:56 AM (14 years, 7 months ago)

Voodoo Economics was coined during the Regan years, it was a belief that if you cut taxes for the rich, they will spend more money, and the economic benefits would "trickle-down" to the middle and lower classes.


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Invisiblesilversoul7
Chill the FuckOut!
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Registered: 10/10/02
Posts: 27,301
Loc: mndfreeze's puppet army
Re: Voodoo economics [Re: Skikid16]
    #1307674 - 02/14/03 10:09 AM (14 years, 7 months ago)

Interesting how they coined the term "Trickle-Down" economics. I mean, they're practically saying, "We're pissing on you."


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Invisiblecarbonhoots
old hand

Registered: 09/11/01
Posts: 1,351
Loc: BC Canada
Re: Voodoo economics [Re: Skikid16]
    #1309980 - 02/15/03 02:54 PM (14 years, 7 months ago)

Quote:

Voodoo Economics was coined during the Regan years, it was a belief that if you cut taxes for the rich, they will spend more money, and the economic benefits would "trickle-down" to the middle and lower classes.




Rather than taxing the rich and redistributing the wealth in the form of social programs (public health insurance, for example)

If the goal is to help the middle and lower classes why this method? Couldn't be because it directly helps the rich, could it?



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Offlinehongomon
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Registered: 04/14/02
Posts: 910
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Re: Voodoo economics [Re: carbonhoots]
    #1310494 - 02/15/03 08:30 PM (14 years, 7 months ago)

I'd say so. I'm sure that just about everyone in the lower economic brackets--the ones "making ends meet"--would still be making those same ends meet even if they found themselves a few hundred or a thousand dollars richer every year. And just about every middle-class homeowner would be glad to have that much cash freed up for one thing--home maintanance.

You want the money to flow around and make everyone happy? Put it in low. The guys nearer the top are generally in better situations to accumulate than those at the bottom--why would we make it easiest for them?


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OfflineSkikid16
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Re: Voodoo economics [Re: hongomon]
    #1310572 - 02/15/03 09:26 PM (14 years, 7 months ago)

Just for arguments sake, not saying I feel this way, but:

The guys nearer the top are generally in better situations to accumulate than those at the bottom--why would we make it easiest for them?

Maybe because some/most people that earn alot of money usually do the most to earn it. True they may not work as hard physically, but they all have great influence on people and their welfare.

A doctor has to go to school till they are 30 (practically) and they are charged with the heavy burden of bettering a stranger's health. A lawyer (some good, others are dirty fucks, well most) goes to school for nearly as long as a doctor and they may just save your ass from a long time in jail if you are charged with a crime.

I know that there are some/many cases of corruption and over compensation, but not all those that earn a healthy income due so in a dirty manner.

The higher the tax, the less the incentive to do higher paying jobs.


PS..... I know that there are plenty of professions that do not get paid anywhere close to what they deserve, ie. teachers, police officers, nurses...etc. But hey, who said this was a fair, just world we are living in?


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OfflineMushyMay
Brian Eno is mypersonal God FNORD

Registered: 02/19/02
Posts: 423
Loc: ACT, Australia
Last seen: 8 years, 5 months
Re: Voodoo economics [Re: Demon]
    #1310801 - 02/16/03 01:05 AM (14 years, 7 months ago)

I can remember that it was in "Ferris Bueller's Day Off." I think it was the part where that guy was drooling on the table. And the teacher had that droll tone, "Fry? Fry? Fry?" Great movie.


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