Marco Rubio: Economics 101
Marco Rubio makes his pitch on how to fix the economy.
Stop spending money we don’t have.
Stop wasting money on things that don’t grow the economy.
Pass tax cuts that will grow our economy and create jobs.
The problem with Republicans attacking Democrats on tax cuts is President Barack Obama's Making Work Pay tax cuts. The cuts work like this.
Lowest 20% - 12.2 percent
Second Lowest 20% - 16.1 percent
Middle 20% - 20.2 percent
Fourth 20% - 26.4 percent
Next 15% - 22.5 percent
Next 4% - 2.5 percent
Top 1 - 0.0 percent
Honestly, I don't expect Obama's cuts to suddenly create jobs. People are making less and more likely to hold on to their money. The Bush administration's policy of tax cuts created 3 million jobs. The Clinton years created 23 million jobs.
Mark Zandi is the Chief Economist and co-founder of Moody's Economy.com. Zandi's study "The Economic Impact of the American Recovery and Reinvestment Act" found stimulus does a greater job of creating jobs than tax cuts.
Zandi's study finds the stimulus package will boost employment in construction by 11 percent. Manufacturing jobs will increase by 4 percent.
Conservatives scream about welfare. Food stamps put $1.73 back into the economy for every federal dollar spent. I'm with Rubio on wasteful spending. I do wish Rubio would take the time to learn economics. The short answer is you have to spend money to make money. Rubio's ideas to fix the economy won't work. Rubio had his chance as House Speaker to help reduce Florida's deficit and he failed.
Hat tip to Paul Rosenberg