Compare GDP growth - Ahwatukee Foothills News: Valley And State

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Posted: Wednesday, May 4, 2011 1:00 pm | Updated: 4:14 pm, Mon Oct 29, 2012.

Regarding Dr. Tom Patterson's sermon praising the Ayn Rand kook, Paul Ryan's budget plan demonstrates his adamant determination to remain unconfused by economic facts.

Obama's plan to tax the rich - i.e., raise the top rate from 35 percent to 39.6 percent - Patterson calls "a mortal blow ... to economic growth."

To see that Patterson's claim is absolute rubbish, compare GDP growth under President Clinton, who raised the top income tax rate by 26 percent (from 31 percent to 39.6 percent) with growth under President Bush (who cut the rate by 12 percent, from 39.6 percent to 35 percent). In constant dollars, GDP under Clinton grew at an average 3.6 percent, nearly twice the 2 percent rate under Bush. All Obama proposes is to restore Clinton's top tax rate.

In a third of a century (1948-1981), GDP growth averaged 3.2 percent, far higher than that of the past decade. During virtually that entire fast-growth era, the top tax rate was 70 percent or higher - i.e., twice the current 35 percent (I challenge Patterson, or anyone else, to refute these statistics).

Keynesian, demand-side economics dominated our most prosperous era. Since President Reagan, supply-side nonsense has stultified economic growth. Our crooked bankers, who wrecked the U.S. economy with their reckless gambling, are exemples of that idiotic, anti-regulatory economic ideology.

C.W. Griffin

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