Catastrophe - Dick Morris [140]
58 According to the Federal Reserve: “How Much Is a Trillion?,” Econbrowser.com, March 3, 2009, www.econbrowser.com/archives/2009/03/how_much_is_a_t.html.
59 “The Fed prints”: Anthony Karydakis, “The Fed’s Interest Rate Experiments,” CNN.com, February 12, 2009, http://money.cnn.com/2009/02/12/news/economy/karydakis_debt.for tune/.
60 So even though: “March 13, 2009,” “US Financial Data,” March 13, 2009, http://research. stlouisfed.org/publications/usfd/20090313/usfd.pdf.
61 And mortgage interest rates: “Weekly Primary Mortgage Market Survey,” FreddieMac.com, March 19, 2009, www.freddiemac.com/dlink/html/PMMS/display/PMMSOutputYr.jsp.
62 “The Fed is acutely”: Karydakis, “The Fed’s Interest Rate Experiments.”
63 It’s that top 1 percent: Gerald Prante, “Summary of the Latest Federal Income Tax Data,” TaxFoundation.org, July 18, 2008, www.taxfoundation.org/news/show/250.html.
64 43 million American households: Gregory V. Helvering, “Spreading the Wealth and Killing the Goose,” AmericanThinker.org, October 31, 2008, www.americanthinker.com/2008/10/spreading_the_wealth_and_killi.html.
65 More than 20 million: Jessica L. Dorrance, Daniel P. Gitterman, and Lucy S. Gorham, “Expanding the EITC for Single Workers and Couples without Children (AKA Relief for Low-Wage Workers,)” law.UNC.edu, January 2007, www.law.unc.edu/documents/poverty/publications/gittermanpolicybrief.pdf.
66 Gore noted that: “Federal Individual Income Tax Rates History,” TaxFoundation.org, www.taxfoundation.org/files/federalindividualratehistory-200901021.pdf.
67 Among other changes: “Economic Policy of the George W. Bush Administration,” Wikipedia.org, http://en.wikipedia.org/wiki/Economic_policy_of_the_George_W._Bush_admin istration#cite_note-Tax_Policy_Center:_Urban_Institute_and_Brookings_Institution-44.
68 So President Bush: Brian M. Riedl, “The Myth of Spending Cuts for the Poor, Tax Cuts for the Rich,” Heritage.org, February 14, 2006, www.heritage.org/Research/Budget/bg1912.cfm.
69 in 2005, the Child: Ibid.
70 Now Obama has: Robert Steere, “Implementing ‘Making Work Pay’ Tax Credit Is No April Fool’s Joke,” CompleteTax.com, www.completetax.com/taxguide/news/09-294taxcredit.asp.
71 After Bush got through: Helvering, “Spreading the Wealth and Killing the Goose.”
72 Today, the poorest: Ibid.
73 The Heritage Foundation: Riedl, “The Myth of Spending Cuts for the Poor, Tax Cuts for the Rich.”
74 The second quintile: Ibid.
75 In 1980, the richest: Prante, “Summary of Latest Federal Individual Income Tax Data.”
76 By 2006, their share: Ibid.
77 The top quarter: Ibid.
78 Since 1980, the share: Ibid.
79 At the same time: Ibid.
80 During Obama’s presidential campaign: Matt Cover, “Obama’s Tax Cut Is Actually a Spending Increase, Says Non-Partisan Group,” CBSNews.com, October 15, 2008, www.cbsnews.com/public/content/article.aspx?RsrcID=37519.
81 The top 20 percent: “Should I Be Worried About the “Over-Extended” U.S. Consumer?,” PHN.com, https://www.phn.com/tabid/674/Default.aspx.
82 “nameless, unreasoning, unjustified”: Franklin D. Roosevelt, “First Inaugural Address,” March 4, 1933, www.bartleby.com/124/pres49.html.
83 “it cannot be emphasized”: George Bittlingmayer and Thomas W. Hazlett, “FDR’s Conservative 100 Days,” Wall Street Journal, March 19, 2009, http://online.wsj.com/article/SB123742216772378825.html.
84 “both Hoover and Roosevelt”: Amity Shlaes, The Forgotten Man (New York: Harper, 2007), p. 7.
85 “created regulatory, aid”: Ibid.
86 “frightened away capital”: Ibid., p. 10.
87 “Another problem”: Ibid.
88 “Roosevelt systematized”: Ibid., p. 11.
89 “I should like to”: Franklin D. Roosevelt, “Our Documents: Franklin D. Roosevelt’s Address Announcing the Second New Deal,” FDRLibrary.marist.edu, October 31, 1936, www.fdrlibrary.marist.edu/od2ndst.html.
90 “more of them had”: Riedl, “The Myth of Spending Cuts for the Poor, Tax Cuts for the Rich.”
91 “In other words”: Ibid.
92 “A rising tide”: John F. Kennedy, “400—Remarks in Heber Springs, Arkansas, at the Dedication