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After 10 years of the Bush tax cuts, can we finally say that they did not live up to their promise? Bush said it would stimulate the economy, but Bush had the worst economic performance of any president in living history. He said it would balance the budget, but he inherited a balanced budget and completely unbalanced it, to the extent that it is now a threat.
A collection of articles, with a short excerpt from each:
<< 10 years ago tomorrow, the first of the Bush tax cuts was enacted. That 2001 tax cut was followed up by a second tax cut in 2003, passed after Vice-President Dick Cheney reportedly asserted that "deficits don't matter." The tax cuts were sold as necessary economic stimulus that would boost job creation and a moribund economy. "Tax relief will create new jobs, tax relief will generate new wealth, and tax relief will open new opportunities," Bush said on April 16, 2001 as he was pushing for the passage of the first tax cut. >>
Source:
http://thinkprogress.org/progress-report/ten-years-of-the-bush-tax-cuts/
<< Exactly 10 years ago today, George W. Bush signed the first of his large tax cuts into law, which President Obama temporarily extended last December.
<< And get this: In those 10 years -- under two different presidents and after more tax cuts -- the U.S. economy has lost a net of 1.1 million jobs. >>
Source:
http://firstread.msnbc.msn.com/_news/2011/06/07/6806873-judging-the-bush-tax-cuts-10-years-later
<< Today marks the 10th anniversary of the first round of the Bush tax cuts. Back then, proponents of the Bush tax package claimed it was necessary to create jobs, reduce the national debt, and spur economic growth. None of that happened. I put together the following charts to illustrate just how badly the Bush tax plan has failed to live up to its promises: >>
Source:
http://thinkprogress.org/economy/2011/06/07/238731/graphs-bush-tax-cuts-legacy/
<< What would our fiscal situation look like if history had been different in just one respect: if we'd never implemented President George W. Bush's eponymous tax policies? The short answer is that the debate over federal debt levels would be entirely different. In that alternate world, total debt as a share of GDP would be under 50 percent this year--instead of pushing 70 percent--and it would be expected to stay under 60 percent for the rest of the decade. (see chart) That's well below the levels causing such great consternation in Washington.
<< Bear in mind that President Bush inherited perhaps the strongest federal balance sheet in postwar history. >>
Source:
http://www.americanprogress.org/issues/2011/06/bushtaxcuts_anniversary.html
<< You can also click on your state below to see a fact sheet on how the Bush tax cuts would affect people in your state. >>
Source:
http://www.ctj.org/bushtaxcuts10yrs.php (interactive graphic)
<< ThinkProgress, using data on various social spending projects from the National Priorities Project -- which does these calculations for the cost of the Iraq and Afghan wars -- has estimated ten other possible policies we could've paid for at the same $2.5 trillion price of the Bush tax cuts.
Source:
http://thinkprogress.org/economy/2011/06/07/237560/10-years-bush-tax-cuts/
<< Mike Konczal, a research fellow at the Roosevelt Institute and a well-regarded blogger on economics issues, says the cuts never have helped the economy much, in spite of the way they were sold.
<< "It's not like this has unleashed a wave of productivity, or better incentives, or increased work output. It's mostly just rich people got a lot more money." >>
Source:
http://www.publicnewsservice.org/index.php?/content/article/20512-1
<< We are writing to urge you to put our country ahead of politics.
<< For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you increase taxes on incomes over $1,000,000.
<< We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more. >>
Source:
http://patrioticmillionaires.org/
<< ThinkProgress has assembled this short animation showing how the Bush tax cuts drove the deficit and debt up and are still ruining the budget picture today.
<< Adding insult to injury, in 2001, Bush promised that he would pay off the federal debt within 10 years. >>
Source:
http://thinkprogress.org/politics/2011/06/07/238653/animation-tax-cuts-deficit-debt/
<<Reply Reply
After 10 years of the Bush tax cuts, can we finally say that they did not live up to their promise? Bush said it would stimulate the economy, but Bush had the worst economic performance of any president in living history. He said it would balance the budget, but he inherited a balanced budget and completely unbalanced it, to the extent that it is now a threat.
>>
Sure worked for me, though. Two additional employees. 75k in equipment purchases. I'm sure it was abused by many, but you know those small businesses that every president claims to support? Those tax cuts did support them. More so than an unknown health care burden. More so than EPA/department of the interior ganging up on petroleum production. More so than the 1700 new OSHA hires.
:shrug:
SGM Sleken
After 10 years of the Bush tax cuts, can we finally say that they did not live up to their promise? Bush said it would stimulate the economy, but Bush had the worst economic performance of any president in living history. He said it would balance the budget, but he inherited a balanced budget and completely unbalanced it, to the extent that it is now a threat.
>>
Sure worked for me, though. Two additional employees. 75k in equipment purchases. I'm sure it was abused by many, but you know those small businesses that every president claims to support? Those tax cuts did support them. More so than an unknown health care burden. More so than EPA/department of the interior ganging up on petroleum production. More so than the 1700 new OSHA hires.
:shrug:
SGM Sleken
