So, to recap: The Bush tax cuts were followed by low GDP growth, negative median wage growth, and little job growth. Even before the Great Recession, growth in the Bush business cycle was the weakest since World War II. And the cuts cost about $2.6 trillion between 2001 and 2010, according to the Economic Policy Institute—adding to a debt future generations of taxpayers will pay for, plus interest.I think "failure" is an iffy word to use there. Bush once famously "joked" about who his constituents were, "the haves and the have mores." Ten years later, we see that the only people who did well during that time has been the haves and the have mores. It'd be pretty disingenuous to claim that's not who Bush had in mind with his tax cuts, and while today he personally might look back and feel bad for the rest of the country getting the shaft, the objective of the cuts was clearly met, therein making them a success in a "you can't deny HItler was a great public speaker" kind of way.
By Bush's own metrics, then, the tax cuts were a failure.
Friday, June 10, 2011
Tax Cutz
On the tenth anniversary of the Bush Tax Cuts:
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