According to a recent C.B.O report, they reduced revenue by at least
$2.9 trillion below what it otherwise would have been between 2001 and
2011. Slower-than-expected growth reduced revenue by another $3.5
trillion....and spending was $5.6 trillion higher than the C.B.O.
anticipated for a total fiscal turnaround of $12 trillion. That is how a
$6 trillion projected surplus turned into a cumulative deficit of $6
trillion.
If you recall, it was George W. Bush’s father, GWH Bush, who, when campaigning against Reagan, called supply side economics’ claims that tax cuts pay for themselves Voodoo Economics. And Bush was proved right when deficits spiraled out of control and both Reagan and Bush were forced to raise taxes. In fact, the Bush tax cuts accrued disproportionately to the wealthy. The Tax Policy Center shows that 65 percent of the dollar value of the Bush tax cuts accrued to the top quintile, while 20 percent went to the top 0.1 percent of income earners.
If you recall, it was George W. Bush’s father, GWH Bush, who, when campaigning against Reagan, called supply side economics’ claims that tax cuts pay for themselves Voodoo Economics. And Bush was proved right when deficits spiraled out of control and both Reagan and Bush were forced to raise taxes. In fact, the Bush tax cuts accrued disproportionately to the wealthy. The Tax Policy Center shows that 65 percent of the dollar value of the Bush tax cuts accrued to the top quintile, while 20 percent went to the top 0.1 percent of income earners.
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