Happy anniversary: Bush tax cuts turn 10
Since then, household income fell, unemployment rose, GDP growth stalled. But they were good for the economy!
By Joan Walsh
Salon.com
I know, a congressman confessed to Tweeting a crotch shot to a woman who is not his wife, along with other online indiscretions that may wreck his marriage. That's big news. The 10th anniversary of tax cuts that helped wreck the economy? Not so much.
But it's worth remembering how badly tax cuts worked in stimulating economic growth, as Republicans continue to claim more tax cuts will revive the economy. Most big economic indicators moved in the wrong direction since then, some horrifically.
Under the Bush-Cheney administration, the U.S. saw a series of historic economic lows, and overall, the slowest overall rate of economic growth since World War II. Household income declined for the first time since the Census Bureau tracked that data in 1967. Labor force participation had reached an all-time high in 2000, but dropped steadily under Bush; relatedly, the economy created fewer jobs than at any time since World War II.
What about the notion that tax cuts would unleash American entrepreneurialism? Didn't happen. In fact, the rate at which start-up companies created jobs actually fell between 2000 and 2010. (David Leonhardt debunked a lot of these claims in November of last year; Political Correction compiled a host of other studies here.)
(More here.)
By Joan Walsh
Salon.com
I know, a congressman confessed to Tweeting a crotch shot to a woman who is not his wife, along with other online indiscretions that may wreck his marriage. That's big news. The 10th anniversary of tax cuts that helped wreck the economy? Not so much.
But it's worth remembering how badly tax cuts worked in stimulating economic growth, as Republicans continue to claim more tax cuts will revive the economy. Most big economic indicators moved in the wrong direction since then, some horrifically.
Under the Bush-Cheney administration, the U.S. saw a series of historic economic lows, and overall, the slowest overall rate of economic growth since World War II. Household income declined for the first time since the Census Bureau tracked that data in 1967. Labor force participation had reached an all-time high in 2000, but dropped steadily under Bush; relatedly, the economy created fewer jobs than at any time since World War II.
What about the notion that tax cuts would unleash American entrepreneurialism? Didn't happen. In fact, the rate at which start-up companies created jobs actually fell between 2000 and 2010. (David Leonhardt debunked a lot of these claims in November of last year; Political Correction compiled a host of other studies here.)
(More here.)
Powered by Blogger
0 Comments:
Post a Comment
<< Home