Tuesday, December 7, 2010


As Jack Webb (aka Joe Friday) would say, "Just the facts ma'am, just the facts ..."

David Fiderer does a pretty good job of debunking the myth that "keeping the Bush tax cuts will generate wealth/growth" in this article. At the same time he helps us understand that what we're really seeing is a massive transfer of (unfunded) wealth to America's richest class.
In terms of promoting economic growth, the Bush tax cuts were a complete failure.

Average Annual GDP Growth

Bush: 2.1%

Clinton: 3.9%

Reagan/Bush: 3.0%

Carter: 3.2%

Nixon/Ford: 2.8%

Kennedy/Johnson: 4.8%

In terms of promoting job growth, the Bush tax cuts were a complete failure.

Number of Jobs Added

Bush: 1.1 million

Clinton: 22.7 million

Reagan/Bush: 18.7 million

Carter: 10.3 million

Nixon/Ford: 11.3 million

Kennedy/Johnson: 15.7 million

In terms of fiscal prudence, the Bush tax cuts were a complete failure.

(For those of you looking at the 2008 numbers, keep in mind that $1.86 trillion in 2008 - in inflation adjusted terms - is worth $1.49 trillion in 2000)
President Bush (like previous presidents) took the surplus cash paid by you, me, and our employers into Social Security and used it to reduce his current operating deficits.

Still, there are many people that will benefit from extending the Bush tax cuts. Here's how much the Bush tax cuts will benefit some of President Bush's most ardent supporters, and other conservative icons:

Rush Limbaugh - $2,689,135
Glenn Beck - $1,512,352
Sean Hannity - $1,006,352
Bill O’Reilly - $914,352
Sarah Palin - $638,352
Newt Gingrich - $247,352
George W. Bush - $187,552

Here's Rep. Alan Grayson (D-FL) explaining the logic behind extending the Bush tax cuts as he goes through the numbers ...

Just the facts, ma'am ...

- Mark

No comments: