Irrefutable Proof the Bush Tax Cuts Were a Miserable Failure
I’m not sure why Democrats are letting Republicans tout the Bush tax cuts as though they were so awesome for the country. If the Democrats were doing their job, “Bush tax cuts” would sound like “shit sandwich,” because they objectively weren’t.
- Total income was $2.74 trillion less during the eight Bush years than if incomes had stayed at 2000 levels.
- Average incomes fell. Average taxpayer income was down $3,512, or 5.7 percent, in 2008 compared with 2000, President Bush’s own benchmark year for his promises of prosperity through tax cuts.
- Since 2000, population grew more than wages.
- In 2008 nearly 1 in every 200 high-income taxpayers paid no federal income tax, up from about 1 in 1,500 in 1998.
- The tax cuts did not spur investment. Job growth in the George W. Bush years was one-seventh that of the Clinton years. Nixon and Ford did better than Bush on jobs.
- One of every eight dollars of the tax cuts went to the 1 in 1,000 taxpayers in the top tenth of 1 percent, the annual threshold for which was in the $2 million range throughout the last administration.
- The number of Americans in poverty, as officially measured, hit a 16-year high last year of 43.6 million, though a National Academy of Sciences study says that the real poverty figure is closer to 51 million.
So to recap, declining wages, increased poverty, anemic job growth and a boon for the people in the top 1%. Heckuva job!
Still can’t believe we’re losing to these guys.