Saturday, September 25, 2010

How did the Bush tax cuts work out?

David Cay Johnston notes the arrival of new data, and does some sums:
Total income was $2.74 trillion less during the eight Bush years than if incomes had stayed at 2000 levels. . . Average incomes fell. . . . The tax cuts cost $1.8 trillion in the first eight years, according to an analysis by the Tax Policy Center . . . 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 tax cuts did not spur investment. Job growth in the George W. Bush years was one-seventh that of the Clinton years. . . . . 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.
And those are just the highlights . .


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