I get so sick and tired of listening to liberals talk about the Bush tax cuts. Lets take a look at the real numbers, shall we?
During the first two years of the Bush administration the revenues fell. This was due to tax cuts and the tech bust. Over the next five years the revenues increased by 44%. The last year of his administration the revenues fell again due to the financial crisis. The overall increase in revenue during the Bush administration was 21%. The tax cuts increased the revenue. They more than paid for themselves.
Now, lets move on to the deficit:
The deficit increased in the years 01-04 to a total of $4.13B in 04. With the increased revenues coming in the deficit began to shrink. It went back down to $161B in 07. That is a full 1/10 of what it is today. In 08 the deficit began to rise again. Hmm, wasn't that the year that the democrats had control over both the House and the Senate, why yes it was.
Ok, next is the National Debt:
The day Bush took office in 01 the debt stood at $5.7T. The day Bush was sworn into office for his second term the debt stood at $7.6T. The day Obama took office it stood at $10.6T. Bush doubled the debt during his two terms. Almost half of that came under a democratically controlled Congress.
Today the debt stands at $14.4T. An increase of almost $4T in two and one half years. Staying on the same fiscal path that we are on Obama will have increased the debt by more than $1T in one term than what Bush did in two.
These numbers come The Treasury Department and The Office of Management and Budget.
The Bush tax cuts increased revenues and decreased the debt until the housing bubble broke.
The mess we are in is Bush's fault how? Look he wasn't perfect, he made mistakes. He spent too much money. But this country was far better off under his leadership than we are today.
5 hours ago