When are Bush's tax cuts going to produce jobs as he claimed they would?
lol, all republicans claim that cutting taxes creates jobs.
- TKLv 78 years agoFavorite Answer
Never. The Bush tax cuts were a gift to investors. Some of the tax savings were undoubtedly spent consuming additional goods and services that would not otherwise have been consumed but for the Bush tax cuts, but most of the Bush tax cut savings were invested or saved by the taxpayer and not spent in the real economy where there is a multiplier effect that generates more and more economic activity as those dollars flow through banks and supply chains and generate payroll taxes, sales taxes and income taxes organically.
Job creation during the Bush administration was the product of massive deficit spending, which resulted in a national debt exceeding $10 trillion, and an unsustainable real estate bubble produced by a combination of Bush housing policies and an easy money monetary policy. Players in the financial economy developed a number of financial products tailored to piggyback on the real estate bubble, so when the bubble burst and it developed into a foreclosure crisis it crushed housing values and crushed jobs in the real estate sector, and in related sectors like banking and home improvement goods and services, and it crushed the value of mortgages and the financial products built around mortgages and sold world-wide to investors.
Meanwhile decreased levels of economic activity mean decreased tax revenues for state and federal governments. So states cut back on spending thereby exacerbating the depth of the economic contraction, which leaves the federal government as the only party capable of spending enough money to slow the economic contraction and eventually turn it into an economic recovery, which is another way of saving spending money to stimulate economic activity, create jobs and generate growth.
Bush always had it *** backwards, and still does to this day. He doesn't know any better, but that's no excuse any longer. Any American who believes that Mitt's tax plan adds up or will create more economic activity, more jobs and more growth is an idiot. It will do just the reverse, and it will be even worse than Bush's tax cuts because Mitt's tax cuts WILL result in a tax increase on middle class taxpayers.
If you doubt it, then get a journalist to ask Martin Feldstein if he wrote two analyses confirming Mitt's contention that his 20% tax cut can be made revenue neutral within the parameters he has set down. Go ahead, find out what Marty has to say in his own words.
- 4 years ago
The Bush cuts have been for the Clinton recession which became reason by employing the tech bust and cooked books including that of Enron. lots of that recession fall out handed off in 2001 after Clinton left. Enron collapsed interior the autumn of 2001 and President Bush had ordered the different companies to restoration their books which shaved off billions of dollars in man made helpful properties. those man made helpful properties have been there to spice up the fee of shares and this is with shares that the board of administrators gets a commission. Obama has pumped $12 trillion (often interior the process the federal reserve and printed funds) into the economic equipment and nonetheless has created a adverse 4.2 million jobs a twelve months. the clarification why nether tax breaks or stimulus has helped is by technique of the fact the worldwide is over producing whilst in comparison with what human beings prefer to purchase. this is because of the fact 0.5 the worldwide inhabitants lives in families that make a dollar or much less an afternoon. basically 20% of the worldwide inhabitants lives in a development with a working refrigerator. the clarification why the housing growth even handed off became because of the fact of trillions of dollars in loans the place a similar money have been counted quite a few circumstances over. without that growth and bust in the process the Clinton and Bush years, the U.S. economic equipment could nonetheless appear like the Bush Sr. years. That recession became brought about by employing a tax hike.
- 4 years ago
The Bush cuts have been for the Clinton recession which become reason by making use of the tech bust and cooked books alongside with that of Enron. lots of that recession fall out happened in 2001 after Clinton left. Enron collapsed interior the autumn of 2001 and President Bush had ordered the different companies to repair their books which shaved off billions of greenbacks in synthetic helpful properties. those synthetic helpful properties have been there to develop the cost of shares and it particularly is with shares that the board of administrators gets a commission. Obama has pumped $12 trillion (ordinarily interior the path of the federal reserve and printed funds) into the economy and nevertheless has created a damaging 4.2 million jobs a 365 days. explanation why nether tax breaks or stimulus has helped is because of the fact the international is over producing whilst in comparison with what people choose to purchase. it particularly is because of the fact a million/2 the international inhabitants lives in families that make a dollar or much less an afternoon. purely 20% of the international inhabitants lives in a construction with a working refrigerator. explanation why the housing growth even happened become because of the fact of trillions of greenbacks in loans the place the comparable funds have been counted countless cases over. without that growth and bust for the period of the Clinton and Bush years, the U.S. economy could nevertheless look like the Bush Sr. years. That recession become brought about by making use of a tax hike.
- Anonymous8 years ago
Bush had 52 months of consecutive job growth....look it up. And he didn't have to cook the books like Obama is doing.
Ended in 2007.....gosh, what do you supposed happened in that year?
Nice try anyway Beev......
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- Erika348Lv 78 years ago
When are people going to realize that Bush was 4 years ago?
- 8 years ago
The same time Democraps stop blaming Bush for everything their illegal immigrant liar Kenyan of a president has failed to do.
- mr. chaoLv 78 years ago
The ones Obama renewed you mean?
- BooberLv 68 years ago
Since they are still in effect, we will see how many jobs are cut when they expire, for your answer.
- Anonymous8 years ago
They were destroyed by Obama's economic stimulus, just as they were about to start appearing.
GO BACK TO YOUR HIVE, YOU INSECT!!!!!
- byHisgraceLv 78 years ago
Proof please Beav!
Hey Beav, get you head out of the past, I thought Oblamer's logo was "Forward" Why do you people then keep referring to PAST PRESIDENTS when your MESSiah is in a pickle?