Ten Years Ago Today…

Ten years ago today, the Bush tax cuts passed. They were a landmark piece of legislation which definitively demonstrated the truth of supply side economics by pushing government revenues to all-time highs, keeping the budget in balance, and unleashing an unprecedented wave of economic growth that continues to this day.

Oh, wait….

Never mind.

FILED UNDER: Government, Quick Takes, Taxes, US Politics
Alex Knapp
About Alex Knapp
Alex Knapp is Associate Editor at Forbes for science and games. He was a longtime blogger elsewhere before joining the OTB team in June 2005 and contributed some 700 posts through January 2013. Follow him on Twitter @TheAlexKnapp.

Comments

  1. Paul L. says:

    If I remember correctly the “Tax Cuts for the Rich” were not passed until 2003.
    The 2001 tax cuts were just aimed at the middle class because the Democrats shared power in the Senate 50/50

  2. Hey Norm says:

    Let’s also note that they were passed by reconciliation.

  3. Drew says:

    And the award for “Least Entertaining Straw Man” goes to…

  4. michael reynolds says:

    Gee, Drew, that’s not much of a defense. We were promised the tax cuts would create jobs. They didn’t. Do you have a counter?

  5. @Drew:

    How is this a straw man?

    To me it seems pretty clear that the Bush tax cuts failed to live up to their promises.

  6. An Interested Party says:

    To me it seems pretty clear that the Bush tax cuts failed to live up to their promises.

    As well as helping to contribute to our current deficit problems…

  7. Dave Schuler says:

    I opposed the tax cuts of the early Aughts AKA “the Bush tax cuts” and I opposed their extension by the Obama administration. Could somebody please explain to me how, if the tax cuts produced no economic benefit, eliminating them now would produce economic harm?

    I understand that if election/reelection is the most important/only good the policies don’t really matter. That’s a different subject.

  8. mantis says:

    Well, there is this:
    http://investmentwatchblog.com/chart-of-job-growthdecline-since-2003/

    That job growth chart doesn’t even get the names of the two parties correct. Plus it is very cute in the way it starts with 2003, ignoring the huge losses of the first two years of Bush’s presidency, when the Republicans controlled both houses of Congress. How convenient! Also note that by separating it into Republican and “Democrat” (sic) congresses, it shows that of the eight years of highest job growth during that timeframe, seven of them happened under Democratic congresses. I guess your chart shows Republicans really do suck at creating jobs, eh?

    Take your BS charts to people who don’t know the difference, Donald. You know, wingnuts like yourself.

  9. William Teach says:

    And the Liberalism of Outside the Beltway marches on.

    The tax cuts did work, Liberal Alex. Don’t blame them for the GOP led House spending so damned much. States had way more capital as people had more disposable income and more people were working.

    But, hey, don’t let a good Think Progress meme get in the way of…..you sending extra money to the IRS. You can voluntarily do that, Alex. You have been sending more, right?

  10. MBunge says:

    “The tax cuts did work, Liberal Alex”

    There’s basically no way for democracy to work when a significant amount of the populace is indifferent, it not outright hostile, to basic facts. And I’m not talking about Alex.

    Mike