WHY did the economy recover and HOW did it recover?
It wasn't just magic.
It was a combination of two things; tax increases and spending increases.
Both of which Conservatives said at the time would result in a recession. What happened instead? The longest period of sustained economic growth since the 1950's, possibly ever.
Let's talk about that 2001 recession, shall we?
1. The 2001 recession was caused by the collapse of the dotcom market which was inflated by...
wait for it...TAX CUTS.
2. The 2001 recession lasted just two quarters.
3. The 2001 recession was the weakest recession in a generation; so weak that GDP growth for 2001 (with this recession AND 9/11) was still positive!
4. The Conservative response to the recession caused by tax cuts was to pass even larger tax cuts that erased a surplus and led to 4 record deficits over the next 8 years that nearly doubled the debt.
5. The recession didn't start in 2001 until almost two months
after Bush was inaugurated.
This is fantasy thinking. Of course the policies of the President cause recessions and recovery. In fact, Bush's own Working Group on Financial Markets put the blame of the subprime collapse on Bush's regulators ceasing the enforcement of lending standards beginning in 2004 and continuing through 2007. Regulators work for the Executive Branch.
Who are the "some"? The people actively trying to avoid accountability for their policies creating and inflating a subprime bubble.
Nothing Clinton did caused Bush's regulators to suddenly stop enforcing lending standards on subprime loans beginning in 2004.
Same old moronic lie, different day. Tax cuts have NEVER led to a recession or lower revenue you simple minded asshat.
Simply repeating the same lies over and over again no matter how many times they are disproved paints you as a low IQ moron on steroids. You wear that title well.
Since the Kennedy tax cuts, the Reagan tax cuts, the Clinton Tax cuts and the Bush tax cuts, revenues have risen by (1965 = 116.8 billion; 2017 = 3,316.2 billion) 2,839%. How did tax cuts reduce revenue?
Spending during the same time period has risen by 3,369%. I would submit that if spending is rising faster than revenue, SPENDING is the problem and NOT revenues. Dumb fuck.
I also am tired of you lying about the effect of tax cuts:
The United States Revenue Act of 1964 signed into law on February 26, 1964. Revenue in 1964 was 112.6 Billion. Revenue in 1965 was 116.8 billion. 116.8 is greater than 112.6. In 1966 it was 130.8 billion. 130.8 is greater than 116.8. By 1969 revenues had increased to 186.9 billion. That is an increase of 166%. The tax reductions did NOT result in lower revenue.
The Economic Recovery Tax Act of 1981 was signed into law August 13, 1981. Revenue in 1981 was 599.3 billion. Revenue in 1982 was 617.8 billion. 617.8 is greater than 599.3.
By 1985 revenues had increased to 734 billion. That is an increase of 122.5%. The tax reductions did NOT result in lower revenue.
Tax Reform Act of 1986 (TRA) was signed into law on October 22, 1986. Revenue that year was 769.2 billion. Revenue in 1987 was 854.3 billion. 854.3 is greater than 769.2. In 1988 it was 909.2 billion. 909.2 is greater than 769.2. By 1990 revenue had grown to 1,032 billion. That is an increase of 134%. The tax reductions did NOT result in lower revenue.
The Taxpayer Relief Act of 1997 was enacted August 5, 1997. Revenue that year was 1,579.2 billion. Revenue in 1998 was 1,721.7 billion. 1,721.7 is greater than 1,579.2. In 1999 revenue was 1,827.5 billion. 1,827.5 is greater than 1,721.7. By 2000 revenue had grown to 2,025.2 billion. That is an increase of 128%. The tax reductions did NOT result in lower revenue.
The Economic Growth and Tax Relief Reconciliation Act of 2001 was signed into law 7 June 2001. Revenue that year was 1,991.1 billion.
The Jobs and Growth Tax Relief Reconciliation Act of 2003 was signed into law May 28, 2003. Revenue that year was 1,782.3 billion. Revenue in 2004 was 1,880.1 billion. Revenue in 2005 was 2,153.6 billion. 2,153.6 is greater than 1,991.1. Revenue by 2007 had grown to 2,568.0 billion. 2,568.0 is greater than 1,991.1. That is an increase of 129%. The tax reductions did NOT result in lower revenue.
Do everyone a favor and just STFU.