The current recession began under Bush

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Conservative arguments for more tax cuts mirror the lofty claims President George W. Bush made when he signed the 2001 and 2003 tax cuts into law.


Bush promised economic growth and sustained prosperity; the economy got neither.


In fact, from 2001 to 2007, the country experienced the weakest job growth since the end of World War II.


While the nation's millionaires and billionaires got rich, average household income fell for the first time on record.


http://politicalcorrection.org/factcheck/201011190001
 
"A long, long period of halting and slow growth was baked in the cake when he took office," said Harvard University economist Kenneth Rogoff, a former adviser to Obama's 2008 GOP opponent, John McCain, and the co-author of an acclaimed 2009 book on the nature of economic crises, This Time is Different: Eight Centuries of Financial Folly. "It's very difficult after such a huge credit bubble and financial collapse to recover all that much faster than we've been doing. It wouldn't have mattered if McCain had won. We would have been in a similar situation."



http://www.theatlantic.com/politics...obama-really-to-blame-for-the-economy/243598/
 
Those tax cuts passed in 2001 amid big promises about what they would do for the economy.


What followed?


  • The decade with the slowest average annual growth since World War II.
Amazingly, that statement is true even if you forget about the Great Recession and simply look at 2001-7.


The competition for slowest growth is not even close, either.


  • Growth from 2001 to 2007 averaged 2.39 percent a year.
The decade with the second-worst showing for growth was 1971 to 1980 - the dreaded 1970s - but it still had 3.21 percent average growth.


http://politicalcorrection.org/factcheck/201011190001
 
As the Center for Budget and Policy Priorities points out, tax cuts do not pay for themselves. In fact, if an unpaid-for extension is enacted, by 2050, the national debt "would increase the debt by an amount roughly equal to the size of the economy."
2010-11-16bud-f1.jpg

[CBPP, 11/16/10]
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