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"I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents."
James Madison
Data from the Congressional Budget Office shows that "the average after-tax income of the richest one percent of households rose from $722,000 in 2003 to $868,000 in 2004, after adjusting for inflation, a one-year increase of nearly $146,000, or 20 percent.
In 2005, the top 1% received its largest share of gross income since 1928.
The economic policy of the George W. Bush administration was a combination of tax cuts, expenditures for fighting two wars, and a free-market ideology intended to de-emphasize the role of government in the private sector.
The tax cuts had been largely opposed by American economists, including the Bush administration's own Economic Advisement Council.
Bush argued that such a tax cut would stimulate the economy and create jobs.
The last two years of his presidency were characterized by the worsening subprime mortgage crisis, which resulted in dramatic government intervention to bail out damaged financial institutions and a weakening economy.
The US national debt grew significantly from 2001 to 2008, both in dollars terms and relative to the size of the economy (GDP),due to a combination of tax cuts and wars.
Former President Bush said "I wish they would have called it something other than the 'Bush tax cuts'.
The tax cuts, including those given to middle and lower income households, failed to spur growth.
The seasonally adjusted unemployment rate rose from 4.3% in January 2001, peaking at 6.3% in June 2003 and reaching a trough of 4.4% in March 2007.
After an economic slowdown, the rate rose again to 6.1% in August 2008 and up to 7.2% in December 2008. From December 2007 when the recession started to December 2008, an additional 3.6 million people became unemployed.And, as of January 1, 2009, his last month in office, the nation lost 655,000 jobs, raising the unemployment rate to 7.8%, the highest level in more than 15 years.
The cuts also increased the budget deficit, shifted the tax burden from the rich to the middle and working classes, and further increased already high levels of income inequality
Policy analysts and non-profit groups such as OMBWatch, the Center on Budget and Policy Priorities and the Tax Policy Center have attributed much of the rise in income inequality to the Bush administration's tax policy.
Between 2003 and 2004, following the 2003 tax cuts, the share of after-tax income going to the top 1% rose from 12.2% in 2003 to 14.0% in 2004.
In February 2007, President Bush addressed this rise of inequality, saying "The fact is that income inequality is real -- it's been rising for more than 25 years".
http://en.wikipedia.org/wiki/Economic_policy_of_the_George_W._Bush_administration
James Madison
Data from the Congressional Budget Office shows that "the average after-tax income of the richest one percent of households rose from $722,000 in 2003 to $868,000 in 2004, after adjusting for inflation, a one-year increase of nearly $146,000, or 20 percent.
In 2005, the top 1% received its largest share of gross income since 1928.
The economic policy of the George W. Bush administration was a combination of tax cuts, expenditures for fighting two wars, and a free-market ideology intended to de-emphasize the role of government in the private sector.
The tax cuts had been largely opposed by American economists, including the Bush administration's own Economic Advisement Council.
Bush argued that such a tax cut would stimulate the economy and create jobs.
The last two years of his presidency were characterized by the worsening subprime mortgage crisis, which resulted in dramatic government intervention to bail out damaged financial institutions and a weakening economy.
The US national debt grew significantly from 2001 to 2008, both in dollars terms and relative to the size of the economy (GDP),due to a combination of tax cuts and wars.
Former President Bush said "I wish they would have called it something other than the 'Bush tax cuts'.
The tax cuts, including those given to middle and lower income households, failed to spur growth.
The seasonally adjusted unemployment rate rose from 4.3% in January 2001, peaking at 6.3% in June 2003 and reaching a trough of 4.4% in March 2007.
After an economic slowdown, the rate rose again to 6.1% in August 2008 and up to 7.2% in December 2008. From December 2007 when the recession started to December 2008, an additional 3.6 million people became unemployed.And, as of January 1, 2009, his last month in office, the nation lost 655,000 jobs, raising the unemployment rate to 7.8%, the highest level in more than 15 years.
The cuts also increased the budget deficit, shifted the tax burden from the rich to the middle and working classes, and further increased already high levels of income inequality
Policy analysts and non-profit groups such as OMBWatch, the Center on Budget and Policy Priorities and the Tax Policy Center have attributed much of the rise in income inequality to the Bush administration's tax policy.
Between 2003 and 2004, following the 2003 tax cuts, the share of after-tax income going to the top 1% rose from 12.2% in 2003 to 14.0% in 2004.
In February 2007, President Bush addressed this rise of inequality, saying "The fact is that income inequality is real -- it's been rising for more than 25 years".
http://en.wikipedia.org/wiki/Economic_policy_of_the_George_W._Bush_administration