The federal budget held a $236 billion surplus in fiscal 2000. After Bush's 2001 and 2003 tax reductions, it went into annual deficits, peaking at $412 billion in fiscal 2004. This year's is projected to be about $300 billion.
Trickle-up economics 101.
Posted by phidipides at May 19, 2006 11:25 AMso this means itll be $712 billion ?
Posted by PABLO at May 19, 2006 11:32 AMDont matter what happened on Tuesdee, Dubya gonna do Wensdee what he planned on doin Mondee. Plus he made all kinds 'a promises to his people - Ole Grover 'n em - that he's gotta keep. "Regime change" is another one 'a em promises.
Posted by jondee at May 19, 2006 12:13 PMThe most remarkable claim (and the competition was tough) made by Bush & co was surely "the cuts were crucial to the long-term health of the economy" (reported without comment by the NYT). If one thing is clear, it is that these cuts will do most of their damage in the long-term.
Posted by pauldu at May 19, 2006 12:22 PMThe other "religious right" worships Raygun and his neo-Randian, supply side bull shit with the same apocalyptic fervor that the Dobsons, Reeds, and Robertsons reserve for the coming of the Naz. Whats good for General Bullmoose is good for the U.S.A. The fact that none of their kids ever have to participate directly in "The Perpetual Wars for Perpetual Peace" that are such a big part of the program, is a big factor too. Greed is good. Or, is it God?
Posted by jondee at May 19, 2006 01:00 PMBut don't hold your breath waiting for the New York Times or the Washington Post to expose the con game like Knight-Ridder does all the time.
I saw a similar piece in either The Washington Post or US News and World Report. Can't remember which.
Posted by CG at May 19, 2006 01:40 PM
Bush worth about 21 millions, Cheney’s 90’s. Look at all the saving they will make!
No wander they like the tax cuts.
Ding a ling a ling. Whatta we have for him Johnny?
Posted by jondee at May 19, 2006 02:24 PMHere is a link to the underlying study, rather than to a newspaper paraphrase:
Tax Cuts Don't Pay for Themselves
Someof them may be delusional and think that supply-side really does work, but I think most of them just want the economy to favor capital over labor.
Again, it is about shifting and controlling power.
We hear the supply side argument year after year after year. Let's say, for a moment, that it does work exactly as advertised. Tell me, at what point do tax cuts no longer function in that manner? It has to stop at some point else, applying simple limit theory as you cut taxes to zero, the economy grows to infinity.
Tell me, at what point do tax cuts no longer function in that manner?
When revenue from middle class taxes increase 45%, and revenue from business taxes increase 6% over the same time period, and revenue from the wealthy decreases. You know. Where we are right now.
As I have complained before, I made $2k more last year and paid 50% of it in in taxes. Until business, as well as the wealthy, do the same, I cannot be satisfied. Until then, golfballs into the Escalades, H2s and M3s in the golf course parking lot. They have the cash for the deductible.
Posted by phidipides at May 20, 2006 08:59 AM