Republicans used dynamic scoring to sell the 2003 Bush tax cuts as a lunch that would pay for itself—the tonic for a slow-moving economy. “The president’s growth package will reduce the tax burden on the American people by $98 billion this year, $670 billion over the next 10 years,” said Vice President Dick Cheney. “But the actual impact on the deficit will be considerably smaller than the static projections, because the president’s package will generate new growth, it will expand the tax base, and thus increase tax revenue to the federal government ultimately.” Of course, none of this happened. Far from broad-based gains, the Bush tax cuts added trillions to long-term debt, worsened economic inequality, and set the stage for the next five years of sluggish growth, culminating in a massive recession.
Posted on: Wed, 22 Oct 2014 06:58:14 +0000
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