I just read this article from Bloomberg about how crazy the Republicans no-tax increases ever stance is (via nc links). It makes the factual case that Reagan raised taxes in 1982, prior to the economy rallying in 1983-84, and Clinton raised taxes in 1993, and yet the economy grew after that. It also makes the case that taxes as a percentage of GDP are at 50 year lows. Further, it makes the case that the Bush tax cuts haven't grown the economy. I agree with all of those points.
The comments were enlightening, in that they revealed a right-wing meme I hadn't quite taken note of. This is the statement that the Bush tax cuts led to 8 million jobs created from 2003-2007. Since it is actual data, I won't argue that there weren't 8 million jobs created during this time. However, I might attribute those jobs to the enormous housing bubble which also raged during that time. Much of that job growth was in residential construction and the mortgage industry. I have to ask those commenters, why stop at 2007, are tax cuts only good for 5 years of growth? No, I would posit that many of the jobs created were based on the giant bubble, and when it burst, those jobs disappeared, weakening the case for the Bush tax cut supporters. Actually, I know that is the case, because I lived through the damn thing. I don't understand why anyone would make such an asinine defense of the Bush tax cuts, considering it doesn't hold water.
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