Bush Tax Cuts: A Decade Of Failure

June 07, 2011 10:02 am ET — Walid Zafar

Ten years ago today, President George W. Bush signed into law the first of two massive tax cuts. A decade later, we know full well that the cuts failed to deliver on their promised results. Bush promised the country that his tax cuts would result in economic growth and sustained prosperity, but the economy got neither.

From 2001 to 2007, the economy experienced the weakest job growth since the end of World War II. While the tax packages were a bonanza for millionaires and billionaires, average household income actually fell for the first time on record. Worse, since the Bush tax cuts did not pay for themselves — as many conservatives claimed they would — the two tax packages added trillions to the nation's deficit. And as the Tax Policy Center's William Gale points out, "By increasing the government's debt, the tax cuts have already led to higher interest payments on that debt."

During the current debate on deficits and debt, it's important to remember just how much the Bush tax cuts have contributed to the fiscal problems we're now facing. In 2001, Bush assured us that giving tax cuts to the very wealthy would result in a hiring spree that would eventually lift all boats. Sadly, by the time Bush left office, the economy was shedding hundreds of thousands of jobs every month.

Check out our fact check of the Bush tax cuts HERE.