Bush Tax Cuts: A Decade Of Failure

June 07, 2011 10:01 am ET

Today marks the 10th anniversary of the first of the two massive tax cuts signed by President George W. Bush and is yet another great opportunity to illustrate that both tax packages failed to deliver on their promised results. Bush told the country that the tax cuts would result in economic growth and sustained prosperity, but the economy got neither. In fact, from 2001 to 2007, the economy experienced the weakest job growth since the end of World War II. While the nation's millionaires and billionaires were enriched, average household income 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. During the current debate on deficits and debt, it's important to remember just how much the Bush tax cuts accelerated the fiscal troubles we're now facing.

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