Just amazes me that a sitting Senator of the United States would actually LIE on national TV. Senator Lindsey Graham (R-SC) was on Fox “News” Sunday and told the whopper that the Bush Tax cuts would pay for themselves. I understand why Fox “News” didn’t challenge him but why do they still lie like they do in public?
In fact, the Center on Budget and Policy Priorities (CBPP) found that the Bush tax cuts accounted for almost half of the mushrooming deficits during his tenure. As another CBPP analysis forecast, over the next 10 years, the Bush tax cuts if made permanent will contribute more to the U.S. budget deficit than the Obama stimulus, the TARP program, the wars in Afghanistan and Iraq, and revenue lost to the recession put together. Predictably, the Bush tax cuts didn’t come anywhere close to paying for themselves. And as Congressional Budget Office projections revealed in June, making them permanent is the very worst thing the so-called deficit hawks could do to reduce the U.S. debt.
As I always ask a GOP friend of my, where are the jobs the Bush Tax cuts were suppose to provide. Here are some other truths about the Bush Tax cuts:
Here, then, are the 10 Epic Failures of the Bush Tax Cuts:
1. Dismal Economic Growth
2. A Decade of Budget Deficits
3. Red Ink as Far as the Eye Can See
4. Disastrous Job Creation
5. Declining Incomes
6. Increasing Poverty
7. A Massive Windfall for the Wealthy
8. Record Income Inequality
9. A Sagging Stock Market
10. Jeopardizing Future Economic Growth
There are some rich people who do get it. One, a billionaire hedge fund manager named Tom Steyer puts it better than I can:
“I think anyone who doesn’t give credit to the system that they are born into is taking an awful lot onto themselves. I mean, I really think that people have sacrificed a lot more than a little tax money to make that system available for all of us. And I would be ashamed of myself if I didn’t give some credit to them,” Steyer said, choking up and pausing to regain his composure.