"But the [Bush] tax cuts did what tax cuts always do; revenues increased!"Not exactly true. Under George Bush, 9 out of 32 quarters, US receipts shrank...just over 1/4 of the time. The first full quarter after the 2001 tax cuts, revenues dropped dramatically (Q3-2001). The first full quarter after the 2003 tax cuts, revenues again dropped (Q3-2003). Now, compare the first full quarter after the 2009 stimulus went into effect. Instead of getting worse, things got measurably better, for four straight quarters, and has not gone negative, yet.
US revenues under George Bush |
US revenues under Obama |
Ah, but it gets better. You can always spot the Conservative intellectual, by his/her past writings. Remember the Recession of 2008-2009? This is what Doug Edelman wrote back in March 2008, in full denial of what was going on:
"The sky is falling! Our economy is collapsing! It's fiscal Armageddon! Well, that's the perception out there, anyway. ... Unfortunately, there is a fundamental disconnect with economic reality which is inherent in Government."In other words, according to that "intellectual conservative", the economy in March 2008 was perfectly fine.
It gets more amusing.
Doug Edelman is at the center of an investigation over a no-bid $1.4B contract. That's
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