||The Truth About Those Bush Tax Cuts
By: Steve - July 23, 2011 - 10:00am
About 10 years ago the USA borrowed billions to pay for the first round of Bush tax cuts, $51 billion to be exact.
On August 1, 2001, the Associated Press reported that the Treasury Department was tapping $51 billion of credit in order to pay for the budgetary cost of the first round of Bush tax cuts. The AP also reported at the time that Democratic Party opponents of the tax cuts worried that they would return government budgets to red ink.
And as we now know, the Democrats were right. Because the 2001 and 2003 tax cuts combined have blown a $2.5 trillion hole in our budget, and created deficits stretching on for years.
Remember this, at the time Bush, O'Reilly, all the Republicans, and everyone at Fox said the tax cuts would lead to higher revenues, and create jobs that would give us a great economy. But none of that happened, and we now know that they were lying to us.
For the same price as the Bush tax cuts, which did little to help the economy, we could have sent tens of millions of students to college, retrofitted every household in America with the capacity to generate alternative energy, hired millions of firefighters and police officers, ended our national shame of having kids who lack health care coverage, or put millions of more teachers into classrooms.
Instead, the Republican Congress passed budget-breaking tax cuts, and then went on to pass even more tx cuts in 2003. In 2010, Congress then went on to renew the Bush tax cuts for an additional two years.
All the tax cuts did was add to the debt, while making the rich richer. And it was only done as a payback to the wealthy Republicans who donated money to get Bush elected in 2000. Republicans (and O'Reilly) said the tax cuts would create millions of new jobs and lead to a booming economy, and look what happened. The economy did not get better, and there are not millions of news jobs from it.
And think about this, none of this is ever reported by O'Reilly. While he argues for more tax cuts as a way to help the economy, the facts show that it does not work, and that all it does it make the wealthy more wealthy, while adding to the debt.