Think Progress has a comparison of Bush’s 2001 tax cuts with Obama’s 2009 stimulus package
| 2001 | 2009 | |
| Cost of package: | $1.35 trillion | $900 billion |
| Unemployment: | 4% | 7.6% |
| Percent of Population Living In Poverty: | 12.7% | 17% |
| Foreclosure Rates: | .48% | 1.19% |
| Americans Relying On Food Stamps: | 17 million | Over 30 million |
It’s seems very hypocritical for Republicans in congress to say that the stimulus package is too big when they were happy to vote for Bush’s even bigger tax cut plan just 8 years before. As you can see by the table, the need is far greater now then it was in 2001.
I’m not 100% happy with the stimulus plan, but we have to do something. The 2001 and 2003 tax cuts only plans slowed down the economy.
Chris Wysocki says:
Where will the $900 Billion for this porkulous package come from? When taxes are cut money that we earn remains in our pockets. When government spends money they have to get it from somewhere. The only places government gets money from are taxes and borrowing. And borrowing has to be paid back, with taxes.
So, how exactly will the government stimulate our economy by spending $900 Billion they don’t have? Our grandchildren’s grandchildren will be paying the loans back. Even the nonpartisan CBO (Congressional Budget Office) said that in the long run the drain on the economy from the increase in the deficit will outweigh any short-term impact of this orgy of spending.
2/7/2009, 4:46 pmLaura says:
When taxes are cut the funds lost by the government have to come from somewhere as well. The Bush tax cuts slowed down the economy. How would more tax cuts make things even better? And who would pay? I would rather see money going to create or keep jobs. Jobs will help the economy.
Mike says:
whatever it is…Obama better do something fast! Even Adsense revenue is taking a huge hit!
2/7/2009, 9:02 pmAli says:
I can’t believe there are more than 30 million Americans who rely on food stamps, even here in the Arab world we don’t have hungry people! This is so sad to know while your tax money (30 Billion) annualy goes to a small country like Israel that is smaller than Long Island! I hope this plan works. I read once that there are 50 million uninsured Americans, is that true?
2/9/2009, 6:17 amRob says:
The difference… 100% of the Bush plan went to the taxpayers. Obama’s plan = 0% to taxpayers, 12% to infrastructure, 88% to PORK!
2/9/2009, 10:44 pmJerry says:
Statistics are like bikinis, they reveal a lot but they cover up some very important things.
You’ve twisted the numbers. Tax cuts mean people keep the money and put it to work, instead of running it through the inefficient bureaucracy of the government producing nothing but votes.
2/10/2009, 1:32 amKelson says:
Remember: if your party does something, it’s good leadership. If the other party does it, it’s horrible and backward and steamrolling over anyone with common sense.
Sadly, this seems to be true of both parties these days.
2/10/2009, 12:45 pmChris Wysocki says:
@Laura – does only the government create jobs? No! Private enterprise creates jobs. When taxes confiscate their profits they cannot create more jobs. The government can only take money from one group of people to give it to another. They don’t create money. So where will government get its money if taxes are cut? Who cares! Cut the government. There is no rhyme or reason for even 1/10 of the stuff they do.
Tax cuts do not slow down the economy. That is an abject falsehood. When Reagan slashed the capital gains tax rates the net tax collections went up. Why? Because investors stopped considering the tax implications of their assets and started caring about the underlying economic benefits they could derive.
2/11/2009, 12:45 pmLaura says:
Chris,
If tax cuts are so great for the economy and help create jobs, why is the economy is such trouble and unemployment so high?