Bush tax cuts have not spurred economic growth
In response to a Jan. 1 letter about the president ‘s desire to raise taxes on the wealthy: The letter writer states, “We elected a guy who doesn’t understand that a growing economy that creates more taxpayers brings in more revenue than higher taxes.” It worked out so well for us under George W. Bush, didn’t it?
There is little evidence that the Bush tax cuts, or any other tax cuts directed at the so-called job creators, have had a noticeable effect on economic growth. And the promise of broadly shared prosperity has not been realized.
Most of the gains from economic growth in recent decades have gone to the top of the income distribution while the inflation-adjusted wages of the working class have been relatively flat. Furthermore, the tax cuts have not paid for themselves as promised.
The Bush tax cuts have already cost us trillions in revenue, and if they are extended for high-income taxpayers, they will cost us roughly another trillion over the next decade.
Mitt Romney’s record in Massachusetts tells us that we dodged a bullet here. When Romney left his governorship, his state was 47th in job growth, suffered the second largest labor force decline in the nation, piled on more debt than any other state and lost 14 percent of its manufacturing jobs (double the rate of the rest of the nation).
I think 51 percent of the American people indicates that most agree with me on this.