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President Bush has presided over the weakest eight-year span for the U.S. economy in decades, according to an analysis of key data, and economists across the ideological spectrum increasingly view his two terms as a time of little progress on the nation's thorniest fiscal challenges.
The number of jobs in the nation increased by about 2 percent during Bush's tenure, the most tepid growth over any eight-year span since data collection began seven decades ago. Gross domestic product, a broad measure of economic output, grew at the slowest pace for a period of that length since the Truman administration. And Americans' incomes grew more slowly than in any presidency since the 1960s, other than that of Bush's father.
President George W. Bush entered office in 2001 just as a recession was starting, and is preparing to leave in the middle of a long one. That’s almost 22 months of recession during his 96 months in office.
His job-creation record won’t look much better. The Bush administration created about three million jobs (net) over its eight years, a fraction of the 23 million jobs created under President Bill Clinton‘s administration and only slightly better than President George H.W. Bush did in his four years in office.
But to PAY that new hire, the business owner must have the cash flow readily available to make payroll.
Taxation and regulation is necessary but EXCESS taxation and regulation could severely impair that cash flow.
More than a few businesses have died because the demand was there but the cash needed to MEET that demand was not. After a recession, why would any sensible person vote to RAISE taxes on a struggling business that is trying to meet the growing demand of an improving local economy?
What the left can't seem to understand is that we are in this mess because of government waste and abuse of the existing tax revenue. If you doubled taxes, then the the government would have double the money to waste and funnel to union bosses.
The city of Washington, D.C. gets more tax revenue per D.C. student than any other local school district in America. Yet the schools are little more than shooting galleries.
How about all of the tax money dumped into Camden, NJ or Youngstown, OH or Detroit, MI or East St. Louis, MO or Compton, CA?
Just because you extort more money from successful producers (what the left call "The Rich") it DOESN'T mean that the money will do any good for "The Poor".
Poor people should strive to be union bosses. Then they'll do o.k.
What the right can't seem to understand is that Trickle Down Economics has been a total failure in terms of growing the middle class.
Income growth over the last few decades has been enormously unbalanced, and this must be taken into account as the nation considers shifts in tax policy and develops a fiscal plan that strengthens the recovery and targets a sustainable deficit. According to the Congressional Budget Office, between 1979 and the start of the current recession in 2007, the pre-tax incomes of the upper 1% grew 214%, while the incomes of the middle-fifth and lowest-fifth grew, respectively, 25% and 4%. As the Chart shows, this extremely unbalanced growth implies that 38.7% of all of the income growth accrued to the upper 1% over the 1979-2007 period: a greater share than the 36.3% share received by the entire bottom 90% of the population.
I also find it ironic that the right complains about government spending but doesn't complain about the massive budget defiicits George W. Bush Jr. ran up or the amount of federal subsidies, tax breaks and tax benefits given to corporations. The corporate tax rate may be 35% but any corporate account and tax advisor that is worth a damn can easily cut that tax burder in half. In fact as GE recently show with the $3.1 BILLION TAX BENEFIT they received it's even possible game the system so that the government actually GIVES YOU MONEY.
I work for a small business. I have a bird's eye view of things. I've paid taxes and done taxes for over 40 years. Yours?
I'm glad you don't work for me, since you don't know that
most small businesses pay their taxes on their personal returns.
Do you know what an S-Corporation is?
Once again, the "400" highest-income are held up as a reason to tax the hell out of 2 million of our society's most valuable players.
My income recovered from a rotten 2009 by increasing 32%--and my income taxes went up by 80%! It will be worse when my hard work and wisely invested capital gets me into the hated 2%, Obama's pinata.
If this were true, perhaps a "self adoration" Tax would be applicable.
If this were true, perhaps a "self adoration" Tax would be applicable.
Funny, but I'm not kidding. 2009 income was down 25% from 2008, then we recovered.
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