Stephanie Mencimer reminds us that there are issues that are even more important — even scandalous! — than Anthony Weiner’s highly consequential penis. It’s the 10th Anniversary of the Bush tax cuts:
Big debt: Between 2001 and 2010, the Bush tax cuts added $2.6 trillion to the public debt, 50 percent of the total debt accrued during that time. Over the past 10 years, the country has spent more than $400 billion just servicing the debt created by the cuts.
Supply-side failure: Far from paying for themselves with increased economic activity as promised, the tax cuts have depleted the public treasury. Tax collections have plunged to their lowest share of the economy in 60 years.
No jobs: Between 2002 and 2007, employment increased by less than 1 percent when the economy was supposed to be expanding. Employment growth barely kept pace with population growth. Between the end of 2001, when the country was in a recession, and the peak of the real estate bubble, er, economic expansion in 2007, the US economy performed worse than at any time since the end of World War II.
Rich people benefit: The best-known result of the Bush tax cuts is that virtually all the benefits were conferred upon people who didn’t need them at all and who didn’t use the money to, say, create more jobs or pay their workers better. Median weekly earnings fell more than 2 percent between 2001 and 2007. Meanwhile, people making over $3 million a year, who account for just 0.1 percent of taxpayers, got an average tax cut of $520,000, more than 450 times what the average middle-income family received.
Make sure to read all of the grim details.
But the 2000 campaign, Gush v. Bore, Gap v. Banana Republic, amirite? I demand more investigation into Al Gore’s highly troubling three-button suits!