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Bush Tax cuts and ObaMalaise: The debunker strikes again!

Posted: May 8, 2012 at 11:45 am   /   by

From Human Events:

President Barack Obama has displayed an insatiable appetite for higher taxes, but Americans are wary of trusting him with any more of their money.

He has demonstrated staggering economic incompetence, manifested in his weak “recovery,” a $1.3 trillion deficit, doubling gas prices, and unemployment that remains above 8 percent.  For each of his economic failures, Obama has a scapegoat—“speculators,” the “top one percent,” or his favorite, the Bush tax cuts of 2003. At various times, he has blamed these tax cuts for his weak economy, for his deficit, for allowing the rich to avoid paying their “fair share” of taxes, and for harming middle class incomes.


On each of these points, the president’s claims are the exact opposite of the truth, as is shown by his own government’s statistics. (See table)

From the crippling dot-com bust and terrorist attacks of 2001 until the tax cuts of 2003, real gross domestic product growth hobbled along at an average of just 1.8 percent per year. Far from further weakening this performance, the Bush tax cuts increased real GDP growth to 2.78 percent per year through 2007, when the housing bubble burst.

Read the whole thing, and when it comes to Obama’s rhetoric, Don’t believe the hype.