Then and Now, Media Sing Along to Dems' Election Song: 'No Tax Cuts'

Business & Media Institute ^ | Nov. 1, 2006 | Julia Seymour and Amy Menefee

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Since the 2003 Bush tax cuts, the media have joined the chorus of Democrats in singing an “anti-tax cut” hymn. As another election looms, some of the singers have changed, but the song remains the same.

“Three trillion dollars worth of tax cuts … No wonder we have a $450 billion deficit,” said Democratic then-candidate Howard Dean on NBC’s Aug. 5, 2003, “Today” show just after they went into effect.

Democrats and the media insisted the tax cuts would only cause the federal deficit to get worse. Instead, deficit projections have dropped to the tune of more than $275 billion just in the last couple of years.

Verse one: It won’t work.

Flash back to July 2003, as President George W. Bush kicked off the Jobs and Growth Act, aka tax cuts. In a speech in Michigan, he laid out his rationale: “I’ve got a plan to cut the deficit in half over the next five years … First thing you want to do in trimming the deficit is to make sure you get more revenues into the Treasury. The best way to get more revenues in the Treasury is not raise taxes, slowing down the economy, it's cut taxes to create more economic growth.”

The media, however, were skeptical to say the least.

ABC’s George Stephanopoulos looked back instead of forward on the May 11, 2003, edition of “This Week.” He asked Treasury Secretary John Snow, “You say the president’s jobs program is gonna give the economy a boost. But, you know, the president passed a big tax cut back in 2001, but there’ve been 1.7 million jobs almost lost since then. If the tax cut didn’t work then, why is it gonna work now?”