FlashBack 2006: Are the Bush Tax Cuts Working?[1.4 million Jobs the Nine Months After August 2003]
http://www.freerepublic.com/focus/f-news/2364667/posts
GDP Growth [Charts at link]
After the recession in 2001 and the first round of tax cuts, economic growth speeded up and is expected to pickup even faster in 2004.
The real annual GDP growth rate increased from 0.3 percent in 2001 to 2.5 percent in 2002. In the third quarter of 2003, GDP grew at a 7.2 percent annual rate. Forecasters are expecting GDP to grow by 4.6 percent in 2004, the highest in 20 years.
2003 and 2004 economic growth levels surpassed Congressional Budget Office (CBO) estimates by 150 basis combined, resulting in $300 billion of additional growth, which is roughly $2,500 per household.
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What happened 3rd quarter 2003 before GDP grew at 7.2%:
May 28, 2003 — Jobs and Growth Tax Relief Reconciliation Act of 2003 = 108th United States Congress—Thank you Republicans
>What happened to all that "GDP"? How could such substantial growth simply disappear?
Because it was all a smokescreen. Growth during those times all on paper. We didn't expand our domestic production except on paper.
The reason we are in the mess we are in now is because people were led to believe that equity meant wealth. It does not. The govt. was raking in "money" from derivatives, mortgages, etc. In other words, they were making money off of our debt. As usual, twisting the numbers to show growth did nothing to propagate actual growth - it simply put off the inevitable.
OH BOY Arnold should talk thanks to high taxes businesses are moving out of Calierffonia