Libs can't seem to understand that when "the rich" are allowed to keep more of their money, they are less likely to use tax dodges and more likely to create and expand businesses - which creates jobs and increases tax revenues. But if the Congress and President spend money like - well, I'd say drunken sailors, but drunken sailors are honest and only spend their OWN money - no amount of revenue enhancement can hope to keep up.
It was both a revenue and a spending crisis. I agree that tax revenues recovered by 2006 but they did not cut spending when they passed the tax cuts. That meant a deficit. Moreover, they kept spending even more after the revenues came in.
I’m all for tax cuts but when we cut taxes, I think we need to cut spending while we wait for the economy to expand. Not before that.
Our Republicans decided to run (what we thought then) was a massive deficit. I think they made a mistake.