The increased debt was a direct result of additional spending much in the form of entitlements. But the AP knows that, they just want keep it from the increasingly stupid masses.
Then how come it was so essential to preserve them last December?
Is it true it’s all Bush’s fault?
what a great meme. why did it take them so long to haul it out, because its so obviously that?
Yes, but...
Those cuts also “created or saved” trillions in other revenue during that period.
I see some creative math headed our way. A little fuzzy math and I’m sure Obama will claimed to have actually “saved’ money during his years in office. Just watch...
Revenue increased due to the 2003 tax cuts.
2003 revenue: $1.78 trillion
2006 revenue $2.4 trillion
The AP “forgot” to add in the increased revenue due to the tax cuts.
http://keithhennessey.com/2010/11/18/president-george-w-bushs-spending-record/
The undisputed facts are:
Average federal spending was a smaller share of the economy during the George W. Bush administration than during each of the Clinton, George H.W. Bush, and Reagan administrations.
The same is true for taxes. Average federal taxes were a smaller share of the economy under our 43rd President than under our 40th, 41st, or 42nd.
Of the four, President Clinton’s deficits were smallest, almost entirely because his revenues were highest. President George W. Bush had the second-smallest deficits of the four.
The budget deficit during President Bush’s tenure averaged two percent, below the fifty-year average of three percent.
My conclusions: Relative to the economy, the federal government was smaller during the Bush Administration than under any of its three predecessors, and his deficits were small by historic standards.
‘AP’ a leftist manure spreader.
Of the many things GW did that I did not agree with, the tax cuts were not one of them. It’s not the governments money.
Got Galt?
Bush Tax Cuts: President George W. Bush’s 2003 tax cuts generated a massive increase in federal tax revenue and were followed by 52 consecutive months of economic growth. From 2004 to 2007, federal tax revenue increased by $780 billion, the largest four-year increase in American history. Total federal revenue from 2003 to 2007:
2003 — $1.78 trillion
2004 — $1.88 trillion
2005 — $2.15 trillion
2006 — $2.40 trillion
2007 — $2.56 trillion
Total federal revenue for 2008 dropped slightly, down to $2.52 trillion, because a recession started that year, but revenue was still substantially higher than it was in 2003 or 2004. During the same period, income tax revenue rose dramatically, going from $925 billion in 2003 to $1.53 trillion in 2007. As with other types of federal revenue, income tax revenue dropped slightly in 2008, down to $1.45 trillion, due to the fact that a recession began that year.
It’s called cognitive dissonance. Even their own graph disproves their point, but facts that counter their world view simply do not register with them...
Yeah, my wife’s uncle sent me the AP numbers verbatim. They are the gospel, everything else is lies, nothing but lies according to him.
I can’t believe an intelligent, well educated (in the hard sciences no less) person can be so damn ignorant and ill informed.
This guy has forgotten more higher level math than I ever knew. Yet he completely believes the Dem’s budget lies.
Ideology trumps facts every time with these people.
They don’t have to byline Hussein’s lies any longer. It would kind of make them unwelcome to say their God told them so.
What a bunch of “Morans” (so to speak.)
The AP huh.............They are becoming irrelevant.
The Bush Tax Cut were one of several reasons we recovered from the Tech Bubble Recession. Higher taxes and increased regulation will be the reason the Housing Recession is becoming the Obama Depression.
The increased debt was a direct result of additional spending much in the form of entitlements. But the AP knows that, they just want keep it from the increasingly stupid masses.
The Bush Tax Cuts and the Deficit Myth —
Runaway government spending, not declining tax revenues, is the reason the U.S. faces dramatic budget shortfalls for years to come.
With Washington set to tax $33 trillion and spend $46 trillion over the next decade, how does one determine which policies “caused” the $13 trillion deficit? Mr. Obama could have just as easily singled out Social Security ($9.2 trillion over 10 years), antipoverty programs ($7 trillion), other Medicare spending ($5.4 trillion), net interest on the debt ($6.1 trillion), or nondefense discretionary spending ($7.5 trillion).
There’s no legitimate reason to single out the $4.7 trillion in tax cuts, war funding and the Medicare drug entitlement. A better methodology would focus on which programs are expanding and pushing the next decade’s deficit up.
Entitlements and other obligations are driving the deficits. Specifically, Social Security, Medicare, Medicaid and net interest costs are projected to rise by 5.4% of GDP between 2008 and 2020. The Bush tax cuts are a convenient scapegoat for past and future budget woes. But it is the dramatic upward arc of federal spending that is the root of the problem.
What a farce this article is. Just like man induced global warming!!!
Did they mention the 43% increase in federal spending that has occurred since Democrats took control of Congress in 2007?