10 Lessons for Tea Baggers
4. ...Then Bush DOUBLED It AgainThe complete list is at the link. Even Saint Ronnie had to raise taxes to generate revenue. Revenue that was required for all his new spending and expansion of government.
Following in Reagan's footsteps, George W. Bush buried the myth of Republican fiscal discipline.
Inheriting a federal budget in the black and CBO forecast for a $5.6 trillion surplus over 10 years, President George W. Bush quickly set about dismantling the progress made under Bill Clinton. Bush's $1.4 trillion tax cut in 2001, followed by a $550 billion second round in 2003, accounted for the bulk of the yawning budget deficits he produced.
Like Reagan and Stockman before him, Bush resorted to the rosy scenario to claim he would halve the budget deficit by 2009. Before the financial system meltdown last fall, Bush's deficit already reached $490 billion. (And even before the passage of the Wall Street bailout, Bush had presided over a $4 trillion increase in the national debt, a staggering 71% jump.) By this January, the mind-numbing deficit figure reached $1.2 trillion, forcing President Bush to raise the debt ceiling to $11.3 trillion.
Tea Baggers take note: the Bush tax cuts delivered a third of their total benefits to the wealthiest 1% of Americans. And the staggering $2 trillion price tag for Bush's giveaway to the richest needing it least dwarfs the estimated $900 billion cost over 10 years of President Obama's health care proposals.
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On every major measurement, the Census Bureau report shows that the country lost ground during Bush's two terms. While Bush was in office, the median household income declined, poverty increased, childhood poverty increased even more, and the number of Americans without health insurance spiked. By contrast, the country's condition improved on each of those measures during Bill Clinton's two terms, often substantially.
