Courtesy NY Times
-
Recent Posts
Blogroll
Sites
Tag Cloud
america apple art auto bailout ayn rand bailout barack obama bonuses bubble Business citigroup congress consumerism consumption corporate culture corruption culture deficit democrats economics economy education entrepreneurs Environment equality facebook financial crisis financial meltdown food free market gitmo goldman sachs google GOP greed health care health care reform income inequality insurance internet john boehner john mccain libertarian lobbyists marketing McCain morals movies music Obama Philosophy photography politicians Politics Pop culture regulation Religion republicans richard posner sacrifice san francisco Sarah Palin silicon valley supreme court taxes tea party tech bubble Technology Ted Stevens terrorism Trends unions venture capital wall street wealthThoughtbasket\’s RSS feed
-
Join 75 other subscribers
Thoughtbasket 
And this is exactly why conservatives were not happy with Bush and his so-called “compassionate conservatism”.
This is an interesting picture and exemplifies what I was talking about in my post earlier today. The claim that the Bush tax cuts cost revenue is false. They generated an extra trillion and a half in revenue just comparing 2007 to the 2002 level. So that would actually be written in as about a 2 trillion increase in revenue, bringing his 8 year tally down to 3.07 trillion, which is closer to the actual debt incurred under Bush – just over $4 trillion. In two years, Obama has done what it took Bush 8 years to do, and he is on track for another $1.5 trillion deficit for this year. The math behind this scenario seems rather optimistic when you consider that Obama has already wracked up more debt in his two years in office than the projection indicates he will acrue in an 8 year presidency. Interest costs alone (noticeably absent) have dramatically increased and will only get worse as our debt trajectory climbs ever higher.
http://letcommonsenseprevail.wordpress.com/2011/08/08/obama-lying-about-taxes-in-the-wake-of-sp-downgrade/.
You graph is in error. The effect of the Bush tax custs on individual income tax collect (after tax credits applied) was an increase in tax revenue over 2000.
Data (all in billions)
2000 – $981 (pre-cuts)
2001 – $888
2002 – $797
2003 – $748
2004 – $832
2005 – $935
2006 – $1,024 (back to 2000 levels)
2007 – $1,116
2008 – $1,032
Average for 2001-2008 – $921.5
$480 billion less (total) than if you assume $981 was the revenue for each year 2001 to 2008. Not the $1812B that you show.