Republican Tax Policies Fail Again

[erpowers]

Today it is being reported that just about all economic indicators are down or stalled. When Republicans argued that the Bush era tax cuts had to stay in place they claimed if the taxes were increased the economy would falter. Eventually, President Obama came to an agreement with the Republicans that left Bush era tax cuts in place and even cuts more taxes. The Republicans claimed jobs would soon follow. Now, months later job growth is slow, spending is slowing, housing prices are falling, and other indicators are negative.

Republican have now returned to their old talking point; if government would just cut taxes on the wealthy we would have job creation. There is only one problem with their argument. The facts do not support their argument. During the Bush years taxes were cut by $3.7 trillion. During the eight years of the Bush presidency only 1 million net jobs were created. During the Clinton years taxes were increased and 22 million net jobs were created. During the Reagan years taxes were cut and the United States went from being a creditor nation to a debtor nation.