GW's tax plan is good for the economy.
Last updated 2004-08-29
When GW came into office U.S. problems were overcapacity and low demand, so his stimulus to increase capacity worsened the economy at a time when work force retirement of baby boomers are unfavorable to paying back the huge debt his plan creates. The average American is better represented by the mathematical median income rather than the mean that is heavily influenced by wealthy billionaires.
"Total job loss since the recession officially began in March 2001 has been more than two million. After one year of the 2001 Bush tax cuts fewer people were working than before the cuts were implemented. The elimination of taxes on dividends has no relevance to our current economic troubles." (Paul Krugman, economist, NY Times, Apr 11, 2003)
Verify these facts by reading what Nobel Laureate economists say about GW's tax plan or this Washington Post article
The Bush dividend plan will wreck an already ailing economy.
The Bush tax plan hurts American cities. Read this LA Times article.
If anyone required further evidence that President Bush's fiscal policies have not worked the way he says they have, the August 2004 Census Bureau report provided it. In brief, from 2001 through 2003, poverty increased, income stagnated and the ranks of the uninsured grew, while the United States spent some $400 billion on tax cuts, which mainly benefited wealthy families. Since Mr. Bush came to power, 4.3 million people have fallen below the poverty line, set at $18,660 for a family of four in 2003, bringing the total number of people living in poverty in 2003 to 35.9 million, or 12.5 percent of the American population.
The administration devoted only 3 percent of its stimulus spending to aid for state governments. As a result, while the number of children living in poverty increased by 11 percent over the past three years, the number of children receiving welfare declined by 10 percent over the same period. The median family income - $44,853 in 2000 - fell by $1,535 during the administration's first three years, while the number of Americans without health insurance grew by 5.2 million, to 45 million in 2003.
See Nobel Laureate economists disagree with GW Bush
GW Bush's tax plan hurts U.S. cities
Economic Charts - Are you Better Off since Bush took Office?