The tax reduction of the Bush tax cuts on 2004 taxes:
Bottom 20% - 2 billion
Top 20% - 115 billion
So much bull...so little time. I'll just start here. OF COURSE it was disproportional. Less that half of the bottom 20% you cite paid any tax in the FIRST PLACE. It's kind of hard to give a tax break to people who DON'T PAY TAX!
However...that is EXACTLY what happened. People who weren't even paying taxes got and continue to get a freakin' refund check under the Bush tax cut!
That's TOTAL leftist bull shit propaganda!
As to the REST of this nonsense, let's just have a little history refresher for the more intellectually challenged out there...CHART INCLUDED!
The year is 2000 and every MORON on the planet is wringing their hands over the millennium bomb. Well...the world didn't end cause computers couldn't cope, but the BOMB did go off. It was call the dot com bomb. Even got a new phrase in the American financial lexicon to go with it...BUBBLE ECONOMY. And it burst!
So, what else happened that year? Oh yeah, Bush was elected president and took office in '01, where he inherited the dot com bomb economy. Which include; high unemployment, recession, the 2nd largest loss of US wealth in history, sanctions and fines being leveled at top executives Citigroup, JP Morgan, Morgan/Stanley and several other financial giants. Now WHY does that sound so damn familiar? Oh well, I'll think of it eventually.
Oh...and what else happened in '01...in the middle of all this economic turmoil? Oh yeah, something we simply refer to as
9/11! Terrorist strike at the HEART of the financial district in the US, the CENTER for military industrial might of the US and had it not been for 'let's roll' the seat of all government power in America...all leading to the single greatest market crash since the 'Great Depression' and highest unemployment rate in 40 years.
Despite all that, waging wars in 2 countries and those evil Bush tax cuts, we managed to recover to FULL EMPLOYMENT by the governments definition, the stock market rebounded to the highest level IN HISTORY...AND manage to grow our economy by about 3% for 7 straight years....ALL while keeping the Gross Federal Debt LOWER than it was under Clinton!
So...here is where the chart comes in. And keep in mind, this chart is of GROSS federal spending as a percentage of GDP. It doesn't subtract public debt, revenues or any of the other statistical trickery used to support ideologies.
If you look at the chart for gross FEDERAL debt since 1900, you will notice a few peaks and trends. Around 1920, WWI of course. You would expect a world war to increase federal spending...but also Woodrow Wilson, the original progressive, whose interventionist banking policies lead DIRECTLY to the great depression.
Then there is another spike in federal debt starting in the early 30's, FDR's INSANITY of course, which delayed our recovery for over a decade and took us to WWII. And since it was the war to end all wars...the massive federal spending would be expected. However, after the war, as with all wars, the federal spending starts back down. This time, not as quickly because of the Korean and Vietnam wars...but down it goes.
But there are a couple other prominent peaks on that chart. The first one is in the 90's. It starts up in the 80's, MOSTLY due to defense spending under Reagen and Bush 1 because of modernizing a WWII army and a few skirmishes which include the first Gulf war, then begins to flatten until around 1989 when it shoots back up.
Let's see, '89, what happened that year. Oh yeah, a Democrat held Congress vote to keep expenditures for Social Security 'Off Budget' and put the Social Security Trust Fund 'On Budget' starting in 1991. Now WHY would they do that? Oh, yeah. Because they had been spending like drunken sailors, there was a 456 billion dollar deficit!
So...when Bubba Clinton and the republican congress took office and the SS Bomb the democrats planted thinking they would inherit it went off...they went from a 456 billion dollar deficit to a 1.2 TRILLION DOLLAR SURPLUS...over night!
Why in the HELL would they quit spending...they got money to burn!?
But the last and most telling peak starts in 2006 when Pelosi and the democrats took control of both houses of Congress. You have to be a complete MORON not to see the coloration.
It started up under Bush because of 9/11, refitting an Army Clinton had left raped and stimulus to recover from the 2000 dot com bubble caused by the VERY SAME PEOPLE involved in the 2008 housing bubble bust and the democrats biggest contributors...told ya I'd get back to it...but it had flattened out and the huge JUMP to the current peak started with the democrats in '06!
Had it not been for the TEA Party revolt leading to the republicans reclaiming one house of Congress and freezing the government everywhere they could...that peak that appears to have flattened off in 2011 would already be 20% higher than spending during the height of WWII thanks to Obama and his merry band of redistribute the wealth to buy a base socialist cronies in Congress.
So spin this shit how ever you want, but our government is OUT OF CONTROL. We are waging illegal wars in 5 different countries, haven't had a budget in 3 years and we have a president who bows to foreign oil Sheiks and pisses down the legs of Americans about oil from Canada and tells them it's raining.
The so called Bush Tax Cuts are NOT deficit spending...except for giving people who don't pay tax in the first place a refund...SPENDING is deficit spending and that money is OURS...NOT the governments.
That concludes the history lesson for today!
