And we don’t mean booming as in bombs. But in a real bombshell of a story, Larry Kudlow cracks open the economic benefit of the Bush tax cuts.
Did you know that just over the past 11 quarters, dating back to the June 2003 Bush tax cuts, America has increased the size of its entire economy by 20 percent? In less than three years, the U.S. economic pie has expanded by $2.2 trillion, an output add-on that is roughly the same size as the total Chinese economy, and much larger than the total economic size of nations like India, Mexico, Ireland, and Belgium.
Once again the right shows that tax cuts benefit the economy and the public. I can see the Democrats running for cover as we speak.
H/T to Kate
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The only downside is the US deficit & national debt is also growing. Too bad they can’t just write it off like so many African nations have. Oh well…
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Tell me about it Mac. Like most countries in the western world, the bulk of the deficit is owed to the citizens and not a foreign entity.
I was only a fan of Reaganomics from the perspective of outspending the communist countries and winning the cold war. He knew that when push came to shove the productivity and capitalistic approach to surviving with hard work would win over the fake communism countries like the USSR were following and it did. But I am very happy that in our country we are slowly paying down the debt by covering interest and then some year after year.
The oil boom is helping but when the bust eventually comes it will be good to have the debt gone or close to it so that we aren’t paying tax to service debt.
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I’m not a fan of taxation at the best of times. Liberal “tax & purchase votes” schemes drive me to distraction so when Jack Layton and his ilk start talking about surpluses, my blood pressure goes up.
The only legitimate purpose for over-taxation (aka surplus) is to pay down Trudeau’s financial legacy… aka the national debt… certainly not funding some “warm & fuzzy” program designed to attempt to save some idiots from their own folly.
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I personally like the idea of a “flat tax” — a set rate for every taxpayer with no loopholes and a form that anyone can fill out in under five minutes.
I think it’s well past time when we started to truly look at the idea.