Wednesday, January 24, 2007
It's The Tax Cuts For The Rich, Stupid!
Wonder why the US Government is drowning in debt? It's because Bush cut the taxes for his rich buddies. Here's the proof, courtesy of the (Republican-run, at the time of this chart) Congressional Budget Office circa October 2006, by way of the Center on Budget and Policy Priorities:
Congressional Budget Office data show that the tax cuts have been the single largest contributor to the reemergence of substantial budget deficits in recent years. Legislation enacted since 2001 has added about $2.3 trillion to deficits between 2001 and 2006, with half of this deterioration in the budget due to the tax cuts (about a third was due to increases in security spending, and about a sixth to increases in domestic spending). Yet the President and some Congressional leaders decline to acknowledge the tax cuts’ role in the nation’s budget problems, falling back instead on the discredited nostrum that tax cuts “pay for themselves.”The exact percentages are, as shown in the graphic over at the CBPP site: 51% - tax cuts, 33% - military and related spending, 10% - entitlement programs, and 6% - discretionary spending.
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