Thursday, September 28, 2006
Fact: Bush's tax policy benefits us all
In a letter published in the Nashville City Paper, Melba Isom makes the following assertion:
"The [Bush] tax cuts have not made life better for those of us who ... work a minimum of 8 hours each day."
Oh, really? Let's take a look at what's transpired since President Bush slashed high marginal tax rates on investment in 2003 ...
5.5 million new jobs have been created over the past three years, and the current unemployment rate of 4.7 percent is near the threshold at which economists consider the economy to be at "full employment."
Long-term job growth has moved to an all-time high of 145 million in the Labor Department's household survey and 136 million in nonfarm payrolls.
Nonfarm productivity has increased an average 2.5 percent annually for the past three years, and GDP growth has averaged 4 percent over the same period.
Tax receipts are growing at 14 percent for the second straight year, the biggest gain in a quarter of a century. (Marginal tax rates were lowered and tax receipts are growing. Looks like voodoo economics works very well, thank you.)
The Dow Jones Industrial Average has moved steadily toward a new all-time high. Given that more than half of all U.S. households own individual stocks or mutual funds, this is good news even for those with modest incomes. Indeed, 35 million U.S. households now own stock mutual funds through employer retirement plans.
Speaking at Camp David last month, President Bush had this to say about the U.S. economy:
"The foundation of our economy is solid, and it’s strong. Because of the tax cuts we passed, American workers and families and small businesses are keeping more of the money they earn. And they’re using that money to drive this economy forward."
When it comes to assessing the current state of the U.S. economy, President Bush is right ... and Melba Isom is wrong.
"The [Bush] tax cuts have not made life better for those of us who ... work a minimum of 8 hours each day."
Oh, really? Let's take a look at what's transpired since President Bush slashed high marginal tax rates on investment in 2003 ...
5.5 million new jobs have been created over the past three years, and the current unemployment rate of 4.7 percent is near the threshold at which economists consider the economy to be at "full employment."
Long-term job growth has moved to an all-time high of 145 million in the Labor Department's household survey and 136 million in nonfarm payrolls.
Nonfarm productivity has increased an average 2.5 percent annually for the past three years, and GDP growth has averaged 4 percent over the same period.
Tax receipts are growing at 14 percent for the second straight year, the biggest gain in a quarter of a century. (Marginal tax rates were lowered and tax receipts are growing. Looks like voodoo economics works very well, thank you.)
The Dow Jones Industrial Average has moved steadily toward a new all-time high. Given that more than half of all U.S. households own individual stocks or mutual funds, this is good news even for those with modest incomes. Indeed, 35 million U.S. households now own stock mutual funds through employer retirement plans.
Speaking at Camp David last month, President Bush had this to say about the U.S. economy:
"The foundation of our economy is solid, and it’s strong. Because of the tax cuts we passed, American workers and families and small businesses are keeping more of the money they earn. And they’re using that money to drive this economy forward."
When it comes to assessing the current state of the U.S. economy, President Bush is right ... and Melba Isom is wrong.
# posted by Joltin' Django @ Thursday, September 28, 2006 
