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0 comments | Monday, January 14, 2008

The tax cuts were supply side economics/Reaganomics the idea is that the wealthy will take the money and put it into things that are good for the economy. Business activity, the purchase of goods and services, etc... What the tax cuts did was increase the national debt, and if I'm not mistaken government has grown under Bush, so Bush didn't make the needed cuts in government spending that should go along with tax cuts. If we continue the Bush tax cuts, unless there are significant cuts in government spending the national debt will continue to balloon... Foreign countries will continue to buy up our debt, and we will be more and more beholden to them.

Additionally, I think Bush is the only, or one of the only Presidents to cut taxes during a war. Moreover, they were supposed to stimulate an economic boom. But what we had during the Bush years was nothing like the Reagan boom, or the Clinton boom. They not only saddled us in debt, they didn't create the much ballyhooed stimulus there were suppose to create.

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