450 Economists Were Right

 

What happened in February 2003?

450 economists including 10 of the 25 American Nobel Prize laureates, having examined facts and the long arc of historical record, urged President Bush NOT to enact the 2003 tax cuts in a landmark public statement.

The statement in the 2003 Economist's Statement Opposing the Bush Tax Cuts is quite revealing. All of the gravest concerns & objections expressed by our best & brightest economists from Berkeley to MIT have been proven out over the past 8 years.

Resoundingly opposed to the politically expedient Bush tax cuts, these economists were proven intellectually honest, prescient and wise.

250 Dead-Wrong Economists

On the flip side, 250 economists said the Bush tax cuts would, create more employment, economic growth, and opportunities for all Americans.

Dead Wrong:

Bush tax cuts DID NOT create more employment, economic growth, and opportunities for all Americans.

Those in support of the Bush tax cuts were proven to be either unabashed special-interest shills, ignorant of the historical record, or casual with the facts.

In Retrospect

The 2003 Bush tax cuts have:

• Worsened the long-term budget outlook;
• Added to the nation’s near decade-long deficit;
• Reduced the federal government's capacity to finance Social Security and Medicare benefits;
• Gutted investments in public schools, health, infrastructure, and basic research; and
• Exacerbated inequities in after-tax income for the country's life blood - middle income workers like you and me.