Archive for August, 2010

Encore Encore

Wednesday, August 11th, 2010

http://images.businessweek.com/mz/10/33/370/1033_mz_56taxcuts.jpgThe August 9 – August 15, 2010 issue of Bloomberg Businessweek contains an article on the tax cuts implemented in 2001 and 2003 during President George W. Bush’s term of office.  The article argues that the cuts, promoted by Glenn Hubbard, President Bush’s first chief economic adviser did little to stimulate the economy but did contribute $1.7 Trillion to the $11.7 Trillion in total deficits incurred between Fiscal years 2002 – 2011.  Although these numbers are significant, they are relatively small when compared to the effects of poorer-than expected economic and stock market growth ($3.8 Trillion) and Higher-than expected defense, domestic, medicare and financial bailout spending ($3.7 Trillion).  To view the entire article, click the photo above.