Besides negative household income growth and fifty five year low job growth, it was dreamy. Tell me again why any Democrat is promoting more of this? More from the Center for American Progress:
Yet conservatives continue to argue for another round of permanent tax cuts similar to those of the Bush administration. Even if all of the Bush tax cuts are allowed to expire as scheduled, the projected cost of the Bush tax cuts to the federal budget over the next ten years is $3.9 trillion, an average of 1.4 percent of the country’s total economic activity (GDP) per year. Those asking for more permanent tax cuts continue to justify the cost, claiming tax cuts create jobs.
But their analysis ignores what actually happened during the economic cycle that began in March 2001 and ended in December of 2007—which almost exactly coincides with the Bush presidency and the implementation of the Bush tax cuts. This period registered the weakest jobs and income growth in the post-war period. Overall monthly job growth was the worst of any cycle since at least February 1945, and household income growth was negative for the first cycle since tracking began in 1967. Women reversed employment gains of previous cycles. And for African Americans, the worst job growth on record was matched by an unprecedented increase in poverty.
