Word: taxed
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...Noticeably absent from this explanation of the recession is any mention of Bush’s tax policy, health-care plans, climate-change proposals, education programs, or foreign policy. Reading The Crimson, however, you’d think the president’s policies broke the economy by themselves. Bush-hating revisionists use the unpopularity of our 43rd president to discredit conservative policies in general. But Bush’s failure to regulate financial and housing markets should not be confused with his success in economic growth, trade, education, and health care...
...common refrain of revisionists is that Bush foolishly pursued “deregulation” by cutting taxes. They simply throw out the term “Bush tax cuts” followed by a non sequitur explaining why the economy is suffering. However, tax cuts are not deregulation. Deregulation implies a change in the rules and restrictions that structure markets, while tax cuts instead put money in the pockets of American consumers to use within the existing regulatory environment. Plus, not all deregulation is created equal: The poor accounting standards that led to the Enron scandal have nothing...
...Revisionists also ignore the success of the 2001 and 2003 tax cuts: After their implementation, GDP grew uninterrupted for five years at an average rate of 4.1 percent, businesses created five million new jobs, and lower top marginal rates created incentives for unforeseen innovation. In fact, without the Bush tax cuts the economic downturn might have been harder on the poor. His plan increased the child tax credit and reduced rates for lower-middle-class families. The only substantive critique leveled by revisionists at the Bush tax cuts is that they widened budget deficits. But, if deficits caused the recession...
...Other than tax policy, Bush’s efforts in other areas of the economy led to significant successes that have likely mitigated the current recession. Besides the Central American Free Trade Agreement, he more than quadrupled the number of trade agreements between the U.S. and other countries and would have implemented others with nations like Colombia had congressional Democrats let him. Expansions of free trade offer a potential first step to economic recovery: After all, in the beginning throes of the crisis in 2007, it was double-digit annualized export growth that kept GDP growing despite lagging consumption...
...party enthusiasts claim that the tea parties were supposedly a spontaneous, nonpartisan, grassroots movement fashioned after the Boston Tea Party of Dec. 16, 1773, when disgruntled colonists tossed tea into Boston Harbor to protest taxation without representation. The only problem is that the tea parties of Tax Day 2009 were neither spontaneous nor, in fact, very much related to the original tea party...