Thursday, June 30, 2011
Here's a question: Why is repealing the Bush tax cuts such a constant obsession for the Democratic Party? Especially the top rates for the most successful earners and small-business entrepreneurs?
It seems this is the Democratic answer for every single issue, every problem, every debate.
This, of course, saddens me enormously.
And so, always ready to help, I am recommending a 12-step program to help them overcome their anger, resentment and obsession over the Bush tax cuts. Democrats really need a Higher Power on this.
First, when tax rates were lowered across-the-board in mid-2003, the incentive effect kicked in to jump-start the economy immediately. Over the next four and a half years, before the financial meltdown slammed the economy -- and that was a credit event, not a fiscal one -- 8.2 million jobs were created.
Jobs essentially rose for about 50 consecutive months.
Non-farm payrolls rose from just under 130 million to just over 138 million. Don't believe me? You can look it up. This sort of job creation is exactly what President Obama would love to see happen now.
And, while jobs rose, the government took in more revenues. As a share of gross domestic product, revenues rose from 16.2 percent to 18.5 percent. Simply put, supply-side tax cuts were the single best economic policy President Bush implemented.
Elsewhere, President Bush overspent and overregulated. And yes, the dollar collapsed on his watch. And from Fannie Mae to the Federal Reserve, the housing bubble was born.
But the tax cuts? They worked . And that's my point.
Larry Kudlow, National Review Online's Economics Editor, is host of CNBC's "The Kudlow Report" and author of the daily web blog Kudlow's Money Politic$.
COPYRIGHT 2011 CREATORS.COM
Views expressed in this column are those of the author, not those of Rasmussen Reports. Comments about this content should be directed to the author or syndicate.
Rasmussen Reports is a media company specializing in the collection, publication and distribution of public opinion information.
We conduct public opinion polls on a variety of topics to inform our audience on events in the news and other topics of interest. To ensure editorial control and independence, we pay for the polls ourselves and generate revenue through the sale of subscriptions, sponsorships, and advertising. Nightly polling on politics, business and lifestyle topics provides the content to update the Rasmussen Reports web site many times each day. If it's in the news, it's in our polls. Additionally, the data drives a daily update newsletter and various media outlets across the country.
Some information, including the Rasmussen Reports daily Presidential Tracking Poll and commentaries are available for free to the general public. Subscriptions are available for $3.95 a month or 34.95 a year that provide subscribers with exclusive access to more than 20 stories per week on upcoming elections, consumer confidence, and issues that affect us all. For those who are really into the numbers, Platinum Members can review demographic crosstabs and a full history of our data.
To learn more about our methodology, click here.