Study: Bush Tax Cuts For The Rich Cost The Economy $6.6 Trillion

[Cali_Democrat]

Report: $6.6 trillion lost on Bush tax cuts could pay all student loans, car loans, credit cards
By David Edwards
Thursday, July 10, 2014 9:42 EDT

A new report argues that the Bush tax cuts actually cost Americans $6.6 trillion in personal income — more than enough to pay for every student loan, car loan and credit card debt in the U.S.

In an Al Jazeera America column on Wednesday, investigative reporter David Cay Johnston calculated the average income of Americans between 2001 and 2012 — the years President George W. Bush’s tax cuts were in effect. After adjusting for inflation he compared that income with the average income in 2000, and determined that $6.6 trillion was missing.

“Consider what $48,000 of additional income over those 12 years would have meant to you,” Johnston wrote. “It is the equivalent of $11 appearing in your wallet every morning from the start of 2001 through the end of 2012.”

“Had that $6.6 trillion shortfall been realized as income, it would have been enough to pay off all the student loans in United States ($1.26 trillion), all the automobile loans ($892 billion) and all the credit card debt ($827 billion),” he noted. “After paying all that debt off and taking taxes into account, Americans still would have more than $2.4 trillion left in their pockets and bank accounts.”

http://www.rawstory.com/rs/2014/07/10/report-6-6-trillion-lost-on-bush-tax-cuts-could-pay-all-student-loans-car-loans-credit-cards/

[Wounded Bear]

1. K & R..nt

[liberal N proud]

2. That would have put a healthy dent in the debt the GOP claims to be so concerned about?

[Cali_Democrat]

3. Yup

The largest driver of the deficit that Republican cry about was the bush tax cuts for the wealthy.

[msongs]

4. dems could have counterted the bush tax cuts and chose not to nt

[w4rma]

5. There were many more DINOs in office, back then. (nt)