The Nostradamus Award Goes To...

[Viking12]

The Heritage Foundation, which predicted that the 2001 Bush tax cuts would bring on an economic boom, increase household income and reduce federal debt:

-snip-
Modest recent growth in typical household's income has not been enough to reverse a seven-year decline

-snip-
In 2000, the year before those tax cuts, the federal government took in $1.31 trillion dollars in taxes. In 2001, with those tax cuts for part of the year, the total was $1.25 trillion in taxes. After the tax cuts: 2002, $1.073 trillion. 2003, $1.070 trillion. 2004, $1.153 trillion. 2005, $1.383 trillion. It took three full years to reach the same level of revenue from before the tax cuts when that revenue should, with inflation, have been considerably higher. The cost of extending those tax cuts in reduced federal revenue: $2.8 trillion over the next ten years, all of which adds to the debt because we are in deficit spending.

-Snip-
2000, the year before the tax cuts, GDP growth was 4.1%. 2000, it was 5%. 2002, the year after the tax cuts: .3%. 2003, 2.45%. So much for the theory that lowering the tax rates would "significantly increase economic growth."

http://scienceblogs.com/dispatches/2011/04/the_nostradamus_award_goes_to.php#more

..and the GOP clowns rely on the Heritage analysis to support Ryan's joke of a budget.....:banghead:

[meegbear]

1. I like this part ...

The funny thing is that the Heritage report criticizes economists for using "static budget estimates," as opposed to their "dynamic" budget estimates.

Why use "real" numbers, when you can just make 'em up as you go along.

[The Backlash Cometh]

2. It's all in the tone. All in the tone.

[malaise]

3. How does theHeritage Foundation get away with their lies?

http://freakoutnation.com/2011/04/10/in-2001-bush-tax-cuts-promised-to-decrease-our-debt-by-1-7-trillion/
In 2001 the Heritage Foundation claimed that the Bush tax plan “would save the entire Social Security surplus and and increase personal savings while the federal government accumulated $1.8 trillion in uncommitted funds from FY 2008 to FY 2011, revenue that could be used to reform the Social Security and Medicare systems and reduce the payroll tax.“

The Heritage Foundation pushed hard for affording tax cuts for the wealthy this year.

Among other claims, jobs creation was supposedly going to increase by 1.6 million by the end of 2011.

The unemployment rate would average just 4.7 percent instead of 4.9 percent from FY 2002 to FY 2011.

----------------

That prediction was an EPIC FAILURE!!

[Poboy]

4. Recommend, but it should be the 'Nostradumbass' award.

[felix_numinous]

5. But wait, THEY have experienced an economic boom,

it must be in the code talk somewhere.