http://freakoutnation.com/2011/04/10/in-2001-bush-tax-cuts-promised-to-decrease-our-debt-by-1-7-trillion/job-growth-graph/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.
The unemployment rate would average just 4.7 percent instead of 4.9 percent from FY 2002 to FY 2011.
This is a gem. Heritage Foundation in 2001:
Static estimates that do not account for the tax relief’s influence on the economy suggest that President Bush’s plan would decrease revenues to the federal Treasury by $1.7 trillion over 11 years.
No matter how they determined this claim, they pushed it and it was a colossal failure. Worth noting, the GOP and the Heritage Foundation walk hand in hand in calculating solutions to our budget.
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EPIC FAIL