There is a myth that lower taxes means more jobs
On December 16, 2011 The Sun Times published my letter to the editor which was in part as follows:
“In the 2000 presidential election candidate Bush promised voters he would cut taxes which would stimulate the economy, create jobs, create a $5.6 trillion budget surplus and increase money for education, Social Security, Medicare and the military. 472,940 Arkansas, 5,730 Cleburne County residents trusted and voted for Bush…the Republican controlled Congress in 2001 passed the largest tax cut in history--$1.35 trillion, primarily benefiting the wealthiest one percent of Americans.
How many of the 5,730 Cleburne County Bush voters are willing to study what happened to the U.S. economy AFTER the Bush tax cut and provide readers factual answers, giving their source, for the following: Jobs-provide the name of one individual, corporation, business that took their savings from the Bush tax cut in 2001 and created one job in Heber Springs giving the business name, address, number of jobs created, and date opened…Same question for Cleburne County State of Arkansas, and U.S.”
No one has shown savings from the Bush tax cut produced ONE SINGLE JOB ANYWHERE although Republicans have had more than 700 days to do so.
History shows Republican INCOME TAX REDUCTIONS:
Destroy jobs. During the last months Bush was in office jobs were being lost at a rate of over 500,000 a month and 1.9 million jobs were lost in the last 4 months of 2008, highest in U. S. history.
Creates economic disaster. The greatest economic disaster in history occurred after Republican Hoover’s tax reduction and the second greatest economic disaster in history occurred after the Bush’s tax reductions.
Does not create a balanced budget. Republican presidents have not produce a single balanced budget in the last 60 years.
Does not reduce the national debt. Republican President Reagan RAISED the national debt ceiling 18 times and increased the national debt 300% THE GREATEST PERCENTAGE INCREASE IN U. S. HISTORY and Bush RAISED the national debt ceiling 8 times and increased the national debt 100% the second greatest percentage increase in history.
Did not generate additional revenue to offset the tax cuts and produce the economic growth Republican’s promised.
Asa Hutchinson, Republican Candidate for Governor released his plan for “income tax reduction” at a press conference November 12, 2013 and issued this statement: “My number one priority as Governor will be job creation. One way to spur job growth is through tax reduction….tax cuts are an effective method to spur economic growth and
Asa’s press release sounded like a Bush campaign speech and contained the same promises made by Bush and all Republican candidates for the past 80 years. This should not be a surprise because Asa served 5 years as one of Bush’s most trusted official. Administrator of the U.S. Drug Enforcement Agency and Under Secretary of the U.S Department of Homeland Security.
Asa during the 5 years you served as a Bush top assistant how often did you talk with the President and did you know what was going on in the Administration in which you were serving?
Asa did you know President Bush and the Republican controlled Congress PASSED THE GREATEST TAX CUT IN U. S. HISTORY?
Asa did you know the Bush Economic Advisement Council, Bush Treasury Secretary, Paul O’Neill opposed the tax cuts and 450 economists, including ten Nobel Prize laureate stated “these tax cuts will reduce the capacity of the government to finance Social Security, Medicare, schools, health care, and basic research.”
Asa did President Bush ask for or did you give him your opinion on the greatest tax cut in history? What was your opinion on the Bush tax cut before it was enacted into law and what is your opinion of the Bush tax cut now?
Asa do you know that following the Bush tax cuts 1.9 million jobs were lost in the last 4 months of the Bush Administration and the national debt doubled to $11.3 trillion, the housing market collapsed, there was a sub prime mortgage crisis, oil prices soared and the value of the dollar declined-- the second greatest economic disaster in U.S history?
Asa did President Bush ask for or did you give him your opinion on taking $700 billion taxpayer dollars to bail out Wall Street—TARP funds? Was bailing out Wall Street with $700 billion in TARP funds a good idea?
If you vote Asa for Governor you are voting to bring the “income tax reduction” policies of Republicans from Hoover to Bush to Arkansas and the $299.5 million surplus Democrat Governor Beebe has accumulated will become a budget deficit and a Hoover Bush economic disaster will surely follow.
(Paul Rawlings of Heber Springs contributes each week to the editorial pages of The Sun-Times. Mr. Rawlings also writes a blog at www.pauls-musings.blogspot.com)