The Lost Decade

Jeff Rosenberg at MNPublius points out that today is the 10-year anniversary of the first round of Bush tax cuts.

The impact of these tax cuts on our economy has been profound.  They have played a major role in swinging what were then surpluses into deficits — and will continue to do so into the coming years if they are allowed to remain in place, as this analysis from the Center on Budget and Policy Priorities shows.

Making things even worse is that they haven’t delivered in terms of job creation and wage growth.  Today, there are fewer people employed by the private sector than 10 years ago — nationally and in Minnesota.  Nationally, it’s a loss of nearly 2 million jobs.  Here in Minnesota, a loss of about 60,000 jobs.

Effects on household income have been similarly disappointing.  The median household income in Minnesota — adjusted for inflation — has fallen 13% over the last decade!

There can be no clearer demonstration of how the choice to choose tax cuts over investment in critical priorities has failed the middle class.  It’s time to go back to what we know works.

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Trackbacks/Pingbacks

  1. GOP Spin and Facts, Top Marginal Tax Rates edition | Brick City Blog - June 21, 2011

    […] spin isn’t remotely close to being true.  If you haven’t been convinced by other articles on this topic, take a look at this historical analysis from the Center for American […]

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