Re: "Was the net result of the tax cuts, good, bad, or neutral, in your opinion?"
Reformulated so as to be meaningful and real-world: Was the net result of the tax cuts and the extra government spending, good, bad, or neutral, in your opinion?
A-
As the THREE SEPARATE economic analysis projected (when the tax changes were under consideration): The Bush tax changes (modest cuts + extra complications in the code) started out as a net benefit to the economy (though modestly reducing revenues in the first few years), but by mid-decade the negative effects from the extra deficit spending his administration also produced overwhelmed the net benefits produced by the cuts and, (projecting forward from where we are now - just a bit past that 'mid-decade' point), if status quo remains, economic growth (& revenue to the government) will move even further, and very significantly, UNDER TREND.
As I have also posted: THIS FISCAL YEAR, interest alone on the $9 Trillion national debt will amount to OVER $200 Billion in unavoidable costs to the government. (And that during a period with a temporarily favorable yield curve!)
That EXCEEDS the cost of the entire Iraq Occupation for this same fiscal year.
And, the national debt moves to $10 Trillion in FY 2009. The spending/deficit problem stands to seriously worsen. |
