The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cuts

[thoughtone]

source: Think Progress

Jun 7, 2011

Today marks the 10th anniversary of former President George W. Bush signing into law his 2001 tax cuts (he passed a second round in 2003). While doing so, Bush promised prosperity and growth, but the nation got neither.


The cost of these budget-busting 2001 and 2003 tax cuts was, as estimated by Citizens for Tax Justice, roughly $2.5 trillion through 2010. But America didn’t have to go down this route of cutting taxes and hoping for growth to miraculously appear. There were other policy options available to policymakers.

ThinkProgress, using data on various social spending projects from the National Priorities Project — which does these calculations for the cost of the Iraq and Afghan wars — has estimated ten other possible policies we could’ve paid for at the same $2.5 trillion price of the Bush tax cuts. While not all of these policies are currently performed by the federal government, they do represent an accurate calculation of the monetary tradeoffs, and each one individually would cost the same as the Bush tax cuts. Here are ten alternatives we could’ve pursued instead:

- Give 122.7 Million Children Low-Income Health Care Every Year For Ten Years

- Give 49.2 Million People Access To Low-Income Healthcare Every Year For Ten Years

- Provide 43.1 Million Students With Pell Grants Worth $5,500 Every Year For Ten Years

- Provide 31.5 Million Head Start Slots For Children Every Year For Ten Years

- Provide VA Care For 30.7 Million Military Veterans Every Year For Ten Years

- Provide 30.4 Million Scholarships For University Students Every Year For Ten Years

- Hire 4.19 Million Firefighters Every Year For Ten Years

- Hire 3.67 Million Elementary School Teachers Every Year For Ten Years

- Hire 3.6 Million Police Officers Every Year For Ten Years
- Retrofit 144.6 Million Households For Wind Power Every Year For Ten Years

- Retrofit 54.2 Million Households For Solar Photovoltaic Energy Every Year For Ten Years
​

The tradeoffs paint a stark picture. For the same price as the Bush tax cuts, which did little to help the economy, we could’ve sent tens of millions of students to college, retrofitted every household in America with the capacity to generate alternative energy, hired millions of firefighters and police officers, effectively ended our national shame of having kids who lack health care coverage, or put millions of more teachers into classrooms. But instead, Congress passed budget-breaking tax cuts, and then went on to pass even more in 2003. In 2010, Congress then went on to renew the Bush tax cuts for an additional two years, and the political will for the sort of public investments listed above appears to have dried up.

 

[Fuckallyall]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

source: Think Progress

Jun 7, 2011

Today marks the 10th anniversary of former President George W. Bush signing into law his 2001 tax cuts (he passed a second round in 2003). While doing so, Bush promised prosperity and growth, but the nation got neither.


The cost of these budget-busting 2001 and 2003 tax cuts was, as estimated by Citizens for Tax Justice, roughly $2.5 trillion through 2010. But America didn’t have to go down this route of cutting taxes and hoping for growth to miraculously appear. There were other policy options available to policymakers.

ThinkProgress, using data on various social spending projects from the National Priorities Project — which does these calculations for the cost of the Iraq and Afghan wars — has estimated ten other possible policies we could’ve paid for at the same $2.5 trillion price of the Bush tax cuts. While not all of these policies are currently performed by the federal government, they do represent an accurate calculation of the monetary tradeoffs, and each one individually would cost the same as the Bush tax cuts. Here are ten alternatives we could’ve pursued instead:

- Give 122.7 Million Children Low-Income Health Care Every Year For Ten Years

- Give 49.2 Million People Access To Low-Income Healthcare Every Year For Ten Years

- Provide 43.1 Million Students With Pell Grants Worth $5,500 Every Year For Ten Years

- Provide 31.5 Million Head Start Slots For Children Every Year For Ten Years

- Provide VA Care For 30.7 Million Military Veterans Every Year For Ten Years

- Provide 30.4 Million Scholarships For University Students Every Year For Ten Years

- Hire 4.19 Million Firefighters Every Year For Ten Years

- Hire 3.67 Million Elementary School Teachers Every Year For Ten Years

- Hire 3.6 Million Police Officers Every Year For Ten Years
- Retrofit 144.6 Million Households For Wind Power Every Year For Ten Years

- Retrofit 54.2 Million Households For Solar Photovoltaic Energy Every Year For Ten Years
​

The tradeoffs paint a stark picture. For the same price as the Bush tax cuts, which did little to help the economy, we could’ve sent tens of millions of students to college, retrofitted every household in America with the capacity to generate alternative energy, hired millions of firefighters and police officers, effectively ended our national shame of having kids who lack health care coverage, or put millions of more teachers into classrooms. But instead, Congress passed budget-breaking tax cuts, and then went on to pass even more in 2003. In 2010, Congress then went on to renew the Bush tax cuts for an additional two years, and the political will for the sort of public investments listed above appears to have dried up.

If you cannot provide for your children, don't have them.

Government is not your parent. It is only the collective ability to tax, spend and outlaw through the threat and/or use of arms.

 

[thoughtone]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

If you cannot provide for your children, don't have them.

Government is not your parent. It is only the collective ability to tax, spend and outlaw through the threat and/or use of arms.

Gee, you just solved all of the problems. You should run for President!

 

[Fuckallyall]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

Gee, you just solved all of the problems. You should run for President!

Funny you should say that, as I have been asked in the past to do just that (but for County Council, not president). But I figured that there were far too many folks who were convinced that Gov. should be thier parent (more like sugar daddy). It's too bad, as I am a constructionist at heart.

But with you also stating that, maybe I should give it a second thought ! I could run on the "Thoughtone told me to !" platform !

 

[QueEx]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

It's too bad, as I am a constructionist at heart.

What is that

 

[Fuckallyall]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

If it it's not in the Constitution, the feds don't do it. We have moved from a mandate base to a 'is it permissible" base.

 

[QueEx]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

I've never heard of that term. Perhaps you are referring to what some call "Strict Constructionist" ??? But not even those, as I understand them, characterize their view of the Constitution as, "if it's not in the Constitution, the feds don't do it."

 

[thoughtone]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

If it it's not in the Constitution, the feds don't do it. We have moved from a mandate base to a 'is it permissible" base.

But in reality the constitution allows us (the people) to make the government anything we want! So called constructionist actually means I interpret the constitution the way I want and claim that was the way it was suppose to be.

 

[thoughtone]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

I've never heard of that term. Perhaps you are referring to what some call "Strict Constructionist" ??? But not even those, as I understand them, characterize their view of the Constitution as, "if it's not in the Constitution, the feds don't do it."

Yea, it's just more bullshit!

 

[thoughtone]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

Funny you should say that, as I have been asked in the past to do just that (but for County Council, not president). But I figured that there were far too many folks who were convinced that Gov. should be thier parent (more like sugar daddy). It's too bad, as I am a constructionist at heart.

But with you also stating that, maybe I should give it a second thought ! I could run on the "Thoughtone told me to !" platform !

A podunk county council ain't nothin' like the federal government. You and Sarah Palin seem to forget that.

 

[Fuckallyall]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

A podunk county council ain't nothing' like the federal government. You and Sarah Palin seem to forget that.

Wow, it is good to see just how elitist and arrogant that the left actually is !! So much for "power to the people !!"

And, it was a famous lib, Thomas "Tip" O'Neill that said "all politics are local".

And you wonder why people will act against what the greedy left describe as "their own best interest". We know how the left really is. And you just clearly stated it.

And your savior doesn't seem to know the difference either, as he is doing nothing more than mimicking his predecessor.

 

[thoughtone]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

Wow, it is good to see just how elitist and arrogant that the left actually is !! So much for "power to the people !!"

And, it was a famous lib, Thomas "Tip" O'Neill that said "all politics are local".

And you wonder why people will act against what the greedy left describe as "their own best interest". We know how the left really is. And you just clearly stated it.

And your savior doesn't seem to know the difference either, as he is doing nothing more than mimicking his predecessor.

Wow, it is good to see just how elitist and arrogant that the left actually is !! So much for "power to the people !!"

What?

You need to organize your thoughts. Upgrade Dave, could you please translate?

 

[QueEx]

Re: The $2.5 Trillion Tragedy: What America Has Given Up For 10 Years Of Bush Tax Cut

If it it's not in the Constitution, the feds don't do it. We have moved from a mandate base to a 'is it permissible" base.

What do you mean by we've moved from "a mandate base to a 'is it permissible' base." ??? Is that related to your strict constructionist theory ???