Ten Years Ago: ‘Let The Borrowing Begin To Pay For Tax Cuts’

July 20, 2011

August 1, 2011 will mark the 10th anniversary that the federal government started borrowing money to pay for the first round of the Bush tax cuts. To date we have borrowed a minimum of $1.5 trillion to pay for those cuts (others put the cost at $2.6 trillion), and paid an additional $400 billion to service the debt created by the tax cuts. 40% of those tax cuts went to those making more than $500,000 per year, which means the country had to borrow $600 billion, plus interest, to pay for tax cuts for the wealthy.

So tell me again how you can be a fiscal conservative yet support the GOP in their efforts to not only keep those tax cuts for the wealthy but want to give them even bigger tax cuts!!?? Oh — never mind; you believe in trickle-down-economics, don’t you. And I bet you believe in the tooth fairy too!


lemming



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