Barack Obama ranted against tax cuts on Thursday at a Florida rally.
“Orlando we know better. They have tried to sell us this trickle down, tax-cut fairy dust before. And, guess what? It didn’t work then. It will not work now. It is not a plan to create jobs. It is not a plan to reduce the deficit.”
And, of course, his supporters lapped it right up.
Here’s a little news for Obama…
The Bush tax cuts did create jobs.
The Bush tax cuts in 2003 created 8.1 million jobs. (Investors)
From June 2003 to December 2007, the economy added 8.1 million jobs, according to the Bureau of Labor Statistics. The unemployment rate fell to 5% from 6.3%. Real GDP growth averaged close to 3% in the four-plus years after that, and the budget deficit fell steadily from 2004 to 2007.
And despite Obama’s claim, Bush’s policies did not increase income inequality. In fact, inequality was the same when Bush left office as when he came in.
Unfortunately for America, Barack Obama’s ‘Spend your way to hell’ plan did not have similar results.
Since the trillion dollar Obama-Pelosi stimulus was passed the labor force participation rate has dropped to a 29 year low. (RSC)
Democrats said their costly plan ($1.2 trillion, including interest) would “save or create” up to 4 million jobs and bring the unemployment rate down to about 6% today. The unemployment rate has not fallen below 8% at any point in the last 36 months. Furthermore, the official unemployment rate does not actually count unemployed people who have given up looking for work.
The above chart shows the “labor force participation rate.” This statistic represents the share of working-age Americans who are either employed or unemployed but looking for work. It is not a pretty picture. Only 63.7% of working-age Americans are currently in the workforce – the lowest in almost 29 years!
Here’s another way to look at it…
Remember this the next time Barack Obama starts spouting off about “fairy dust” economics.