...Bush's $12 trillion 'turnaround'
"Few people remember that a major justification for the 2001 tax cut was to intentionally slash the budget surplus. President Bush said this repeatedly during the 2000 campaign, and it was reiterated in his February 2001 budget document.Twelve trillion dollars. One President. Millions of sheep. And, one of Reagan's boys - Bruce Bartlett - writes the factual reality of who got us to where we are at.
In this regard, at least, the Bush-era tax cuts were highly successful. According to a recent C.B.O. report, they reduced revenue by at least $2.9 trillion below what it otherwise would have been between 2001 and 2011. Slower-than-expected growth reduced revenue by another $3.5 trillion.
Spending was $5.6 trillion higher than the C.B.O. anticipated for a total fiscal turnaround of $12 trillion. That is how a $6 trillion projected surplus turned into a cumulative deficit of $6 trillion."
All that waste..and not a single teabagger said anything.
For those who doubt it, here's the CBO's summary that documents how George W. Bush and both Houses completely controlled by Republicans, took a 2001 projected $5.6 trillion surplus and turned it into a $6.2 trillion deficit. Teabaggers lie. The facts don't. And one of their own now admits it.