Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
2016 Postmortem
Related: About this forumReport: $6.6 trillion lost on Bush tax cuts actually cost Americans $6.6 trillion in personal income
Report: $6.6 trillion lost on Bush tax cuts could pay all student loans, car loans, credit cardsA new report argues that the Bush tax cuts actually cost Americans $6.6 trillion in personal income more than enough to pay for every student loan, car loan and credit card debt in the U.S.
In an Al Jazeera America column on Wednesday, investigative reporter David Cay Johnston calculated the average income of Americans between 2001 and 2012 the years President George W. Bushs tax cuts were in effect. After adjusting for inflation he compared that income with the average income in 2000, and determined that $6.6 trillion was missing.
Consider what $48,000 of additional income over those 12 years would have meant to you, Johnston wrote. It is the equivalent of $11 appearing in your wallet every morning from the start of 2001 through the end of 2012.
Had that $6.6 trillion shortfall been realized as income, it would have been enough to pay off all the student loans in United States ($1.26 trillion), all the automobile loans ($892 billion) and all the credit card debt ($827 billion), he noted. After paying all that debt off and taking taxes into account, Americans still would have more than $2.4 trillion left in their pockets and bank accounts.
http://www.rawstory.com/rs/2014/07/10/report-6-6-trillion-lost-on-bush-tax-cuts-could-pay-all-student-loans-car-loans-credit-cards/
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 2341 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (14)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Report: $6.6 trillion lost on Bush tax cuts actually cost Americans $6.6 trillion in personal income (Original Post)
UCmeNdc
Jul 2014
OP
This would have knocked the debt down and without Bush's wars we could be on our
Thinkingabout
Jul 2014
#1
Thinkingabout
(30,058 posts)1. This would have knocked the debt down and without Bush's wars we could be on our
Way to solving our debt problem. Left to the Republicans the black in the budget left by Clinton and we could have repaired our infrastructure, put people to work, a win-win situation.
former9thward
(31,970 posts)2. The reporter needs to get some refresher economics.
The reason average wages have gone down is that decent paying middle class jobs have gone away and have been replaced with lower paying service jobs. It has nothing to do with the tax cuts. Also the headline should be titled the Bush-Obama tax cuts since Obama embraced them when they were set to expire.
miyazaki
(2,239 posts)3. One of the biggest transfers of wealth in human history.
Its gotta be. Unbelievable, but it is. And what did they spend it all on?
How about some real estate! The world's been ruined ever since. Fuck that mother fucker!