The Bush Tax Cuts … both employment and revenues went UP!

President George W. Bush “inherited” the Dot Com bust and the 9/11/2001 attacks, both of which hurt our economy and decreased employment (increased unemployment).

The second part of the “Bush Tax Cuts” were signed May 28, 2003, and turned the economy around… both employment and revenues went UP as a result of the Bush Tax Cuts.

For employment numbers, use the Employment-population ratio: http://data.bls.gov/timeseries/LNS12300000

For Revenue numbers, use: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/hist01z1.xls

Let’s look at the Employment-population ratio in the last month of each Fiscal Year (September) from 2000 onward:

Year Employment-population ratio in September
2000 64.2
2001 63.5
2002 63.0
2003 62.0
2004 62.3
2005 62.8
2006 63.1
2007 62.9
2008 61.9
2009 58.7
2010 58.5
2011 58.4

And let’s look at Receipts (Revenues) from 2000 onward:

Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–): 1789–2017

Year Total Receipts (in millions of dollars)
2000 2,025,191
2001 1,991,082
2002 1,853,136
2003 1,782,314
2004 1,880,114
2005 2,153,611
2006 2,406,869
2007 2,567,985
2008 2,523,991
2009 2,104,989
2010 2,162,724
2011 2,303,466

Starting with Fiscal Year 2000, note how both employment and revenues went DOWN in FY 2001, DOWN again in FY 2002, and DOWN again in FY 2003.  That’s the effect of the Dot Com bust and the 9/11 terrorist attacks.

But the Bush Tax Cuts turned the economy around.  Note how both employment and revenues went UP in FY 2004, UP again in FY 2005, UP again in FY 2006, and while employment dropped slightly in 2007, revenues were UP again that year.

The Bush Tax Cuts improved employment and improved revenues…
Revenues in FY 2007 were 44% larger than FY 2003 revenues! 

And BLS.gov numbers show
137,736,000 people employed in 2003, and
146,047,000 people employed in 2007,
an increase of 8,311,000 more people employed in 2007 than in 2003!

It wasn’t until the Democrats took majority control of the House and Senate, in January 2007, that the economy really started to tank.  The Democrats have been in majority control (holding 2+ out of 3 of the House, Senate and Presidency) for 5.5 years, and they spent the first half of that driving the economy in the ditch and the second half of that leaving the economy in the ditch.

If the Bush Tax Cuts are allowed to expire, and tax rates go up, both jobs and revenue will be lost.  We will have lower employment (higher unemployment) and lower revenues.

To allow the Bush Tax Cuts to expire would be irresponsible.

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7 Responses to The Bush Tax Cuts … both employment and revenues went UP!

  1. In addition to the Employment-population ratio: http://data.bls.gov/timeseries/LNS12300000, also look at the Employment status of the civilian noninstitutional population 16 years and over, 1977 to date: http://www.bls.gov/web/empsit/cpseea01.htm [Numbers in thousands]

    Note the number of employed:
    2000 136,891[,000]
    2001 136,933[,000]
    2002 136,485[,000]
    2003 137,736[,000]
    2004 139,252[,000]
    2005 141,730[,000]
    2006 144,427[,000]
    2007 146,047[,000]
    2008 145,362[,000]

    And calculate the change in employment from year to year:
    2001 42[,000]
    2002 -448[,000]
    2003 1,251[,000]
    2004 1,516[,000]
    2005 2,478[,000]
    2006 2,697[,000]
    2007 1,620[,000]
    2008 -685[,000]

    With population always increasing, the number of employed must also keep increasing, just to keep up with the growth in population. So even though there were more people employed in 2001 than in 2000, it was no where near enough of an increase to absorb the growth in the Civilian labor force population, and the employment-population ratio went down.

    In 2002, there was an actual loss in the number of employed.

    That’s what things were looking like when the second part of the Bush Tax Cuts were signed in 2003.

    Then look what happened between then and 2007… the number employed grew, as a result of the Bush Tax Cuts, by over 9.5 Million more people employed.

    Yes, jobs were lost again in 2008 as a result of the sub-prime mortgage Fannie/Freddie crisis, but let’s see who was responsible for that:

  2. Oh, and the number of employed in June 2012 is shown as: 142,415[,000]

    That’s less than the number shown for 2008: 145,362[,000]

    If we’re still almost 3 Million jobs short of where we were in 2008, and over 10 Million jobs short of where we would be if we had the George W. Bush average Employment-Population ratio now, how in the world can Obama and his supporters be talking about him having created jobs?!?

  3. Pingback: Bush Tax Cuts vs. Obama Stimulus | I Took The Red Pill

  4. Pingback: Obama Lies | I Took The Red Pill

  5. Pingback: “Balanced” | I Took The Red Pill

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