HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Politics 2014 (Forum) » 11 Years Ago Today

Thu Jun 7, 2012, 01:16 PM

11 Years Ago Today

As I mentioned on MSNBC last night, today marks 11 years since the Bush tax breaks for the rich were enacted. President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act on June 7, 2001.

Bush claimed (as right-wingers always do) that tax breaks for the rich would create jobs in the private sector. Well, they haven't. There were 110 million private sector jobs in America in 2001. There are 110 million private sector jobs in America today. Despite a population increase of more than 25 million, there are no more private sector jobs today than when the Bush tax breaks for the rich became law.

In the past 11 years, the number of Americans living in poverty has increased from 33 million to 44 million. The number of Americans receiving food stamps has risen from 18 million to 46 million. "Trickle-down" has not even been a trickle.

But what could we expect? We didn't give tax breaks to the poor; we gave tax breaks to the rich. And for the rich, the past 11 years has been one long party. According to the Paris School of Economics, the top 1% in America saw their share of national income increase by more than 13% from 2001 to 2010. The top 0.1% saw their share of income increase by 20%. The top 0.01% saw their share of income explode by more than 37%, from 2.4% of all of the income in America to 3.3%.

The Bush tax breaks for the rich have yielded the most unequal distribution of wealth in American history, more unequal even than that of 1929, just before the Great Depression.

The lurch toward inequality started decades ago; the Bush tax breaks for the rich only accelerated it. According to the nonpartisan Congressional Budget Office, since 1979, income for the top 1% has increased by $700,000 a year, while income for the bottom 90% has declined by $900 a year. Between 1992 and 2007, income for the richest 400 Americans increased by 392%, as their taxes dropped by 37%.

You see where this is going. The end-game of the Bush tax breaks for the rich is the end of the middle class in America. No jobs, no healthcare, no pensions, no home equity, no higher education. The rich get richer, and the poor get poorer.

The Bush tax breaks are due to expire in a few months. We are at a fork in the road.

No more tax breaks for the rich. No. No. No. No.

Courage,

Alan Grayson

"The rich get richer and the poor get laid off.
In the meantime, in between time,
Ain't we got fun?"


Van & Schenck, "Ain't We Got Fun" (1921)

14 replies, 2458 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 14 replies Author Time Post
Reply 11 Years Ago Today (Original post)
Alan Grayson Jun 2012 OP
freshwest Jun 2012 #1
AndyA Jun 2012 #2
sunnystarr Jun 2012 #3
valerief Jun 2012 #4
snappyturtle Jun 2012 #5
meow2u3 Jun 2012 #6
DaveJ Jun 2012 #7
zeemike Jun 2012 #8
SheilaT Jun 2012 #9
stupidicus Jun 2012 #10
raouldukelives Jun 2012 #11
Rhiannon12866 Jun 2012 #12
Auntie Bush Jun 2012 #13
dmr Jun 2012 #14

Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 01:23 PM

1. Just say No to the same tune, agreed.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 01:26 PM

2. Thank you for speaking the truth

America needs you back in Congress!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 01:59 PM

3. We need your voice!

Please never stop speaking truth to power!!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 02:22 PM

4. Oo, oo, I know the teevee sound-bite answer! 9-11.

Damn, I wish you were running the show.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 02:24 PM

5. K&R Thank you....this is as black and white as it gets.

What is it that people don't understand about this issue?

YES! no more tax break for the wealthy or their corporate
step sisters!

Hopefully your voice on this matter will gain momentum!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 03:03 PM

6. Republicans are so selfish, cruel, and sadistic..

...that they have no problem stealing the food from the mouths of little children to feed their insatiable greed. Not only that, they brag about it afterwards.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 03:05 PM

7. I could see tax break for the rich who HIRE

It seems like a no brainer that the government could do a lot more to provide incentives to businesses which hire, and provide good jobs. That seems to be something that only 1st world countries do, though, not us.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 03:42 PM

8. But if we try it just one more time it will work.

and that is insanity for sure.
Thanks Mr Grayson for being a voice crying in the wilderness for us all. We do appreciate your efforts.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 03:44 PM

9. At the time, all kinds of sensible people

were pointing out that these tax breaks would lead to greater deficits, probably not create jobs, and be nearly impossible to cancel.

What's truly scary is how many who are nowhere near the income range that entitles them to these kinds of tax breaks, still support them. There is a huge disconnect in this country between reality and magical thinking.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 03:55 PM

10. I'm not sure which is sadder

that more Americans can't do the simple math, or that the underlying education problems can't be identified and remedied.

We need a collective evolution http://www.google.com/url?sa=t&rct=j&q=46%25%20creationism&source=web&cd=1&ved=0CAsQqQIwAA&url=http%3A%2F%2Fwww.huffingtonpost.com%2F2012%2F06%2F05%2Famericans-believe-in-creationism_n_1571127.html&ei=rwbRT4L0G4SQ2QXUhN2dDw&usg=AFQjCNHBCmu26DDLq3FtzbuPE-zVkwUNBg as we do a revolution

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 05:01 PM

11. "Mission Accomplished"

With Norquist's bathtub getting so deep it's no wonder we have lots of bath salts around.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 06:26 PM

12. K&R! Thanks for explaining this so well.

We need you on MSNBC and everywhere else far more often. One thing I've noticed about the Republicans, and I watch MSNBC quite religiously, is that they seem incapable of learning from their mistakes, a very dangerous habit. Insanity is doing the same thing over and over, expecting different results. Thanks for your courageous and sane voice!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Thu Jun 7, 2012, 10:15 PM

13. Keep talking Alan...give 'em hell. Good luck...we need your voice.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Alan Grayson (Original post)

Fri Jun 8, 2012, 01:18 AM

14. K&R

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread