Bush tax policy leads to income disparity
Bush Tax Cuts were enacted in 2001 and 2003, and According to OMBWatch, Center on Budget and Policy Priorities, and the Tax Policy Center, the rise in income inequality has much to do with the Bush tax policy (Bush tax cuts were extended by President Obama in December 2010). In February 2007, President Bush addressed the rise of income inequality by asserting that "The reason is clear: We have an economy that increasingly rewards education and skills because of that education." According to Wikipedia:
Critics state that the tax cuts, including those given to middle and lower income households, failed to spur growth. The cuts also increased the budget deficit, shifted the tax burden from the rich to the middle and working classes, and further increased already high levels of income inequality. Economists Peter Orszag and William Gale described the Bush tax cuts as reverse government redistribution of wealth, "[shifting] the burden of taxation away from upper-income, capital-owning households and toward the wage-earning households of the lower and middle classes."
Bush tax policy doesn't lead to jobs
Obama inherited the worst economy in (most peoples') living memory. But the tax policies from Bush were continued when, in 2010, Obama signed the tax cut extension and unemployment remains high. In the graphic below, Bush policies extended through 2009, because the fiscal year for 2009 began on September 1, 2008, and cannot reasonably be attributed to Obama simply because he was in office. People wrongly make the assertion that just because Obama took office in 2009, that somehow, magically, his policies take over. That's not the case, for at least the majority if not all of 2009.
|Unemployment Rate over 10 Years. Tax cut policy was extended in 2010.|
Data Source: BLS