Report: $6.6 trillion lost on Bush tax cuts actually cost Americans $6.6 trillion in personal income

[UCmeNdc]

Report: $6.6 trillion lost on Bush tax cuts could pay all student loans, car loans, credit cards


A 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. Bush’s 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/

[Thinkingabout]

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]

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]

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!