We can now say that exhaustive studies and calculations have concluded and that without the Bush Tax Cuts, America would be in a depression.
Unemployment would be far greater – perhaps as high as 20% – without the business stimulating Bush Tax Cuts on the employment creating sector of our economy, known in Obama circles as the rich.
The methods used to calculate this stunning finding are the same methods the Obama Administration uses to calculate jobs created or saved.
Without the Bush Tax Cuts we would have entered the recession with a higher jobless rate. The real dollars paid in taxes by both individuals and businesses as a direct result of the lower Bush Tax Rates more than make up the “revenue” lost by the reduction in the tax rate.
Lower Rate = More Dollars Collected in Taxes.
Waging class warfare over the rates paid is counterproductive. What counts is the dollars collected. And sticking it to the rich causes lower investment and lower tax revenues for the government.
If not for the Bush Tax Cuts, we would have entered the recession bringing in less tax revenue, paying out more in Unemployment and with far fewer jobs to begin with.
The Bush Tax Cuts were our saving grace, as it turns out.
While the subjective methods used in the Obama calculations as well as these newly released calculations are certainly open to interpretation, it should be noted that the Mainstream Media seems to embrace this method as far as it being used by the Obama Administration.
So, the very real possibility of a double dip recession, or worse a full blown Depression, could become a reality if Congress fails to extend these Depression preventing cuts, especially on the upper income earners.