Bush promised that his tax cuts would create jobs, but they didn't. A conservative-dominated Congress enacted two sets of Bush tax cuts, in 2001 and 2003. Job creation was a major Bush selling point, especially in 2003, when the administration asserted that the tax cuts would create 5.5 million jobs from July 2003 through the end of 2004. Instead, only 2.4 million jobs were added during that period1.7 million fewer jobs than the economy was expected to produce without any tax cuts. [
Center for American Progress] Today, the impact of the Bush tax program is clear: 8.5 million Americans are unemployed2.5 million more than when Bush took office. [
Joint Economic Committee]
Bush promised that his tax cuts would pay for themselves, but they didn't. Conservatives persistently repeat the myth that, as Bush put it, "You cut taxes, and the tax revenues increase," or as John McCain declared in March, "tax cuts
as we all know, increase revenues." But as Time magazine reported, "Virtually every economics Ph.D. who has worked in a prominent role in the Bush Administration acknowledges that the tax cuts enacted during the past six years have not paid for themselvesand were never intended to." [
Time] In fact, Bush took office with a $236 billion surplus and will leave with a 2008 deficit of more than $400 billion. [
The New York Times] The Bush tax cuts, which cost $300 billion last year alone, are primarily responsible for that deficit. [
Center for Budget and Policy Priorities]
Bush promised that his tax cuts would help the middle class, but they didn't. During the 2000 campaign, Bush said his tax cuts focus "on low- and moderate-income families," and would provide the "greatest help for those most in need." [
The New York Times] But in fact, the Bush tax cuts gave an average tax break of $118,000 to those who make over $1 million per year and only $740 per year to middle-income households. The bottom 20 percent of households received an average tax break of only $20. [
CBPP]