{"id":11973,"date":"2011-04-08T10:37:58","date_gmt":"2011-04-08T15:37:58","guid":{"rendered":"http:\/\/ok-cleek.com\/blogs\/?p=11973"},"modified":"2011-04-08T10:37:58","modified_gmt":"2011-04-08T15:37:58","slug":"the-view-from-2001","status":"publish","type":"post","link":"https:\/\/ok-cleek.com\/blogs\/?p=11973","title":{"rendered":"The View From 2001"},"content":{"rendered":"<p>Let's cast our gaze back to 2001 and watch as The Heritage Foundation <a href='http:\/\/origin.heritage.org\/Research\/Reports\/2001\/04\/The-Economic-Impact-of-President-Bushs-Tax-Relief-Plan?1'>cheerleads Bush's 2001 tax cuts<\/a>:<\/p>\n<blockquote><p>One element of the debate over President Bush's tax plan concerns how it will affect household and government budgets as well as the U.S. economy. To assess the plan's economic and budgetary effects and to help frame this debate, analysts in The Heritage Foundation Center for Data Analysis (CDA) conducted a dynamic simulation of the proposals in the President's tax relief plan. The final results show that the Bush plan would significantly increase economic growth and family income while substantially reducing federal debt. For example:<\/p><\/blockquote>\n<ul>\n<li>Under President Bush's plan, an average family of four's inflation-adjusted disposable income would increase by $4,544 in fiscal year (FY) 2011, and <b>the national debt would effectively be paid off by FY 2010<\/b>.\n<li>The net tax revenue reduction, after accounting for the larger tax base that would result from higher employment and faster economic growth under the Bush plan, is $1.1 trillion from FY 2002 to FY 2011, 33.4 percent less than conventional static estimates.\n<li>The plan would save the entire Social Security surplus and increase personal savings while the federal government accumulated <b>$1.8 trillion in uncommitted funds from FY 2008 to FY 2011, revenue that could be used to reform the Social Security and Medicare systems and reduce the payroll tax<\/b>.\n<\/ul>\n<p>Oh well, as Meatloaf sang, don't be sad; cause 0 out of three ain't bad.<\/p>\n<p>Here's their summary:<\/p>\n<blockquote><p>This dynamic analysis shows that President Bush's tax plan will boost economic activity, create over 1.6 million new jobs, and strengthen the incomes of taxpayers. The plan would reduce excess tax revenue and effectively pay off the publicly held federal debt by FY 2010. Real economic growth, which recently has slowed dramatically, would rise an average of $147 billion per year from FY 2002 to FY 2011. On average, a family of four's after-tax budget would increase by $4,544, which would lead to an increase in consumption and saving. Spending on personal items such as health care and school clothes would increase by an average of $163 billion, and America's anemic savings rate would increase from 1.9 percent to 2.9 percent.\n<\/p><\/blockquote>\n<p>Ahh... the perils of predicting the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let's cast our gaze back to 2001 and watch as The Heritage Foundation cheerleads Bush's 2001 tax cuts: One element of the debate over President Bush's tax plan concerns how it will affect household and government budgets as well as the U.S. economy. To assess the plan's economic and budgetary effects and to help frame [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11973","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=\/wp\/v2\/posts\/11973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11973"}],"version-history":[{"count":0,"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=\/wp\/v2\/posts\/11973\/revisions"}],"wp:attachment":[{"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ok-cleek.com\/blogs\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}