http://www.investors.com/editorial/edit ... 9775271860
Excerpt:
So what's the real record? Since Bush's tax cuts took effect in mid-2003:
• Real gross domestic product is up to $1.33 trillion, or 12.6%.
• Existing businesses have hired 5.9 million workers (not counting the millions of jobs entrepreneurs have created).
• Corporate profits have soared 91% to $1.6 trillion.
• Tax receipts have leapt $503 billion, or roughly 1.1 percentage points of GDP, refuting the notion the tax cuts "caused" deficits.
And thanks to rebounding stock prices and huge gains in home values, Americans' total wealth has soared 39% to $54 trillion — the biggest expansion ever.
After such a stellar performance, a breather — what economists call a "midcycle correction" — would be in order. Yet the economy continues to power ahead.
In 2006's final period, GDP growth was 3.5%, and it has averaged 3% since the tax cuts. Real wages rose 1.7% in '06, much faster than the 0.3% average of the Clinton years. In just the last 12 months, unemployment plunged from 5.0% to 4.5%, near postwar lows.
More of us have jobs, own homes and businesses, and work for higher pay than at any time in history. We're the richest people on earth. For a change, let this story be told.
Lastly, 7 Million more Americans are working now than when W first took office. Not too shabby.
Marco
