2003 Bush Tax Cuts Vs 2009 Obama Stimulus Package - 16 Month Results
While the Stimulus package was moving through congress and being sold to the American public, the economy was shedding 700,000 + jobs a month
Two weeks into office, President Obama bludgeoned congress into passing the largest spending measure in history.
Using his glib speaking skills, he assured us that this program, with its "shovel ready" jobs, was precisely the fix, that would not only halt the job slide, and keep unemployment below 8%, but would create 3 1/2 million new jobs, thus it must be passed in just several days and enacted immediately.
Broken promises had begun on the president's second day in office on the abortion issue, and the pledge to hire no lobbyists; the next pledge to fall was the 5 day online review, before he would sign any major legislation.
This became broken promise number 3, because of its immediate cure factors-he and his silky smooth salesmen, proclaimed! So vital, was speed, that not even 1 of the 535 members of congress would have time to read this legislation, and none did, or even came close.
Joe Biden, David Axelrod, Robert Gibbs and other Democrat talking heads, who, at that time, railed against that 3 month loss, of nearly 2 million jobs, now proclaim, "we didn't know it was this bad."
Yes you did, Joe and David and Robert, you said so endlessly, at the time and like President Obama, assured us that the Stimulus was the precise cure for those very conditions.
Net Jobs Gained or Lost 16 Months After Each Initiative
2003 Bush Tax Cuts--Gained (plus) +1.4 Million
2009 Obama Stimulus--- Lost (minus) -2.6 Million
Excluding Temporary Census Bureau Workers Hired in 2009-2010, net jobs lost under The Obama stimulus have actually been 2.9 Million
Source: Bureau of Labor Statistics (BLS) U.S. Dept. of Labor
The above figures include all monthly revisions through May of 2010 and the net figure of census workers, hired and laid off. The number hired was 564,000 minus 225,000 laid off in June.
Boasting About Slight Gains
All post-recession economies make gains on their own, as the economy sorts out excess inventories, reduced rents, home purchases, etc.
The average recession since WW2, lasted 10 months, this one has lasted 31 months. Seventeen months of this recession, have taken place under President Obama, with no end in sight
The Democrats Took Control Of Congress in December 2007
So now, after all the promises of the $862 billion behemoth, and despite all the downside data, 16 months later, in the most important areas, we get bragging for some sluggish GDP gains, that are under performing, past, post-recession numbers, by wide margins.
This amid more and more talk of a double-dip recession, from economists and even among many of the nation's highest profile businessmen, many of whom were at one time the president's most ardent supporters. Many of those same businessmen are also calling the president anti-business, as he continues his deceptive statements to the contrary.
16 Month Comparison: Unemployment Rate
2009 Obama Stimulus 9.5%
2003 Bush Tax Cuts 5.7%
Source: Bureau of Labor Statistics (BLS) U.S. Dept. of Labor
Past, post-recession numbers have been not only been far better than these, the gains made, have come much sooner than these, without taking 1 penny of taxpayers' hard earned dollars. Claims that these present negative stats are less negative, than they were 16 months ago, is pathetic spin.
This proves one of two things. Either the administration didn't know what it was doing then, or it was intent on grabbing every dollar it could for redistribution, along with the enormous power it gives to government, and the votes it can buy.
16 Month Comparison: Black Unemployment
2009 Obama Stimulus--15.4%
2003 Bush Tax Cuts----10.0%.
Source: Bureau of Labor Statistics (BLS) U.S. Dept. of Labor
16 Month Comparison: Hispanic or Latino Unemployment
2009 Obama Stimulus--12.4%
2003 Bush Tax Cuts-----7.1%
Source: Bureau of Labor Statistics (BLS) U.S. Dept. of Labor
16 Month Comparison: Teen Unemployment
2009 Obama--25.7%
2003 Bush Tax Cuts--17.5%
Source: Bureau of Labor Statistics (BLS) U.S. Dept. of Labor
Cost To Taxpayers
2003 Bush Tax Cuts---0
2009 Obama Stimulus---$862 billion
Source: Congressional Budget Office (CBO)
Avg. Cost To Individual "Net Income Taxpayers" Applied To Present Workforce
2003 Bush Tax Cuts--0
2009 Obama Stimulus--$9269
Source: Tax Foundation--Based on Statistics From The Internal Revenue Service (IRS) 2007 Latest data available
Most recent data available lists 93 million "net income tax" payers
Receipts To Government: Four Quarters Following Each
2003 Bush Tax Cuts (plus) + $185.6 billion
2009 Obama Stimulus (plus) + $90.5 billion
Source: Bureau of Economic Analysis (BEA) U.S. Dept. of Commerce
16 Month Comparison: Disposable Personal Income--Per Capita
(Every Man, Woman and Child)
BUSH (plus) + $758
Obama (plus) + $82
Source: Bureau of Economic Analysis (BEA) U.S. Dept. of Commerce
For a family of three this translates to $2,274 under the Bush initiative and $246 under President Obama.
16 Month Comparison: Average GDP Growth
Bush 2003 Tax Cuts--4.05%
Obama 2009 Stimulus--2.45%
Source: Bureau of Economic Analysis (BEA) U.S. Dept. of Commerce
Americans desperately call for results, not schoolboy excuse making and deflections of blame.
Recession Started 11 Months After Democrats Took Control of Congress
Before the Democrats took control of congress the economy was soaring. It continued, almost to the moment Democrats submitted their first fiscal year budget, October 1, 2007.
The official beginning of the recession was December, 2007.
Before that, unemployment averaged less than 5%. Disposable income had improved by more than $3,000 for every man woman and child. 167,000 new jobs were created in the month before Democrats took control of congress, especially the HOUSE, from where all spending measures are authorized.
And then came Nancy and Harry and Barney and Chris!! Then Fannie and Freddie, which led to the housing collapse, which in turn led to the economic collapse!!
Now 16 full months after the promises and accompanying certainty, we have President Obama's comprehensive platform.
BLAME BUSH!!
Mick McNesby is a former tax advisor, consultant and negotiator. He was a frequent guest on political talk shows in Atlantic City, N.J., discussing the benefits of the lower cost of government. He can be visited at http://conservative-politics-infofind.com