Tuesday, March 31, 2015
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Lost & Found

Our beloved Gracie is missing since October, Dachshund/Lab mix, microchipped, about 30 pounds, black with little white. $1000 reward for safe return. Call with any information, 830-393-9999 or 419-250-9099.
Found: Small female Dachshund in the area of CR 319 and CR 307, La Vernia. Call to identify, 210-323-9085.
FOUND SHEEP,black. on CR 427 & Hwy 123 Pls call to claim 210-862-1220
More Lost & Found ads ›

Help Wanted

Experienced carpenter/handyman needed, Stockdale area. Call 830-477-1098.
Karnes/Wilson Juvenile Probation Department is seeking a Prevention Specialist for our JJAEP.  Position is full time and grant funded.  Employee will act as a drill instructor working with youth ages 10-17 while providing skills training and educating students on the effects of drugs, alcohol, and tobacco. Position requires military protocol knowledge which is the basis to the structure of the day program. Qualifications: Juvenile Supervision Officer Certification required. (Department will train and support certification process.) Prior military experience preferred; Minimum education level: high school diploma; Bachelor’s Degree preferred. Salary is commensurate with formal preparation, experience and agency’s funding status. To apply send resume to 337 Alternative Lane, Floresville, TX 78114, or email to k-dube@kwjpd.com. For questions call 830-393-5368 ext. 31012. Position open until filled.
More Help Wanted ads ›

Featured Videos





Video Vault ›

Commentaries


Bush Tax Cuts: 10 Years of Economic Disaster




E-Mail this Story to a Friend
Print this Story

Disclaimer:
The author of this entry is responsible for this content, which is not edited by the Wilson County News or wilsoncountynews.com.
June 16, 2011 | 1,797 views | 5 comments

By Dr. William Barclay
This month marks the tenth anniversary of the first of the two tax cuts sought by the President George Bush. The Economic Growth and Tax Relief Reconciliation Act was enacted in 2001 to be followed, in 2003, by the Jobs and Growth Tax Relief Reconciliation Act. Ten years later, it is time we assess the actual results of these tax cuts, looking at economic performance rather than political promises.

The results have been a disaster for the US economy and for almost all of the American people. We have experienced very slow income and employment growth for the vast majority of families, an extremely unequal distribution of the direct financial benefits from these measures, and, very slow growth in the economy as a whole.

As someone who has personally received these tax cuts during the past 10 years, I feel it is my responsibility to speak out.

Supporters of tax cuts for high income households, such as House majority leader John Boehner, argue that wealthy people are the “job creators” and that tax cuts will encourage them to create jobs and that these new jobs will, in turn, increase employment opportunities and improve the wages of the remainder of the population. Did any of these benefits occur after the Bush tax cuts? The quick and accurate answer is, no, they did not. Adjusted for inflation, the median weekly earnings of working Americans actually fell by 2.3% from the end of the 2000 -- 01 recession to the onset of the Great Recession. This is unique in the post WWII period. Further, the recovery from the 2000 -- 01 recession was the slowest of any post WWII recession to date, requiring 39 months before the number of employed Americans reached the pre-recession level. Where is even a scintilla of evidence that tax cuts such as those passed in 2001 and 2003 generate income and employment growth for the vast majority of the population?

A significant part of the failure of the Bush tax cuts to generate jobs and income growth flows from the top-heavy distribution of the benefits conveyed by these measures. The vast bulk of the reduced taxes were reaped by a very small number of families. In 2011, the average tax reduction to families receiving an income of $1 million or more (about 321,000 families) will be $139,199. For this less than 0.5% of all families this is a reduction in taxes of $860 million/week.

Compare these tax benefits to the yearly savings proposed by cutting the WIC program: $833 million. An obvious question is, why can’t this very small group of extremely high income families give up just one week of their tax cut to provide nutrition for the tens of thousands of women and children that benefit from the WIC program? More significantly, in light of the deficit hysteria gripping Washington D.C., the combined impact of the 2001 and 2003 Bush tax cuts has been the addition of more than $2.6 trillion to the federal debt. This included more than $400 billion in interest payments on the debt necessary to pay for the cuts.

Of course, one might forgive these policy failures if the promise of economic growth had been fulfilled. On this measure, however, the record is even worse. The 2000 -- 01 recession ended in the fourth quarter of 2001, just in time for the first Bush tax cut to take effect. From the end of the recession until the onset of the Great Recession, the economy grew at a slower rate than in any other post recession period since WWII. Thus, despite promises from the advocates of the tax cuts, the reality was slower growth rather than faster growth. The additional tax cut in 2003 did nothing to increase the pace of economic growth.

In sum, the Bush tax cuts were a bad idea at the time and are an even worse idea today. Ending these cuts for incomes over $250,000 would generate over $100 billion/year in additional revenue. If we also created additional tax rates for very high-income families (e.g. at $500,000, $1,000,000, $5,000,000 and $10,000,000) we could increase federal revenue by more than double that amount and put us on the road to reducing deficits and debts.


NOTE: Barclay worked for 22 years in financial service before retiring in 2004. He is an adjunct professor at the University of Illinois at Chicago in the Liautaud Graduate School of Business and is a member of Wealth for the Common Good. (Copyright (C) 2011 by the American Forum. 6/11)
 
‹ Previous Blog Entry
 

Your Opinions and Comments

 
The Marcelina Muse  
Dry Tank, TX  
June 23, 2011 9:41am
 
Just who controlled congress in those years?

 
4th Generation Texan  
Sutherland Springs  
June 18, 2011 1:12pm
 
Obviously the composer of this article is one of those far left liberal wingnuts that will distort, tell half truth/lies, leave out vital information, lie, or just plainly twist the facts: 1) "experienced very slow income ... More ›

 
One Voice  
Floresville  
June 17, 2011 6:31am
 
This article fails to mention the other side of the coin of the Bush Tax Cuts. These tax cuts included a huge raise in child tax credit - additional child tax credit and earned income credit. This is for the lower income folks. ... More ›

 
Alvin Charmaine  
June 16, 2011 4:50pm
 
This is stupid. Who's money is it? why the insane need to punish rich people by making them carry more then their share instead of collecting from the 50% that pay zero taxes? You need more revenue? Start by stopping the ... More ›

 
Elaine K.  
Floresville  
June 16, 2011 5:58am
 
New column posted.

Share your comment or opinion on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

Commentaries Archives


Commentaries
Commentaries page govtrack.us
Commentaries who represents me?
Heavenly Touch homeVoncille Bielefeld homeChester WilsonTriple R DC ExpertsSacred Heart SchoolAllstate & McBride Realty

  Copyright © 2007-2015 Wilson County News. All rights reserved. Web development by Drewa Designs.