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Taxes & The Economy Under The Bush Administration
The Bush Administration has proposed to make his previous tax cuts permanent and presented a fiscal 2006 budget that calls for huge new tax cuts, which Citizens for Tax Justice estimate will cost $2.4 trillion over the upcoming decade. At the same time, the Bush Administration seeks massive reductions in most federal programs. In October 2004, Congress approved corporate tax legislation that will add $210 billion in tax breaks mostly for corporations. On top of that, measures in the legislation are targeted to benefit multinational corporations sheltering profits offshore. Click here to read more.
In September 2004, a report found that 82 of America’s largest and most profitable corporations paid no federal income tax in at least one year during the first three years of the Bush Administration. The report covered 275 profitable Fortune 500 corporations that totaled U.S. profits of $1.1 trillion over the three-year period. Since the economic recession officially ended in 2001, the economy has been in a slow recovery. Jobs are finally returning, but at a sluggish rate because companies are sending well-paying manufacturing jobs and white-collar jobs overseas. Wages have not advanced, but rather, have fallen 1.3 percent over the past year when adjusted for inflation—bringing workers back to 2001 wage levels. The economy is producing some new jobs, but most are low-wage jobs that aren’t able to provide for families. Though the recovery is no longer jobless, the benefits of the growing economy are still failing reach many working families.
* The U.S. has lost 1.7 million private-sector jobs since President Bush first took office in 2000—including 2.7 million manufacturing jobs.
* According to the U.S. Bureau of Labor Statistics, there are about 14 million people overall who are either unemployed, underemployed in part-time jobs or who have become so hopeless they have stopped looking for work.
* The unemployment rate increased 1.5 percent overall during Bush’s first term, which represents 8 million workers who were unemployed.
* Though the unemployment rate fell in 2004, so did the rate of wage growth. Last year was the first year since President Bush took office in 2000 that the unemployment rate declined.
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