The Bush Tax Cuts produced a more growth-oriented tax policy for the long term, helping the economy to weather current storms arising in the housing and capital markets,” wrote J.D. Foster Ph.D. for the Heritage Foundation’s site under the title “Make the Tax Cuts Permanent.” That was back in June of 2008.
As Dr. Foster was penning that fairy tale, Lehman Brothers had just lost $2.8 billion in the second quarter of 2008. They had already laid off thousands of people. They were weeks away from total collapse. The housing bubble burst before the ink was dry on the Heritage Foundation’s rosy report. Foster wrote, “Tax relief helped to restore robust economic growth following the Clinton recession.”
In short: They were wrong. Really wrong. Outrageously-egregiously-shockingly wrong.
This same billionaire David Koch-affiliated group said in 2001 the Bush Tax Cuts would effectively pay off the federal debt; substantially increase family income; increase personal savings; create more job opportunities.
Seriously, pay off the federal debt. They said that. It’s still on the Internet.
What the unpaid-for Bush Tax Cuts did, along with two wars lobbed onto a credit card is create more debt the Republicans now pretend is a sharknado, bubonic, mandatory abortion, Muslim, science-based, Happy Holidays, minorities-voting, greenhouse-gas-reducing, gay weddings plague.
So as credibility goes-the well-funded Heritage Foundation has very little. And they’re playing a huge well-documented role in the government shutdown. Why? They oppose ObamaCare and want it defunded.
Didn’t they tout the individual mandate starting in 1989? Wasn’t that the conservative alternative to HillaryCare? Isn’t RomneyCare in Massachusetts based on the mandatory private insurance model the Heritage Foundation had been championing for decades?
Yes. Why are they opposed to it now? Hm.