Sep 09, 2010 12:05 AM GMT
President Clinton raised taxes on the rich and conservatives claimed it would destroy the economy.
But after the tax increases the economy was great, millions of jobs were created and the huge Reagan/GHW Bush budget deficits (caused by tax cuts and military spending increases) turned into surpluses.
Here are some charts that show deficits and jobs following President Clinton's tax increases. First compare job growth after President Clinton's tax increases and Bush's tax cuts.

It's obvious. Right in front of our faces. Tax increases did not slow the economy or cost jobs, and tax cuts did not create jobs. This next chart shows how the budget went from deficit to surplus after President Clinton's tax increases and then, after President George W. Bush's tax cuts, to massive, huge, incredible deficits:

But after the tax increases the economy was great, millions of jobs were created and the huge Reagan/GHW Bush budget deficits (caused by tax cuts and military spending increases) turned into surpluses.
Here are some charts that show deficits and jobs following President Clinton's tax increases. First compare job growth after President Clinton's tax increases and Bush's tax cuts.

It's obvious. Right in front of our faces. Tax increases did not slow the economy or cost jobs, and tax cuts did not create jobs. This next chart shows how the budget went from deficit to surplus after President Clinton's tax increases and then, after President George W. Bush's tax cuts, to massive, huge, incredible deficits:
