Bush said: “In the last five years, the tax relief you passed has left 880 billion dollars in the hands of American workers, investors, small businesses, and families – and they have used it to help produce more than four years of uninterrupted economic growth.”
FACT — DEFICITS CAUSED BY TAX CUTS NEGATE ANY POTENTIAL ECONOMIC BENEFITS: Studies by the Joint Committee on Taxation (JTC), Organisation for Economic Co-operation and Development (OECD), and Congressional Budget Office (CBO) all confirm that deficits undermine economic benefits of the cuts. In their analysis of the 2003 tax cuts, JTC found that any economic benefits of the tax cuts would “eventually likely to be outweighed by the reduction in national savings due to increasing Federal government deficits.” [American Progress, 1/26/05; CBO, October 2005]
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