President Bush likes to sell his tax cuts for the rich by saying, “We want our families to have more money in their pocket.”
And the White House reported in August 2004, “Real after-tax incomes are up 11 percent since December 2000.”
But Bush’s economic statistics have no basis in reality. The Federal Reserve Board reported today that the “average income of American families, after adjusting for inflation, declined 2.3% in 2004 compared with 2001.” To see how poorly this compares to previous time periods, look at this chart:
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