Bush Tax Cut essays

Bush Tax Cut essays After a great 8 years under President Clintons fiscal discipline in the government, we have had a great economic surplus that included other huge surpluses as well. President Bush wants a huge tax cut that obviously can increase interest rates and recreate the loss of consumer and business confidence that had the same deficits during the late 80s and early 90s. While President Bushs proposed tax cut of roughly $2 trillion seems extremely favorable, the reality is that it will hurt the future of our country greatly. Robert E. Rubin, former Secretary of the Treasury, knows a lot about our money and can easily see that President Bushs huge tax cut can create a huge error in economic policy. When looking over the last 20 years and how we have done with fiscal discipline and without fiscal discipline, we can find many clues that our nation has benefited from fiscal discipline. First off, we have gained greatly when our nation has been committed to fiscal discipline and lose greatly when it is not. Another reason is that we have a huge duty to not pass on the burdens of a huge national debt and recession to the next generation, when we can act and stop problems from happening today. In 1993 when President Clinton restored fiscal discipline, there was a huge economic transformation. This transformation included the creation of many new jobs, rising incomes, low inflation, lower percentage of unemployment, and much of todays large current surpluses. Fiscal discipline also contributed greatly to the restoration of confidence by consumers and business that resulted in increase demand, increased investment in new technologies, increased productivity, and sustained growth in gross domestic product. These extremely favorable conditions all occurred because of fiscal discipline and by brining in a huge tax cut of $2 trillion we are seriously threatening the fiscal soundness currently in the federal governmen...