On April 27, 2001, Mark Wilson and William Beach, two workers for the Koch affiliated Heritage Foundation, published “The Economic Impact of President Bush's Tax Relief Plan.”
According to Wilson and Beach, economic growth would provide increased revenues so the plan's tax cuts would pay for themselves. They wrote the plan to cut taxes would:
“Effectively pay off the federal debt. The Bush plan would decrease federal debt to the lowest possible level at which it could be redeemed--$818 billion in FY 2011 (see Chart 4). From FY 2001 to FY 2011, federal debt as a percentage of GDP would decline from 30.5 percent to just 4.7 percent under the plan.” [Chart and cite omitted] See http://www.heritage.org/...
Instead, the damn liberals and their hoity-toity economists, like a broken clock, proved correct. Again. Federal debt ballooned, increasing to 1.1 trillion per year by the time GW Bush left office, increasing each year from around 30 percent to over 62 percent by 2010. Pretend you are a Republican. This is: