In November 2008, W Bush attended the Summit on Financial Markets and the World Economy. W Bush gave a speech at the summit where he openly admitted the possibility that after 8 years of his policies, American could face a Depression in the U.S. that could be far worse than the Great Depression of the 1930s.
In this same video are clips of a September 2003 interview of Dick Cheney on Meet the Press where Cheney admits that the Bush tax cuts are 25% of the Deficit and agrees with Tim Russert that, due to the Bush tax cuts, America will see "Skyrocketing" Deficits into 2013.
I thought this video was timely given all the talk about the so-called "fiscal cliff" and the GOP deep, deep desire to make the Bush tax cuts permanent.
I hope everyone has had a Merry Holiday and will have a Happy New Year.
The below portion of this Diary is a summary of the video for those who have difficulty hearing and/or cannot hear or play the video.
1. Bush admits his Economic Policy created a "Depression Greater than the Great Depression."
BUSH: "Those of you who have followed my career know I'm a Free Market person until you're told that if you don't take decisive measures then it's conceivable that our country could go into a Depression greater than the Great Depression."
~Bush 2008 on how 8 years of Bush Economic Policies melted down & destroyed the US Economy
2. Cheney admits to Tim Russert that within 32 months of the 1st Bush Tax Cuts (in 2001) the US Economy was already melting down and 2.6 Million Americans had already lost their jobs and America was already suffering from huge, "skyrocketing" deficits.
3. Cheney also admits to Tim Russert that, within 32 months, the Bush tax cuts had already become 25% of the Deficit and that the country would continue to see huge deficits through 2013
MR. RUSSERT: "The president [Bush] said in 2002 the Tax Cut would generate 800,000 jobs; in 2003, he said—be another million jobs. None of that has happened. What has happened is the deficit is skyrocketing, over $500 billion"
DICK CHENEY: "Tax cuts accounted for only about 25% of the deficit."
MR. RUSSERT: "But we see Deficits for the next 10 years [into 2013], big ones."
DICK CHENEY: "We anticipate even with the added spending that we’ve asked for now we’ll cut the Deficit roughly in half from where it’ll be next year over the next five years.
"
Sept 14, 2003 Interview on Meet the Press
4) At the time, in 2003, there was a lot of talk of freezing the Bush Tax Cuts for the Top 1% which would have paid for the Iraq War -- when Tim Russert asked Dick Cheney about that idea swirling in DC, Dick Cheney told Russert he thought that would be a mistake.
MR. RUSSERT: "If you froze the tax cut for the top 1 percent of Americans, it would generate enough money to pay for the $87 billion for the war, if you did it for just one year. Would you consider that?"
DICK CHENEY: I think it’d be a mistake.
Sept 14, 2003 Interview on Meet the Press
This video and the economic chart of the Bush/Cheney economy 32 months after the 1st Bush Tax Cuts highlights the obvious fact that Bush Tax Cuts did
not create jobs but the Bush Tax Cuts did create a
"Depression greater than the Great Depression."
