Federal deficit and Bush Tax Cuts…
I got this from Dwayne Howard’s blog:
Cost of Bush Tax cuts:
Assuming the Bush tax cuts continue through 2019, CBPP estimates that the Bush tax cuts plus associated debt-service costs for those tax cuts would make up 55.6 percent of the deficit in 2019. (SeeTable 1.) That’s close to Dean’s 60 percent claim. Over the 2009-2019 period, CBPP estimates the tax cuts would cost $3.7 trillion plus $1.7 trillion in debt-service costs for a total of $5.4 trillion. That would be 43 percent of CBPP’s estimated cumulative deficit for the decade of $12.6 trillion.
Tax cuts are estimated to have totaled $2.8 trillion(as of May 2011), which we guess would count as “trillions,” as the president put it. Strictly speaking, the two big tax cuts during the Bush years are estimated to total about $1.5 trillion, But many continued into the early years of the Obama presidency, and in December he cut a deal with Republicans to extend them even more, which brings us to $2.8 trillion.
(In case you are wondering, the cost of the Iraq and Afghanistan wars was $1.26 trillion through 2011 and the Medicare prescription drug program totaled $272 billion.)
Yet we find it difficult to fund healthcare and education. We can build tanks and planes, but when it comes to education….not so much.