But far from failing, conservative economic values have delivered on every point. Out-of-control spending, not tax cuts, causes huge deficits.
By John Griffing at American Thinker
President Reagan cut the top tax rate to 28 percent for joint filers during the eighties. During the Reagan expansion, total revenues jumped nearly one hundred percent.
President Kennedy cut the top rate for joint filers to 70 percent from the confiscatory level of 90 percent under his predecessor. Real revenues in the sixties following the Kennedy tax cuts grew by 60 percent, or 30 percent minus inflation.
Although blasted in the mainstream media — often without factual validity — the Bush tax cuts achieved comparable success to the Kennedy and Reagan cuts.
The fact is that a lot of poor people got richer in the eighties. According to the Census, those making an average of $50,000 or more in the eighties increased by 60 percent, those making an average of $75,000 or more increased by 83 percent, and those making less than $10,000 decreased by 5 percent. Similarly, the Federal Reserve Bank of Dallas, using data gathered from tax returns, found that between 1979 and 1988, 85 percent of those in the poorest quintile moved into a higher quintile.
During the Reagan years, the share of income taxes paid by the top ten percent of earners rose from 48 percent in 1981 to 57.2 percent in 1988. The "rich" pay more, not less of the tax burden.
Regardless of survey discrepancies, it is a fact that America attained a 4.6 percent unemployment rate during the Bush years — nearly as low as that achieved during the late nineties.
This growth was arguably influenced by the Republican capital gains tax cut of 1997, which President Clinton admirably signed into law [iii]. Therefore, any growth during the Clinton years can be traced to conservative economic policies.
Conservative economic policies offer nothing but prosperity. What have liberal economic policies done for America lately?
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