Former President Bill Clinton will help push the my tonight that a return to the policies of his administration will bring back the economic prosperity of the 1990s.
But the only Clinton-era policy Democrats want to mimic are the tax rates that were in place.
The case from the Obama administration is that even though income tax rates were higher under Clinton, the economy boomed.
What they aren’t saying is this:
Tax rates were higher on all earners under Clinton. If the higher taxes were the secret, then returning to prosperity would require returning the rates to their old levels for everyone, not just the wealthy. President George W. Bush actually made the tax code more progressive with his tax cuts, freeing 10 percent more lower income workers from paying federal income taxes. Would Obama be willing to r return them to the at tax rolls to recapture the Clinton magic?
Obama isn’t proposing to duplicate Clinton’s spending policies. Clinton and a Republican Congress produced a rare budget surplus through spending discipline.
The balanced budget freed capital for investment in the budding tech industry. That boom created more one percenters than during any other time in our history. It busted as Clinton was exiting, and dropped a recession in Bush’s lap.
The Bush tax cuts didn’t damage the economy. The growth rate following the cuts was twice that achieved after Obama’s stimulus package.
It was the unchecked spending Bush engaged in after the Democrats toook control of Congress in 2006, and his unfounded wars, that caused the harm.
Democrats want to pretend all that’s standing between us and good times is a tax hike on the rich. Clinton ma perpetuate that myth tonight, but he knows it isn’t true.
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