Tax cuts create jobs! I have written more posts about this and have been debunking this conservative meme for years. Now I want to show you it in graphic form from the St. Louis Federal Reserve.
In these graphs I eliminated the first year of each Presidents’ term because of a lot of debate regarding residual effect of the prior administration’s policies. This also gives an entire year for the new President’s policies to take effect and be implemented.
In fact, I even eliminated the 2008 recession for George Bush. So we looked at the period after the 2001 recession and up to the peak of his economy in 2007.
First, let’s look at employment in the private sector under President George Bush. Only 86,000 private sector jobs were created per month.
Now, lets look at President Obama’s years. Over 150,000 jobs were created per month.
For those who argue America was saturated with jobs already during Bush’s term, I ask, why did the GOP implement tax cuts under the auspices of job creation?
It turns out the facts are not on the conservatives’ side. George W. Bush implemented the largest tax cut in US history at the time and all it did was give us a deficit. Obviously, no jobs were created.