Did you hear the one about the Heritage Foundation predicting the Bush tax cuts paying off the national debt?It happened, in 2001.
A decade ago, the nation’s debt stood at $3.1 trillion.
“Significantly increase economic growth” by 0.2 percentage points per year through 2010.
“Substantially increase family income” by $4,544 through 2010.
“Increase family savings” to $1,017 by 2010.
And in a manner left unexplained, the above phenomena will wipe out the debt:
The Bush plan would decrease federal debt to the lowest possible level at which it could be redeemed–$818 billion in FY 2011 (see Chart 4).25 From FY 2001 to FY 2011, federal debt as a percentage of GDP would decline from 30.5 per cent to just 4.7 per cent under the plan.
Ah, the good old days.
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