The unemployed spend every dollar they receive on essentials, such as food, clothing, and housing.

On December 15, , the Senate passed the compromise package with an 81—19 vote, with large majorities of both Democrats and Republicans supporting it.

Aug 18, By Michael Porfido August 18, 33 Comments. The Democratic Party, led by President Obama, is making the argument that the Bush tax cuts of 20caused the recession of Some campaign talking points are “Driving us in a ditch We’ve tried their way and it didn’t work Tax cuts for the wealthy led to the recession Returning to the failed policies of the past”.Estimated Reading Time: 8 mins. Feb 28, InPresident George Bush authorized a tax cut called the Economic Growth and Tax Relief Reconciliation Act of (EGTRRA) to stimulate the economy during the recession that year.

The major provisions were to reduce marginal income. Aug 07, It’s probably President Obama’s most politically effective line of attack against Mitt Romney. The president argues that it was the unchecked, Estimated Reading Time: 6 mins. Oct 23, A review of economic evidence on the tax cuts by Brookings Institution economist William Gale and Dartmouth professor Andrew Samwick, former chief economist on George W.

Bush’s Council of Economic Advisers, found that “a cursory look at growth between 20(before the onset of the Great Recession) suggests that overall growth rate was mediocre” and that “there is, in short, no first-order evidence in the aggregate data that these tax cuts Estimated Reading Time: 11 mins.

The Bush tax cuts included a number of temporary income tax relief measures enacted by President George W. Bush in and EGTRRAwas implemented to. Feb 28, Federal deficits and debt have been sharply higher under President Obama, but the evidence continues to show that the Great Recession, President Bush’s tax cuts, and the wars in Afghanistan and Iraq explain most of the deficits that have occurred on Obama’s watch - based on the latest Congressional Budget Office projections as well as legislation enacted since we last issued this Estimated Reading Time: 11 mins.

Nov 23, The Jobs and Growth Tax Relief Reconciliation Act cut corporate taxes and accelerated the income tax phase-in.

June 7,

Congress passed the Bush tax cuts to fight the recession. 10  Inthe House gained more than 60 Republicans. That created a majority who elected a new House Majority Leader, John Boehner.