We often read how more tax cuts will provide increased employment. If so, we should not have lost any jobs and should not have high unemployment with the Bush tax cuts still in effect. Where are all the jobs that were promised with those tax cuts?
Those tax cuts were made in 2001 and 2003. The economy started growing. As it grew, government spending increased. Here, in Nevada, we had the largest tax increase in history in 2003. Then in 2005, we had a 30% increase per capita in state spending. In 2009, we had another record tax increase.
It was the government encouraging risky loans, financial institutions greed, and the government taxing and spending that resulted in our economic problems today. If anything, the tax cuts helped to prevent even more damage. When they expire in 2011, we will have another huge tax increase.