Posts by Bernice Napach

  • Did Bush tax cuts cost the U.S. economy $6.6 trillion?

    Bernice Napach at Yahoo Finance11 days ago

     The U.S. economy has recovered the 8.7 million jobs lost during the Great Recession and its unemployment rate is now the lowest it's been in almost six years. But David Cay Johnston, a Pulitzer prize-winning reporter, author and visiting lecturer at Syracuse University's law school and business school, says the economy would be a lot stronger if not for the Bush tax cuts.

    Americans have lost $6.6 trillion from 2001, when the tax cuts first took effect, through 2012, according to Johnston. That's more than one-third of the country's annual GDP.

    Related: Here’s where all those middle-class jobs went

    "When you look at the long-term income in this country and adjust for inflation and population growth, we're not getting better off," says Johnston. He calculated those losses by comparing average incomes in U.S. tax returns from 2000 tax returns to every year through 2012, and published his findings in a recent column on Al Jazeera America.

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