3 Bubbles and deregulation by 3 rtepublican presidents. Reagan - " Deficits don't matter" and bust the unions( no middle class to buy) That is the first financial bubble made possible by massive de Reg and tax cuts for .005% 2. Bubba - Internet bubble with telecon deregulation kicker. 3. A hole Bush, the murderer. Housing Bubble and MASSIVE MASSIVE spending on military while giving tax cuts to filthy rich. Famously said about the 2nd cut" didn't we give them one already" Osama Bin Laden said he will bleed us dry financially. He always beats Merica
You are putting the blame where it belongs, though IMHO there are a few errors in your details. The tax cut was broader, BUT, the few percent of the people (as you wrote) got massive tax cuts in dollars, whereas most people got much small tax cuts. Also, there is no evidence that the massive tax cuts at the top led to any job growth, nor would it lead to job growth, if continued.
Also, spending regarding Iraq was a major blow to our balanced budget and the spending in Iraq continues to increase our deficit. There may be war profiteers (outsouricing, etc.) who are getting rich at the expense of all the taxpayers.
Also, many forget that the TARP bill went through BEFORE Obama took his oath of office. So that was also on Bush's watch and there needn't to be more regulation aimed at protecting U.S. taxpayers instead of giving away billions to the banks at the expense of the American taxpayer. Even the near 0 % loaning to banks is at the expense of American taxpayers with savings.