The traditional gift on reaching 10 years of marriage is tin -- a gift that seems oddly fitting today, in a "Wizard of Oz" kind of way. Ten years ago today, the American people became wedded (and our economic fortunes inextricably linked) to the heartless Bush tax cuts.
Via Mother Jones, we find the Economic Policy Institute offering the latest comprehensive breakdown (PDF) of the damage inflicted on the American economy by those tax cuts. It's well worth reading all the way through:
The Economic Growth and Tax Relief Reconciliation Act of 2001 (the first of a series of Bush-era tax changes) was enacted on June 7, 2001. Since then, the Bush tax cuts have exacerbated the trend of widening income inequality, accompanied the worst economic expansion since World War II, and turned budget surpluses into deficits.
Last week, President Obama pledged that he would not extend the Bush tax cuts again. But among Republicans, the Washington Post reports, the dedication to taxing (the rich) as little as possible is even more steadfast than it was 10 years ago:
This orthodoxy is now woven so deeply into the party’s identity that all but 13 of 288 GOP lawmakers in Congress have signed a formal pledge not to raise taxes. The strategist who invented the pledge, Grover G. Norquist, compares it to a brand, like Coca-Cola, built on “quality control” so that Republican voters know they will get “the same thing every time.”
Happy anniversary -- we got you this nice chart.