If you believe a vibrant middle class is essential to fostering generalized citizen participation and real elective democracy, then the collapse of that middle class, the decline in household wages, the rapid escalation in bankruptcies and home foreclosures, should worry you. Even if you are a billionaire, it should worry you, because the erosion of our middle class, the gutting of funds from our educational system, the prioritization of billionaires and multinational corporations, is eroding our democracy itself.
In 2001, George W. Bush inherited a 10-year budget surplus of $1.7 trillion. His 2001 and 2003 tax cuts plunged the government into deficit spending, immediately. By 2002, the surplus was already erased, after just one year of the long-term tax cut plan.
By 2009, when Bush left office, he had doubled Defense spending, pledged over $1 trillion to banks, and average household incomes had FALLEN by more than $2,000 per year.
The result of these policies was: 25% of all American children living in poverty, near 10% unemployment (officially), as high as 25% among young people and well over 30% among some minority communities.
Tax Cuts for the Wealthy DO NOT Create Jobs
must read article