Blaming Tax Cuts for Financial Meltdown? Another Disagreement with Obama

Larry Kidlow, in an article on 9/11/2010, said that in his speech in Cleveland last week, Obama blamed the Bush tax cuts for the financial meltdown and severe recession. Such ideas, even when presented by a sitting President, need to be named for the stupidity they represent. It is quite likely that the academia and the media will pick up on it accept the narrative, since it is from this President. It is quite wrong. As Kudlow points out, in 2003, the reductions of marginal tax rates led to more than 8 million new jobs in the next four and a half years. Unemployment dropped to 4.6%. Most economists agree that the 2007-2008 financial meltdown was a housing bubble and credit event. It had nothing to do with cutting taxes.