In a November 17 Washington Post column, George Will suggested “economic growth decreased” following a 1990 budget deal that included a tax increase. In fact, the United States experienced sustained economic growth soon after the debt deal, which continued for a decade.
George Will Disappears Years Of Economic Growth
Published
Will: 1990 Budget Deal With Tax Increase Resulted In “Economic Growth Decreas[ing]”
Will: “Economic Growth Decreased” Following 1990 Budget Deal That Included Tax Increase. In his November 17 Washington Post column, George Will suggested that the tax increases in the 1990 budget deal resulted in a decrease in economic growth. From his column:
Although only 21 of the 242 Republicans in the House and eight of 47 Republicans in the Senate were on Capitol Hill in 1990, everyone there should remember the results of that year's budget agreement, wherein President George H.W. Bush jettisoned his “no new taxes” pledge: Taxes increased. So did spending. And the deficit. Economic growth decreased. [The Washington Post, 11/16/11]
In Fact, Soon After the 1990 Budget Deal, U.S. Economy Experienced Sustained Growth For A Decade
U.S. Dept. Of Commerce: GDP Grew Every Full Fiscal Year After 1990 Debt Deal. According to data from the Department of Commerce's Bureau of Economic Analysis, U.S. gross domestic product (GDP) experienced growth every full fiscal year after the 1990 debt deal. Based on the Bureau of Economic Analysis' data, Media Matters created this chart:
[Data from Department of Commerce's Bureau of Economic Analysis, accessed 11/17/11]
World Bank: U.S. Annual GDP Increased By Nearly $4 Trillion Between 1990 and 2000. The World Bank's World Development Indicators data shows that U.S. GDP increased by nearly $4 trillion between 1990 and 2000.
Based on the Bureau of Economic Analysis' data, Media Matters created this chart:
[Data from The World Bank, accessed 11/17/11]
-RAS