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If government lowers taxes when it is deeply in debt, it is just borrowing more money and then giving it away. If you look at them closely, the Republican borrow-and-give-away proposals are insulting. ~ The Republicans would have us believe that taxes are really our money.
Sorry, that money was spent by Bush and Reagan a decade or more ago, much as you and I may have spent our money years ago to buy a home, a car, or an education.
Under the Bush plan, rich campaign contributors get the money, and taxpayers get the mortgage- more debt for a longer time at higher interest rates.
The Bush tax cut assumes that Americans know so little about economics that they will sell their future economic prosperity for less than a bowl of porridge.
The supply of credit is, obviously, limited, so, when the government borrows money, it is also competing for credit against you and me. Increased demand for a limited supply of credit makes interest rates go up. When the government pays its debts, more credit is available and interest rates go down.
Because the Democrats have virtually eliminated the government's deficit spending, savings on a home mortgage- due in large measure to the increased credit supply (lower interest rates) amounts to about $2000 per year per $100,000 debt. ‘ Our choices are: 1) a buck or two a week going directly into our pockets from the Bush tax cut, verses 2) low interest rates, lots of jobs, home ownership at an all time high, low poverty and the lowest crime rate in decades- the
94.8%