I have no doubt that the Bush Administration will prove to be the most economically backward time in our history--a time when deregulation ran amok, the US debt binge reached a crescendo, surpluses transmogrified into massive deficits, the nation's credit cards paid for unnecessary wars, and economic inequality surged. The Bush economy yielded a few big winners and left the vast majority of Americans with stagnating or declining economic prospects.
Central to the dementia were the Bush Tax Cuts. Basically, the Bush credo, still followed by extremists today is that we should abolish taxes. They would rather default on our debt than raise taxes. Bush never saw a tax cut he could oppose. Their simplistic propaganda basically evinces a total repudiation of the Oliver Wendall Holmes dictum that "Taxes are the price we pay for a civilized society." Even life-long Republicans now recognize that "the Bush tax cuts were responsible for increasing the debt by $3.2 trillion — 27 percent of the fiscal deterioration since 2001." This recklessness continues today in pursuit of the economically incoherent concept that cutting taxes always increases revenues. This is nonsense.
Thus George W. Bush presided over the most dramatic fiscal reversal (massive surplus to massive deficit) in the history of the US:
The bottom line is that the most powerful economic elites pay less in taxes than anytime since World War II, as illustrated here:
Their efforts to continue this enormous giveaway marks this generation of economic elites historically irresponsible. Warren Buffet correctly assesses the dementia here.