Progressive Economics Strengthened Middle Class in 1990s

After more than $2 trillion in tax cuts for the wealthy, President Bush's supply-side economics have done almost nothing for America's middle class: employment lags; wages are stagnant or falling; household debt is at a record high; inequality and poverty are on the rise; and deficits are out of control. In contrast, the middle class flourished in the 1990s under President Clinton: 23 million new jobs; seven years of income growth; record homeownership; a sharp drop in poverty; widely shared increases in wealth; and huge budget surpluses.

• America's middle class flourished under President Clinton's economic stewardship. The record of economic success in the 1990s is unparalleled: family income up 17 percent after of two decades of stagnation; the fastest and longest real wage growth since the 1970s; a 40 percent increase in median net wealth after a decade of decline; nearly 8 million Americans moving out of poverty – 100 times greater than under Reagan; and the strongest growth in homeownership on record.
• In contrast, the President Bush has presided over one of the worst economic periods for the middle class in U.S. history. The Bush record speaks for itself: millions of lost jobs; higher unemployment; real wages for the middle class falling or stagnating; a 7 percent increase in poverty; increased tax burdens; rising mortgage delinquencies and foreclosure rates; and household costs escalating beyond wage increases.
• The Bush administration squandered trillions of dollars in projected budget surpluses on economic policies designed by and for corporations and the wealthiest Americans. In the 1990s, a rising tide really did lift all boats. Economic growth was widely shared. Opportunities to get ahead touched everyone. Budgets were balanced. Under Bush, the exact opposite has occurred. Corporate profits are at all-time highs while average wages can't keep up with inflation. The wealthy secured almost all of the benefits from tax cuts. And skewed economic priorities will leave the government nearly $5 trillion in the hole over the next decade.

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