by Dr. Boyce Watkins.
In early 2001, America’s economic future was rosy: Our government was sitting on a massive budget surplus, and the Congressional Budget Office predicted that the next 10 years would carry our nation down the path of seemingly endless prosperity. This was a good time for President George W. Bush to push through a set of massive tax cuts, significantly reducing government revenue at a time when we didn’t quite seem to need the money.
On June 7, 2001, President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001. Little did he know, America would be under attack just a couple of months later, with our leaders choosing to finance two incredibly expensive and misleading wars with money we did not have. We also found out that ending a war is far more difficult than starting one, as our nation fell into the same psychological trap as the professional athlete who thinks that his money will last forever.