Previous rounds of Republican tax cuts for the rich came online in very weak economies: Inflation and 10-year Treasury interest rates (%) in 2001–2003, 2017, and 2024
| 10-year Treasury interest rate | Inflation | |
|---|---|---|
| 2001–2003 | 2.0% | 1.8% |
| 2017 | 0.9% | 1.9% |
| 2024 | 5.0% | 2.5% |
Note: Because the tax cuts enacted under the George W. Bush administration were in both 2001 and 2003, we average interest rates and inflation for the 2001–2003 period.
Source: Congressional Budget Office historical economic data.