Read my lips: no new taxes

Read my lips: no new taxes

In the 1988 presidential campaign, George H.W. Bush famously declared, "Read my lips: no new taxes." This statement became a central theme of his campaign and a promise to the American people that he would not raise taxes if elected. However, once in office, Bush faced a difficult economic situation that forced him to renege on his promise.

Bush took office in January 1989 during a period of economic uncertainty. The country was facing a growing budget deficit and a sluggish economy. In an effort to address these issues, Bush worked with Congress to pass the Omnibus Budget Reconciliation Act of 1990, which included tax increases as part of a larger deficit reduction package.

The decision to raise taxes was a difficult one for Bush, as it went against his campaign promise and alienated many of his supporters. However, he believed that it was necessary to address the country's economic challenges and make tough decisions for the greater good.

The tax increase was met with backlash from both Republicans and Democrats, with many accusing Bush of breaking his promise. The issue became a focal point of the 1992 presidential campaign, with Bush's opponent, Bill Clinton, using it to attack his credibility and trustworthiness.

Ultimately, Bush lost his bid for re-election in 1992, with many attributing his defeat to his broken promise on taxes. The phrase "Read my lips: no new taxes" became a symbol of political betrayal and a cautionary tale for future politicians.

Despite the controversy surrounding his decision to raise taxes, many economists and historians now view Bush's actions as a necessary step to address the country's economic challenges. While his broken promise may have cost him politically, it was a decision made in the best interest of the country.