His mistake was making that speech, not raising taxes. I think he would have gotten reelected if Clinton had not been able to throw that speech back at him (that, and the late term recession). Bush looked at the numbers and found that higher taxes were necessary, reelection chances be damned.
And now we are back around to my original point, no one since 41 has had the political courage to try to fix this problem. Politicians all look at what happened to Bush, and decide that their positions and careers are more important. We are.
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