PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: jlallen who wrote (422536)	7/3/2003 12:16:42 PM
From: DuckTapeSunroof	of 769670

The question then becomes: could smarter policies have produced better economic results? Low taxes are a GOOD thing, but I don't necessarily believe that having a lower average effective tax rate for the very richest of Americans than for the broad middle classes is more conducive to a robust economy. (Failure to address the myriad of 'crony capitalism' special tax preferences and noneconomically-productive loopholes is a major problem. No reforms have been attempted, and that means there is no lowering of compliance costs to benefit the economy.) Smaller government is a GOOD thing - too bad the government sector is growing even faster now... reminding us of the LBJ period. Fiscal prudence and balanced budgets are a GOOD thing - too bad we are spiraling into an extra $4 Trillion added to the national debt over the decade. When the long end of the rate curve begins to inch up next year... and when deficit borrowing by the Feds reaches 5% or 6% of GNP (perhaps in early '05), the combination will begin to again crowd out private borrowing, and economic growth may show signs of heading for the 'crapper'. That is the big risk facing us.

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