PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Frank Griffin who wrote (39961)	9/27/2000 1:10:34 AM
From: Doughboy	Read Replies (2) of 769667

As a taxpayer, of course I would love to have a tax cut. But there is a proper time and place. And clearly, when the economy is at the brink of overheating, now is NOT the time. Greenspan warned against a tax cut (just as he warned against a big spending package), and he pretty much commended gridlock because that achieved automatic deficit reduction. A tax cut of the massive scale proposed by Dubya would quickly spur more consumer spending, possibly trigger a stock market bubble, and would force the Fed's hand to raise interest rates dramatically. In sum, you'd force Greenspan to take the economy into a recession in order to cool it off. What you would also achieve perversely is a huge boon to the wealthy (who would benefit the most from the tax cut and a stock market boom) and hammer the middle class (who would suffer the most under higher interest rates on credit cards and mortgages, and higher unemployment). A rainy day fund, as Gore has proposed is the right fiscal policy. When we hit a slow-down, as we inevitably will, a tax cut will be an effective and popular tool to kick-start the economy again. Why toss that money in the bonfire today when its hot enough already? Doughboy.

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