PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Enam Luf who wrote (101941)	12/6/2000 10:48:54 AM
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According to the Economic Report of the President submitted to Congress this past February, Gross Domestic Product (GDP) began rising annually at a steady 4% clip after the Republicans defeated Clinton's health-care initiative; took over Congress in 1994; and passed tax cuts and welfare reform. Prior to that, GDP growth stagnated far below the 4%-plus-rate the economy has averaged from 1996 to 1999. Moreover, Siewert ignored just how lucky Clinton is. It was Reagan's legacy that handed him the essential foundation for booming growth. Reagan's supply-side tax cuts reduced top marginal tax rates from 70% to 28%. Siewert also apparently forgot that Reagan's tax cuts ushered in 92 straight months of economic growth (from November 1982 to July 1990) without a recession. The Joint Economic Committee estimates that without Reagan's tax cuts, taxpayers would be paying 55% more in federal taxes this year, or an increase of $871 billion. Reagan helped reverse a stagflating economy even after having inherited double-digit inflation and interest rates — 13.5% and 20%, respectively — from Carter's last year in office. Under Reagan, they plunged two-thirds, while unemployment fell 20%. nationalreview.com

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