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Politics : PRESIDENT GEORGE W. BUSH
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To: willcousa who wrote (165101)7/27/2001 11:57:23 AM
From: Kenneth E. Phillipps  Read Replies (1) of 769670
 
Gore admitted the need for a short term tax cut to stimulate the economy in a time of slower economic growth. This is correct. Democrats recognized the need for a short term tax cut. In fact, it was Democrats who pushed to speed up the tax cut by one year so the effect would be realized this year. Democrats disagreed with the structure of the tax cut. Lower income people, who have a higher marginal propensity to consume (MPC), should have received a bigger tax cut. This would have resulted in a greater economic stimulus than awarding the money to higher income groups who save the money.
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