PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Neocon who wrote (169775)	8/10/2001 8:47:11 AM
From: DMaA	Read Replies (2) of 769670

This is what I was carping about the other day: Bush Needs a Pro-Growth Agenda -- ASAP By Stephen Moore, president of the Club for Growth The failure of the White House to promote an aggressive economic recovery plan may severely imperil GOP chances of holding on to the House and taking back control of the Senate in 2002. As economist Larry Kudlow points out, we are now officially in a private-sector recession (two straight quarters of no growth in the economy outside of government). A weak economy in 2002 will mean major and potentially catastrophic GOP losses at the polls in the crucial midterm elections. Yet ever since the passage of the president's tax cut back in June, the GOP's legislative momentum has slammed nose first into a concrete wall erected by Tom Daschle and Dick Gephardt. Virtually every bill that now is speeding through Congress is a growth depressant. The legislative docket is filled with financially bearish legislation -- to wit, the patients' bill of rights (which will cause a rash of lawsuits and enrich the trial lawyers); the Medicare prescription drug benefit (which could cost taxpayers $300 billion over the next 10 years); the farm bill[Which you and JLA were celebrating as a big GOP victory] (which would give away record subsidies to the agri-business industry); and the appropriations bills (that could allow spending to grow by 8% or 9% this year). President Bush should announce that he will veto any or all of these until the economy recovers. . . . What is needed is a robust economic recovery plan that pushes all other legislative priorities off the table. This plan should include: An immediate reduction in the capital gains tax to 15%. This will raise revenues, spur capital investment, and raise stock values. Immediate repeal of the death tax. The death tax is fiscally insignificant, but causes huge economic distortions and reduced savings rates. The Bush tax bill eliminates the death tax in 2011 and then resurrects it in 2012. Why not repeal this tax in 2002? Fast forward the income tax rate cuts so they take effect in 2002, not in 2005 and beyond. The top income tax rate should be reduced immediately to 34% from 40%. Pressure the Federal Reserve to put more liquidity into the market. The U.S. economy is now being anchored by a deflationary monetary policy that prevents a bullish recovery. interactive2.wsj.com

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