PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Zoltan! who wrote (231712)	2/27/2002 3:10:41 PM
From: Mr. Whist	Read Replies (2) of 769670

Headline: An updated study indicates tax-cut checks did little to boost spending. (Source: Online WSJ 2/27/02) The University of Michigan Survey Research Center asked 1,000 U.S. households from August-October of last year about the likely impact of tax-cut checks stemming from the 2001 tax act. People were asked whether those checks would lead them mostly to increase spending, mostly to increase saving, or mostly to pay off debt. The results: Only 22% said "spend," said Matthew D. Shapiro and Joel Slemrod, economics professors at the university. Messrs. Shapiro and Slemrod conclude this low rate implies the tax-cut checks "provided a very limited stimulus." Their report updates an earlier study based on results through September. Mr. Slemrod calls the results "quite surprising," but offers a possible explanation: "Respondents are quite pessimistic about the size of future tax cuts." Treasury Secretary O'Neill says the president's tax-relief plan enacted last year "certainly softened the economic downturn."

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