Gator,
"What he failed to recognize and AG didn't go into is that without the tax cut, there is no
telling how low the economy and the market would have fallen after 9/11."
Let me respectfully disagree. I believe the tax cut has contributed to the market malaise not alleviated it. Namely, it's tangible evidence of the lack of fiscal discipline demonstrated by the current admin. Whatever you want to say about the past admin., the deficit was significantly reduced, and that is what real conservatism (at least in the fiscal sense) is all about. Robert Rubin, the past Treas. Sec. is no flaming liberal, and pointed out in an interview the other day how wrong headed and fiscally irresponsible the tax cut was and the proposed one would be, under the present circumstances.
Don't get me wrong, I'd love to see a tax cut, but as long as Congress passes, and the President signs irresponsible spending bills like the $180. B. farm subsidy bill, plus billions of $$$ on every pork barrel project from Bangor to San Diego, we have no business cutting taxes. Yes, we should scream that are (ed.: should be "our"--sheesh) taxes are too high, but we should be screaming even louder about the spending being too high--and we should be screaming as loudly about corporate welfare as loudly as we do about welfare moms. But we don't.
And the Repubs. are even worse than the Demos. in this regard, because they are hypocritical free spending wolves in conservative sheepskin cloaks, while the Demos at least make no bones about spending constraints.
A statistician would correctly point out that a positive correlation does not prove causality, but the correlation between budget surpluses and the markets was +1., and the correlation between the tax cut and the markets is, so far, -1. LIke it or not, I believe those who control the markets would rather see fiscal discipline with emphasis on spending controls, than a tax cut. And, in this regard, the Bush admin. has shown no backbone or leadership whatsoever. And, yes, I do understand that 9/11 has required new unanticipated spending--but the Farm Security Bill? Give me a break.
Signed,
Jim, The Fiscally Conservative Independent |
