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Politics : Politics for Pros- moderated
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To: Ilaine who wrote (160881)3/16/2006 9:33:40 PM
From: DavesM  Read Replies (1) of 793721
 
re: "The economists I've read say that the so-called "tax cuts" are illusory. Taxes have actually gone up, e.g., what the tax cuts giveth, the AMT taketh away. And there are lots of new taxes."

Actually, before and after the tax cuts were passed, many economists and other "experts" claimed that the tax cuts wouldn't work. They claimed that the refunds wouldn't be used for consumption, but that consumers would save their tax cuts and reduce consumer debt - these experts were naturally at a loss to explain, why consumer spending was one of the few bright spot in the economy during 2001-2003.

Actually IMO, Greenspan and the President deserve alot of credit. The last time financial markets had a melt down of the magnitude of 2000-2003 was either Japan (and Asia) in 1989-99, or the United States in 1929-39. As a result of the early Fiscal and Monetary stimuli from the Fed and Federal Government, a multi-trillion dollar market crash did not result in a deep and prolonged economic downturn. Someday, "experts" (and critics of Bush and Greenspan) will need to explain why a market crash centered in Tokyo and Asia would result in a greater economic downturn in the United States, than a larger crash 11 years later centered in New York.
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