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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (176970)	9/3/2001 10:14:06 AM
From: jlallen	Read Replies (1) \| Respond to of 769670

There is NO deficit at present. We are still $158 billion (projected) in surplus. JLA

To: Kenneth E. Phillipps who wrote (176970)	9/3/2001 12:41:45 PM
From: Little Joe	Respond to of 769670

"Sounds like you are in favor of even greater deficits. " It is an historical fact that revenues increase when taxes are cut. This occurred after the Kennedy tax cut and the Reagan tax cut. I suppose that could be a coincidence, but I doubt it. Will it happen again? I am not so sure, but only because the tax cut wasn't much. I am almost certain that a bigger tax cut would generate additional revenue. What is going on now cannot reasonably be attributed to Bush, as the economy is now reflecting the waning days of the Clinton administration. We need to wait about a year to eighteen months to asses the impact of the Bush tax cut and whether his policy is correct. With regard to the economy, I must say that so far, at least, it has been a very mild correction. It has not met the technical definition of a recession and it may not. I really do not think the economy is all that bad now. I have seen it much worse. The question is how long will the slowdown last and how deep will it go. My concern is that the tax cut was too small and will not help the economy very much. If that is true we will have larger deficits and higher taxes later. Little joe