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To: H James Morris who wrote (131414)9/18/2001 9:13:32 AM
From: GST  Read Replies (1) | Respond to of 164684
 
HJ: My "back of the envelope" estimate is that we will run a government deficit of at least $200 billion -- and that could be much larger if there are more tax cuts and a more sharply slowed economy. Not a big deal, some will say. Perhaps. But it will mean raising $200 billion against a backdrop of a $400 billion current account deficit in a recession while engaging in a messy, ill-defined and incomprehensible international "war on terrorism" in which the US is now no longer "too far away" or "safe". We will have to pay a premium price to attract the shrinking pool of capital at a time when foreign investors might be thinking it is time to take some money off the table, rather than plowing $50 billion a month in fresh money into our markets -- think about it.



To: H James Morris who wrote (131414)9/19/2001 2:37:19 PM
From: Glenn D. Rudolph  Respond to of 164684
 
Gst, I was never in favor of the tax cut. Ask a retailer like Glenn to see if the tax cut has improved his sales.


I will answer now. The tax cut had no effect. The consumer confidence seems to be all that counts in my opinion.


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