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

To: Lizzie Tudor who wrote (485871)	11/3/2003 2:04:50 PM
From: JakeStraw	Read Replies (1) \| Respond to of 769670

"Moreover, Siewert ignored just how lucky Clinton is. It was Reagan's legacy that handed him the essential foundation for booming growth. Reagan's supply-side tax cuts reduced top marginal tax rates from 70% to 28%. Siewert also apparently forgot that Reagan's tax cuts ushered in 92 straight months of economic growth (from November 1982 to July 1990) without a recession. The Joint Economic Committee estimates that without Reagan's tax cuts, taxpayers would be paying 55% more in federal taxes this year, or an increase of $871 billion. Reagan helped reverse a stagflating economy even after having inherited double-digit inflation and interest rates — 13.5% and 20%, respectively — from Carter's last year in office. Under Reagan, they plunged two-thirds, while unemployment fell 20%. And Siewert should know that the economy prospered largely because Clinton's lame-brained economic policies were stymied by the Republican Congress. June O'Neil, the director of the Congressional Budget Office from 1995 to 1999, noted that the economy's success stems from the "absence of legislation that meddled with the economy or that had major long-run spending consequences for the budget."