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

To: DizzyG who wrote (542034)	2/18/2004 4:10:21 PM
From: cnyndwllr	Read Replies (2) \| Respond to of 769667

Dizzy, I'm going to assume that you've asked a sincere question about what Bush has done to cause the job losses. I think he's done several things that have contributed to the problem but the biggest thing is the structuring of the tax cuts. He structured the tax cuts in a way that was designed to reward the wealthy and reallocate the tax burden to the middle class, with only a minimal beneficial impact on jobs. I think that tax cuts were a good choice to stimulate the economy, but they should have been structured so that we'd get the most bang for the buck and they should have been shorter term. A tax cut that primarily went to the middle class and working people would have translated into spending and would have sparked the economy quickly. A cut of payroll taxes would have decreased the cost of labor and stimulated employment. Instead a huge amount of the tax cut went to those who can afford to save and who put their money to work only AFTER the economy picks up. He was told of this by people inside his economic team. He should have been aware of this from the positions of the many economists who discussed the most effective way to stimulate the economy through tax cuts. Instead he institutionalized a tax structure that favors wealth over work and he paid for the cuts with borrowed funds that will, under his new tax scheme, be repaid with more of the money coming from the middle class and less from the wealthy. There is a huge amount of deficit borrowing involved in the tax cut package. The lion's share of that borrowing should have gone to stimulate the economy and create jobs. It did not. The lion's share of that borrowing went directly into the pockets of the wealthiest Americans and only benefited job creation marginally. That shows a lack of judgement or, worse yet, the most repugnant kind of pork barrel politics. If you think I'm wrong, do a little research. Take out the spinners and read the economists. A huge majority of them hold the opinion that I've stated here.