Tuesday, November 25, 2003

Last month when the initial 3rd quarter GDP growth estimate was notched at 7.2%, vindicating the President’s tax cut strategy, the Democratic nay-sayers were quick to point out that the number was probably a fluke and was likely to be revised downward. Well, the official revised GDP number is out this morning: 8.2%!

Along with yesterday’s rosy 2004 growth forecasts from the nation’s leading economists, this news is yet another blow to the liberals politicians and pundits who’ve been long spinning the yarn that tax cuts in any form are detrimental to the economy. For a while, during the dark days of the mildest recession in many years, the media was doling out this pablum by the fistful; “tax cuts are evil things, and everyone knows it”, they cried, ad nauseum.

The message cut deep with swing voters who are used to cobbling together policy positions without a full recollection of basic economic history. Take my “Chicago liberal” in-laws, for instance. The dinner table chatter over the past couple of years was peppered heavily with the notions that “tax cuts don’t work”, and “Bush’s plan makes no sense”. When pressed for specific instances of the failure of broad tax cuts in US history, or other alternatives the White House could adopt to spur growth, they demurred, professed ignorance and promptly changed the subject.

It’s easy to repeat what you see on NBC Nightly News as gospel. What’s tough is defending yourself when called upon to substantiate such drivel.

0 Comments:

Post a Comment

<< Home