Great editorial.

What do tax cuts do, you ask?

Mr. Bush signed the most recent tax cuts into law in the spring of 2003. In the past 33 months the size of America’s entire economy has increased by 20%–or, as National Review Online’s Larry Kudlow put it, “In less than three years, the U.S. economic pie has expanded by $2.2 trillion, an output add-on that is roughly the same size as the total Chinese economy.”

In the 2 1/4 years before the 2003 tax cuts, economic growth averaged 1.1% annually; in the three years since it has averaged 4% per year, and in the first quarter of this year it was 5.6% on an annualized basis. Inflation-adjusted per capita GDP has grown 7.8% from 2003 through the first quarter of this year.

What does the left say?

Sen. John Kerry wants to roll back Bush’s “unaffordable tax cuts.” Senator Mark Dayton (D., Minn.) called the cuts “dangerous and destructive and dishonorable.” Bill Clinton in 2003 said the cuts were “way too big to avoid serious harm.” And various New York Times editorials called them “economically unsound,” claimed that “they will increase the deficit by hundreds of billions of dollars” and said they were unlikely “to stimulate the wallowing economy.” Earlier this month House Minority Leader Nancy Pelosi promised that the election of a Democratic House in November would result in a “rollback of the tax cuts.”

Who do you want in office?

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This entry was posted by Brian on Tuesday, July 25th, 2006 at 11:26 am and is filed under Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Please note the copyright policy.