The Stimulator-In-Chief

January 19th, 2008at 12:46am Posted by Eli

I’m sure I’m very late to the party on this one, and this has probably all been said already, but I need to get it out of my system because all of Dubya’s little nuggets of wankery are just sticking in my craw and this is the best way to get them out. Some select quotes from his press conference today about his economic stimulus plan, and my reactions to them:

To be effective, a growth package must include tax incentives for American businesses, including small businesses, to make major investments in their enterprises this year. Giving them an incentive to invest now will encourage business owners to expand their operations, create new jobs, and inject new energy into our economy in the process.

Tax cuts for businesses! Woohoo! They will surely spend them in ways that stimulate and enrich the economy and create jobs!

To be effective, a growth package must also include direct and rapid income tax relief for the American people. Americans could use this money as they see fit — to help meet their monthly bills, cover higher costs at the gas pump, or pay for other basic necessities. Letting Americans keep more of their own money should increase consumer spending, and lift our economy at a time when people otherwise might spend less.

“Higher costs at the gas pump,” eh? How did that happen, I wonder. And I’ve always loved that charming antitax catchphrase, “Letting Americans keep more of their own money.” Taxation = Stealing!

Passing a new growth package is our most pressing economic priority. When that is done, Congress must turn to the most important economic priority for our country, and that’s making sure the tax relief that is now in place is not taken away. A source of uncertainty in our economy is that this tax relief is set to expire at the end of 2010. Unless Congress acts, the American people will face massive tax increases in less than three years. The marriage penalty will make a comeback; the child tax credit will be cut in half; the death tax will come back to life; and tax rates will go up on regular income, capital gains, and dividends. This tax increase would put jobs and economic growth at risk, and Congress has a responsibility to keep that from happening. So it’s critical that Congress make this tax relief permanent.

Yes, that’s right; the economy is tanking because people are worried about losing their tax cuts three years from now. Also, I seem to remember that jobs and economic growth were doing pretty well under the Exorbitant Tax Burden of the Clinton years. Bonus points for using the “death tax” euphemism; “estate tax” makes it sound like it only applies to rich people or something. Hey, maybe Congress could pass something to just make the marriage penalty fix and child tax credit increase permanent, whaddaya say?

In a vibrant economy, markets rise and decline. We cannot change that fundamental dynamic. As a matter of fact, eliminating risk altogether would also eliminate the innovation and productivity that drives the creation of jobs and wealth in America. Yet there are also times when swift and temporary actions can help ensure that inevitable market adjustments do not undermine the health of the broader economy. This is such a moment.

The stock market plummeting is actually proof of what a strong economy we have! Awesome! I feel so much better now that I know that this is just an inevitable market adjustment rather than reckless fiscal policy pigeons coming home to roost.

By passing an effective growth package quickly, we can provide a shot in the arm to keep a fundamentally strong economy healthy.

Just because we need a stimulus package right away, that doesn’t mean that the economy is actually bad. Phew, what a relief. Hopefully Congress will keep that in mind when Dubya starts pressuring them to pass a package that’s 70-80% corporate tax cuts right away or the world will end…

Entry Filed under: Bush,Economy,Wankers

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