Congress Just Can’t Handle Success
The Tax Cuts Have Worked, so of course a lot of the ding-a-lings in Congress, even the ones that voted for the cuts in the first place may not extend them (WSJ link requires subscription):
Of course, the GOP already has plenty of economic artillery to make the case. GDP growth has averaged close to 4% since those tax cuts were passed in 2003; the jobless rate is a mere 5%; the deficit has fallen; and federal tax receipts are up by nearly 14% over last year’s level, a pace not seen since 1982. This is an economic success story by any measure, yet Republicans are dithering over whether to reverse the policies that helped make it happen.
This can’t be emphasized enough: In the real world, not “extending the tax cuts” will have the economic holdback effect of a tax increase. Additionally, whatever revenues these doofuses think the tax increase will raise will not happen because of the reduction in the rate of economic growth that will inevitably result.
If we get bashed into oblivion next year, I don’t want to hear the national GOP asking why.
Comment by Eric Kephas — November 17, 2005 @ 11:51 pm