October 12, 2006

So Bush claims to have cut the budget deficit in half "three years ahead of schedule". Oh really???
Mr Bush said the reduced deficit was proof his "pro-growth policies worked", and that his tax cuts should be made permanent. He said the tax cuts starting in 2001, the largest tax relief passed since Ronald Reagan's presidency, had fuelled 37 quarters of economic growth.

Some economists expressed skepticism that the tax cuts had generated the economic growth, and pointed out that much of the recovery in tax revenues – up by $253bn in 2006 - appeared to be linked to record corporate profits.
Rove thinks the economy is a strong point for the GOP. But a WaPo poll this week found that 60 per cent think the US economy is "not good" or "poor". So good luck with that, Karl.


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