Thursday, October 30, 2003

Well, now, THAT was predictable

Surprise, surprise. Bush is claiming his tax cuts are responsible for the tremendous 7.2% GDP growth in the third quarter of 2003.

And he may be right -- to a degree: the decrease in tax payments correlates with increased consumer spending in the third quarter. Of course, Bush has actually cut taxes twice, and only once (third quarter 2003) has the cut correlated with increases in consumer spending. It is also worth noting that the growth (which occurred without a corresponding increase in jobs, remarkably) seems equally due to increases in personal earnings, and that Bush, a one-trick pony when it comes to economic issues, could have and should have done far more to jolt the economy than ram through massive, deficit-exploding, long-term tax cuts. Finally, most of Bush's tax cuts (large donations for the wealthiest Americans) have yet to take effect.

Cut taxes often enough, and sooner or later the cuts will be followed by economic growth. Well, even a stopped clock is right twice a day, and Bush just got lucky. As others have already noted, however, this luck may be short-lived, and the rest of us may (once again) pay the price for Bush's incompetence. In the meantime, let's all enjoy an improving economy that (thanks to Bush) has been a long time delayed, and hope the improvement continues.

Wednesday, October 29, 2003

Hey, folks! Yep, we're back after a couple of months off. A lot has been happening: I finally finished my Master's degree (well, technically, I finished all of my requirements -- an absolutely arduous ordeal in and of itself -- the degree will officially arrive in December), got a wonderful job doing things I truly enjoy and my wife and I moved to the Washington D.C. area. Needless to say, these goings-on have required my full attention.

And it's been interesting watching events unfold in the world. Bush's approval ratings have vacillated around 50-55%, but generally have continued to go south. And not without just cause: his handling of pretty much everything imaginable has shown an almost unbelievable level of incompetence, dishonesty and callousness. Add to this several gross political missteps and scandals that would have made Nixon blush (and gotten Dubya impeached already, if Congress weren't stacked with his cronies), and we have a recipie for a "president" in very, very deep trouble.

Coming soon, this blog will be revamped, as has our main page. Also, don't forget to check out Milt Shook's very own, brand-new blog!

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