Thursday, December 11, 2003

Gene Sperling, of theCenter for American Progress, reponds to an Op-Ed Piece in the Wall Street Journal by Office of Management and Budget Director, Joshua Bolton on the administration's fiscal policy.

This is a point-counterpoint piece. Here are some highlights ...
OMB Director Bolton: From the left, the are blamed for driving the federal budget into deficit.”

The critique of the administration’s deficit exploding policies . A number of independent organizations including the Committee for Economic Development, the Concord Coalition, and Goldman Sachs, along with individual voices like those of former Republican Commerce Secretary Peter J. Peterson and a group of 10 Nobel Prize winning economists have harshly criticized the long-term fiscal damage done by the President’s tax cuts.

OMB Director Bolton: “[T]he president's tax cuts have been critical to his priority of strengthening the economy and creating jobs. Perhaps the best timed in American history, these tax cuts deserve much credit for today's brightening economic picture: the highest quarterly growth in 20 years (8.2 percent), which, though unlikely to remain as high, is a harbinger of sustained growth to come”

• Last time we checked, President Bush has been president since January 20, 2001. Like an 0-9 football coach heading into the last couple of games of his season, this administration wants to take credit for a single quarter of growth in 2003, rather that acknowledge that in both 2001 and 2002 they missed significant opportunities to pass short-term, high bang-for-the-buck stimulus that could have jumpstarted the economy far earlier.
He tackles the creating jobs fallacy later in the piece in outlining the other disastrous aspects of the Administration's policies.


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