On April 7,2004 Senator Kerry stated:
As president he would cut the deficit in half in four years by rolling back the Bush administration’s tax cuts “for the wealthiest Americans while expanding tax cuts for the middle class.” Roll back the Bush administration’s tax cuts, including dividend tax cuts, for people earning more than $200,000;
In contrast, Bush Treasury Secretary John Snow, during the campaign said the following:
The president’s tax cuts represent a key part of the nation’s deficit reduction strategy, saying: “Making the tax cuts permanent is an important part of deficit reduction because lower taxes have stimulated our economy so effectively. A growing economy leads to increased Treasury receipts, and when combined with restrained spending, deficits can be shrunk.
Today I am glad we ignored Senator Spandex “tax the rich demagogery” and re-elected the guy who promised to let us keep more of our own money:
Hurricanes Katrina and Rita haven’t blown the economy off course. Economic growth clocked in at a surprisingly strong 3.8 percent pace in the third quarter, reflecting brisk spending by consumers and businesses despite high energy prices.
It isn’t surprising to us here at Pundit Review! We know that tax cuts work every time they are enacted. The deeper the better!
Here were some of the other positive data points:
On Wall Street, release of the gross domestic product report sparked a rally. The Dow Jones industrials soared 172.82 points to close at 10,402.77, its biggest one-day gain since April 21.
When food and energy prices are excluded, “core” inflation â?? which the Federal Reserve watches closely â?? actually moderated. It rose at a rate of 1.3 percent in the third quarter, compared with 1.7 percent in the earlier three months.
As for businesses, their spending on equipment and software rose at an 8.9 percent pace in the third quarter, on top of a 10.9 percent growth rate during the prior three months.
Private analysts say the overall economy is actually doing better than the public’s perception, which has been shaped by high energy bills, the hurricanes and the jobs situation.
The Yahoo/AP story failed to mention that the deficit shrunk by $290 billion dollars due to increasing tax dollars which have poured into the federal treasury-the exact opposite of what the Lib-Dems predicted.
Don’t hold your breath for any apologies from Kerry or Kennedy.