02-09-2006, 01:23 PM
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#1 (permalink)
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Junkie
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"Clouds everything supply side does." Yoda
From today's IBD editorial page. This should help some of you doomsday folks. I hope to soon welcome you to the...dark...I mean supply...side. 
Shades are optional, but BYOB.
Quote:
Forgotten Reform
Posted 2/8/2006
...That the Bush cuts have worked is no longer in dispute. The chart tells the story of two economies: one before cuts and one after (chart shows average GDP growth of 1.12% '01 to '03 and 3.81% '03 to present). We chose to show GDP, the broadest measure of economic health. But other data points — investment, personal wealth, jobs, anything — serve just as well. All tell the same story: Bush brought the economy back to life with his bold tax initiatives.
Critics respond that the cuts also created massive new deficits. But as a news feature in IBD pointed out last week, that's not true. The cap-gains cut, for example, seems to have paid for itself in classic supply-side fashion. When the cut was approved in 2003, they assumed it would "cost" $3 billion over three years. Instead, the government took in $45 billion more than forecast.
Ditto for cuts in income taxes and other levies. Maybe one of these years, someone in Washington will connect the dots: When taxes are cut, the economy grows, creating new jobs, more income and, yes, more tax revenues...
...The record is clear. Since mid-2003, and in contrast with puny gains up until then, we've added 4.6 million jobs, $1.1 trillion in GDP, $400 billion in business investment, $738 billion in consumer spending and a whopping $12.1 trillion in personal wealth...
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http://www.investors.com/editorial/I...issue=20060208
__________________
"Democracy is two wolves and a sheep voting on lunch."
"It is useless for the sheep to pass resolutions on vegetarianism while the wolf is of a different opinion."
"If you live among wolves you have to act like one."
"A lady screams at the mouse but smiles at the wolf. A gentleman is a wolf who sends flowers."
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