The Economy
As noted on the right hand side in Articles I Found Interesting section, I would like to point out this article: If Democrats think economy is sick, where’s their cure?
It’s a good article for all to read. I would like to point out a few good points:
In the 102 quarters since Ronald Reagan’s tax cuts went into effect more than 25 years ago, there have been 96 quarters of growth. Since the Bush tax cuts and the current expansion began, the economy’s growth has averaged 3 percent per quarter and more than 8 million jobs have been created. The deficit as a percentage of GDP is below the post-World War II average.
Twenty-three months after the next president is inaugurated, the Bush tax cuts expire. The winner of the 2008 election and her or his congressional allies will determine what is done about the fact that, unless action is taken, in 2011 the economy will be walloped:
The five income tax brackets (10, 25, 28, 33 and 35 percent) will be increased 50, 12, 10.7, 9.1 and 13.1 percent, respectively, to 15, 28, 31, 36 and 39.6 percent. The child tax credit reverts to $500 from $1,000. The estate tax rate, which falls to zero in 2009, will snap back to a 60 percent maximum and exemptions that have increased will decrease. The capital gains rate will rise and the marriage penalty will be revived, as will the double taxation of dividends.
This article really hammers home the point that tax increases will not help the economy grow. The economy being in good shape is the key to achieving the American Dream, not more undue burdens on the family’s financial position.
I’d encourage you all to read the full article.


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