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- W3124669066 abstract "Even before assuming office, George Bush eagerly pounced on signs of a recession at the end of 2000 because he wanted to sell his program of tax cuts for the rich as the cure for recession. But tax cuts for the rich have never been an effective anti-recession measure—not to speak of whether they would be fair by any minimum standard of equity. Bush’s specific proposal in particular couldn’t possibly have worked at fighting the recession, since almost all of the tax cuts were to have been phased in starting in 2002, and the major impact of most of them would not have been felt until 2004. Meanwhile, the recession was happening in 2001. In addition, the illusion of Alan Greenspan as economic maestro had finally evaporated. Greenspan clearly had no answer to the stock market collapse. The only effective force fighting recession in 2001 was the expansion of government spending, especially at the state and local level. But state and local government budgets were then also tapped out by 2002 and falling into crisis. The federal government now remains as the only entity in the economy capable of picking up the slack. But the federal government means George W. Bush and company. As such, without some dramatic change in the political environment, our foreseeable economic prospects offer little room for optimism." @default.
- W3124669066 created "2021-02-01" @default.
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- W3124669066 date "2002-01-01" @default.
- W3124669066 modified "2023-09-23" @default.
- W3124669066 title "Recession, Deficit Spending, and U.S. Economic Prospects" @default.
- W3124669066 hasPublicationYear "2002" @default.
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