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In my news career, I have seen several ups and downs in the economy.
Each time there is a downturn, each time there is a rising unemployment rate (search) ... I find myself listening to people explain what to do to make the economy better.
After 30 years of these lectures, I am still not certain what to do.
I've had the experience of watching a crushing debt load disappear in a matter of a couple years, and I do think it makes sense to cut taxes so consumers have more money to spend and rich people have more money to invest.
So is President Bush right that thetax cut (search) should be $500-plus billion, or are a few moderate Republicans right that the number should be only $350 billion?
I don't know. What I do know is that wasting a lot of breath arguing about whether the rich should get more money is truly counterproductive. It strikes me as pandering.
Here's a reality of a capitalist society: The rich are always going to be with us. They are not going away. They will not have fewer shiny cars, and they will not have smaller houses.
They are a fact of life. Another fact about the rich is that when they have more money than what it costs to buy their toys, they tend to use the money to make more money. In the process, a lot of the less rich get jobs.
So it strikes me a big tax cut does more good — if any tax cut does good — than does a small one.
Deficits can be made to go away... in a booming economy that floods theTreasury Department (search) with tax revenues, even if the tax rate is lower and even if it seems to reward the rich.
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