Maybe tax cuts (search) do work. We've heard a heap of criticism about them. Maybe now some of those critics might want to say one thing, anything good, about them. I doubt they will. So let me.
Let me direct you to the U.S. economy and what it was doing the last quarter. In case you didn't hear, it was soaring the last quarter -- up a scorching 7.2 percent. That’s the strongest pace since 1984, when another president who was getting a lot of criticism over "his" tax cuts was in power.
I'm not here to defend President Reagan then, or President Bush now. I'm here to defend giving Americans more of their hard-earned money.
The critics said those tax cuts would do nothing. Well, they apparently did something.
Consumer spending surged. Corporate spending surged. Capital spending surged. And they all surged because they all had more money to surge with.
The government didn't do this, we did. Federal spending grew only 1.4 percent in the quarter... at best, a tiny contributor to the advance. And defense spending didn't prop this number up. It was actually flat for the three months.
No, more money in more people's hands ended up being more money in retailers' hands, in homebuilders' hands, in mom-and-pop store owners' hands, in farmers' hands.
Contrary to popular belief, the rich didn't squirrel away their tax savings. They spent their savings. And don't the folks at Tiffany's and Federated, BMW and scores of other retailers know it.
Yet now, as in 1984, the tax critics say the tax cuts are wrong. Twenty years ago they propelled the greatest economic boom in a century. Giving people their money back does that. Fears deficits would lead to sky-high interest rates never materialized. Oddly, rates went down.
There are many who will make you think the good news you're hearing isn't good news at all. Remember well what they say. They said the same damn thing 20 years ago.
They were very wrong then. They are very wrong now.
I just wanted to tax cut... to the chase.
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