Bad economy????

October 27, 2006 at 6:50 pm

Have you heard the joke about Clinton sitting in the Oval Office? One evening an aide walks in and the President is sitting leaned back in his chair looking out the window at the view. “What a beautiful sunset”, she says. Smiling, Clinton looks over and replies, “Thank you.”

The recession was over before he was even elected, but another one began before he left office, yet the left-leaning media somehow give him credit for the boom of the mid-’90’s. The economy (outside NY and California, aka tax hell) is doing VERY well, so I’m not sure what you mean by people doing better under Clinton. A larger % of Americans own homes now than ever, and unemployment here in Alabama is 3.4%, the lowest in decades and below the minimum “floor” level that economists talk about.

If there is one thing history has proven, all a President has to do to have a booming economy is to cut taxes and get out of the way. JFK did it. Ronald Reagan did it. And G.W. Bush has done it:

“The Big-Bang Story of U.S. Private Business
The economic power of lower-tax-rate incentives is once again working its magic.

By Larry Kudlow

Did you know that just over the past 11 quarters, [B]dating back to the June 2003 Bush tax cuts, America has increased the size of its entire economy by 20 percent? In less than three years, the U.S. economic pie has expanded by $2.2 trillion, an output add-on that is roughly the same size as the total Chinese economy[/B], and much larger than the total economic size of nations like India, Mexico, Ireland, and Belgium.

This is an extraordinary fact, although you may be reading it here first. Most in the mainstream media would rather tout the faults of American capitalism than sing its praises. And of course, the media will almost always discuss supply-side tax cuts in negative terms, such as big budget deficits and static revenue losses. But here’s another suppressed fact: [B]Since the 2003 tax cuts, tax-revenue collections from the expanding economy have been surging at double-digit rates while the deficit is constantly being revised downward[/B]”