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' "By this reckoning, the Bush tax cuts will not do much to lift
the economy. The $117 billion in fiscal 2003 gives birth to only $40 billion in effective stimulus. Much more of the cuts,
perhaps every nickel, would have been spent if the money had been channeled to the states instead, to pay the salaries of
teachers who were fired to balance budgets.
The economy surged in the third quarter, but as Mr. Slemrod notes,
"the tax cuts were not a major part of that growth.'' '
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New York Times November 30, 2003
ECONOMIC VIEW
As Stimulus, Tax Cuts May Soon Go Awry
By LOUIS UCHITELLE
Opening words--
LAUDING the Bush tax cuts isn't easy. They have turned a comfortable budget surplus into a constraining deficit,
and they are enriching the wealthy far more than families with only five-figure incomes.
The one mitigating factor is stimulus. The tax cuts are helping to revive the economy by putting more spending
money into people's pockets. But even that will soon backfire. ...
©2003 The New York Times Company
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