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Bush Exploits Economic Downturn Again

Bush Exploits Economic Downturn Again

Boosting a stumbling economy ... isn't rocket science. All a sensible plan must do is focus on the present, not the distant future; on those who are suffering, not on those doing well; and on those who are most likely to spend additional money. --Princeton economist and op-ed writer Paul Krugman (New York Times, 1/7/03)

Once again, President Bush failed to propose a real economic stimulus package, opting to propose more permanent tax cuts for the wealthiest Americans instead of temporary measures to help working families and boost the economy. Bush's expensive plan is a gift to wealthy Americans who don't need the help, and the huge price tag will hurt our economy rather than help it.

The centerpiece of Bush's plan is the elimination of taxes on dividends, which are the funds companies pay out to stockholders. This provision, which would cost $300 billion over 10 years, would go almost entirely to wealthy Americans (including those making more than $350,000 per year) with large stock holdings, and do little to help working families.

Instead of proposing a true economic stimulus plan, Bush is exploiting the failing economy to justify another big tax cut for the rich. Bush did the same thing in 2001 when he passed his enormous tax cut for the rich that has done nothing to stimulate the economy.

Democrats have responded with a plan costing $136 billion that will immediately put money in the hands of those who need it the most and are most likely to spend it, providing the quick boost the economy needs right now.

© Scoop Media

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