Wednesday, December 14, 2005

*cough cough*

Some guy (the Honorable John Snow) had a speech the other day.  Here’s an excerpt.

In May 2003 when President Bush worked with Congress to enact the tax policy that lowered the rates on dividends and capital gains, there were many skeptics.  Critics of the proposal disputed our view that this reform would create jobs and spur economic growth.  One critic called the plan "tragic"; another leader said it was "reckless" and wouldn't create jobs.
But the past 30 months have demonstrated just how powerful those reforms were… and how mistaken our critics were.  The evidence that that was the right policy prescription for America stream in every day:
• 4.5 million new jobs created;
• unemployment running lower than the 1970s, 1980s and 1990s;
• GDP growth averaging over 4.0% annually;
• household wealth at an all-time high;
• federal revenues increasing;
• U.S. equity markets rising steadily;
• Dividends paid to shareholders – millions of whom are senior citizens and middle class – are up.
There are a lot of things you can say about these statistics, but neither "tragic" nor "reckless" come to mind.

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