Progressive critics of the Bush tax cuts said that because they were geared primarily towards wealthier Americans, they wouldn't generate enough consumer demand to stimulate growth. And certainly, the first two apparently didn't.
But last quarter (as I'm sure everyone knows by now), the economy grew 8.2 percent. And next year, economists are predicting a 4.5 percent GDP.
I assumed that last quarter's growth had more to do with growth in productivity, low interest rates, and the mortgage refinancing boom than the Bush tax cut.
But I'd like to hear what others think. Why are last quarter's growth and next year's projections not the result of Bush's policy?
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