>* Together with previously passed fiscal measures, our best estimate
>is that the latest federal tax cut package will provide stimulus of
>about $70 billion in 2003 and $50 billion in 2004 (calendar years).
>The impulse is heavily concentrated in the next 12 months.
That's about 1.2% of GDP, spread over two years. Significant, but not gigantic. But all you gloomsters out there better add this variable to your mental models.
Doug