[lbo-talk] Money printing

Doug Henwood dhenwood at panix.com
Mon Oct 6 13:12:57 PDT 2003


Wojtek Sokolowski wrote:


>Unlike gov't spending, which actually results in the
>production of tangible goods, hence creates jobs, tax cuts are mainly
>used to refinance the existing debt

Not this time. It seems most of the 2001 tax cut was saved (or used to pay down debt, which economically speaking is the same thing). Most of the recent one was probably spent.

Doug



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