In part, that's because it takes so long to get anything done in Washington. By the time the tax cut kicks in, the slowdown is usually over. Bush's newly named top economic adviser, Lawrence Lindsey, knows this well. Indeed, for years, Lindsey has argued against using tax cuts as a short-term economic stimulus. So, in fact, have most mainstream economists and nearly all GOP analysts.
Corporate executives know it, too.
But Bush is in a bind. The tax cut was the centerpiece of his campaign. So he keeps flogging it. Bush and his CEO friends ought to give this tax cut the clear-headed thinking it deserves. The McGraw-Hill Companies Inc. All rights reserved.