If the rate at which the recession is said to be biting is correct then one can expect irrefutable evidence of recession to appear in a couple of months as more figures become available. Even so, there are now enough people being directly affected to prevent Bush being held responsible. This is why the Republicans can safely ignore Robert Reich s opinion that whoever wins the presidency is doomed, except if his name is Gore. With recession looming up, Bush tax cuts, regardless of Keynesian superstitions, will be the kind of fiscal medicine the economy will need to speed recovery. Not because it will stimulate consumption, which is what we don t want, but because it will encourage savings while releasing resources to the private sector.
Taxes do affect behaviour and tax increases can curb investment.
Tax cuts and a hands-off approach, including deregulation, is what will be needed the very things that an arrogant and meddlesome Al Gore would virulently oppose. Don't be alarmed. I'm not predicting another Great Depression.