But as the markets continue to stumble, a growing chorus of economists is asking another, more pointed question. The current situation is by no means all Bush's fault. It's been commonplace for months to observe that the technology and new economy companies that fueled the '90s boom are now leading the markets down. There's also little point in denying that when the new economy speculative bubble finally popped, it did so on Clinton's watch. Technically, the country isn't even actually in a recession, and some stalwarts are still convinced that we may yet avoid the worst.
Unemployment is still at historically low levels and inflation is negligible.
And instead of a plan that puts most real dollar gains in the hands of the wealthy, who are the least likely people to run out and spend their refunds, the best stimulus for our flagging economy would be a tax cut for the poor and working class, the people who would spend it immediately. Most economists deem it unlikely that Bush will suddenly abandon the constituency that bankrolled his campaign, give in to Democratic opposition and focus a tax cut primarily at the working poor and lower middle class. They are not even sure that any tax cut would make a significant effect. Greenspan going all out to reassure the public. Now, instead of that, we have an administration that's saying it will get even worse unless you pass our tax cut.