John Snow, he of the 'stong dollar policy' and 'deflation is a monetary phenomenon' fame, is getting his act up and running. "Deficits are not all equal, we need to distinguish here......" and "the best tonic for a weak economy, high unemployment and a slumping stock market is a massive tax cut", no "We're not going to be satisfied unless we have the biggest number we can get" Now, as we go forward on this try to stay calm, and think of Gauti Eggerston .
As the Senate prepares to debate a tax cut proposal considerably less than is being sought by President Bush, Treasury Secretary John W. Snow yesterday dismissed Democratic concerns about mounting deficits and said the administration's plan is just what is needed to fix a "soggy" economy. Snow, making the rounds of the Sunday TV talk shows, told Fox News, "The president wants to create jobs now, and the best way to do that is to reduce taxes now, taxes for households and taxes for small businesses that are the engines of creating jobs." Asked whether the administration would settle for less than the $550 billion package passed by the House, Snow replied, "We're not going to be satisfied unless we have the biggest number we can get that creates the most jobs. That's what we're going for."
Snow argued that the best tonic for a weak economy, high unemployment and a slumping stock market is a massive tax cut. During an appearance on NBC's "Meet the Press," Snow described current conditions this way: "The economy is in a recovery, but it's not a robust recovery. It is a sort of weak -- soggy is a word I sometimes use -- recovery. Growth rates last quarter, 1.6 percent. You know, we should be growing at 3.5 to 4 percent."Pressed to justify administration proposals for the third tax reduction in as many years while the budget has gone from a $281 billion surplus to a $246 billion deficit, Snow replied: "Deficits are not all equal. We need to distinguish here. . . . Today we have underemployment" and a greater need for deficit spending.
Source: Washington Post