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Huge income tax cuts and dividend and capital gains tax reductions have been in effect for a little while now. And I've been breathlessly awaiting that huge economic surge in America that conservatives have promised would happen because of all these tax cuts.
I'm still waiting.
The economy barely budged in the first quarter, growing at pace of just 0.7 percent, the worst in more than four years. The sour housing market was the principal culprit.
In new economic projections, the Fed expects the economy to grow between 2.25 and 2.50 percent, as measured from the fourth quarter of last year to the fourth quarter of this year. That's lower than the old forecast of 2.5 percent and 3 percent.
For 2008, the economy should pick up and expand between 2.50 and 2.75 percent. Link
Previously the excuse for no surging in this tax cutting environment has been the same as George Bush's excuse for everything.....9-11. Well, we're removed from 9-11 now and I'm still waiting for that great economic utopia, clearly created by cutting the taxes of the most wealthy amongst us. I mean, isn't that what we were promised?
When should we expect the boom? Would it be in, say, my lifetime?
Or could it be that the claim itself might be erroneous? Could that be it?