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Article Analysis Week One
On Thursday, April 4, 00, President Bush visited Canton, Ohio in an attempt to sell his tax cut proposal. President Bush planned this trip in the hometown of a fellow Republican who refuses to go along with the proposed plan. Economists have also debated whether a new round of tax breaks will provide the troubled economy with the stimulus it needs. Edwin Chen and Janet Hook, Los Angeles Times staff writers, summarized the Presidents visit in an article titled, Bush launches tax cut offensive.
Some of the opposition to Bushs plan comes within his own party. GOP Sen. George Voinovich joined other Senate moderates in refusing to vote for any tax cut greater than $50 million. Bush argued that Congress needs to quickly approve a tax cut of not less than $550 billion, which he said would create 1 million new jobs by the end of 004 (Chen & Hook, 00, p. 1). There are those who are worried about the burgeoning federal budget deficit such as Voinovich (Chen & Hook, p.1). Voinovich sees the tax cut causing spending cuts. If Voinovich is correct, than businesses that rely on government buying their products, would be affected and consumers would pay more for their products.
In Bushs speech, he blamed the weak economy on an array of factors, including a global recession, corporate scandals that shook investor confidence and the 001 terrorist attacks (Chen & Hook, 00, p. ). He tries to pass blame on the current economic conditions by stating that the recession had begun under President Clintons watch (Chen & Hook, p. ). Citing low interest rates, low rate of inflation and declining oil and gas prices President Bush remains optimistic (Chen & Hook, p. ).
President Bushs proposed tax cut has gained supporters and opponents from within and outside his party. In support of the proposed tax cut, I believe that it could give the economy a boost. Families would pay federal income tax, investors would no longer be taxed on stock dividends, and married couples would pay less tax for filing jointly. As a family man with two children, there would be a bigger deduction for each child resulting in larger take home pay. The proposed tax cut would accomplish its purpose of getting more money into the working families hands with the idea of them spending that money. This would cause businesses and their suppliers to begin hiring; therefore, causing the unemployment rate to be reduced.
As for opposing the tax cut, the government would be forced into borrowing money to pay for the bigger projected deficits. This would likely result in increased interest rates for everyone. Families and businesses would be paying more for mortgages, credit cards, and borrowing costs for investments. It seems that whatever attempt President Bush makes to fix the economy there will always be those who are in support of his actions and those who are not yet convinced.
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