Is Bushs Tax Cut Big Enough?
At $160 billion a year, it would barely dent the surplus. The economy needs more. BY GEORGE MELLOAN Saturday, February 3, 2001 12:01 a.m. EST Alan Greenspan has endorsed tax cuts, and the new Treasury secretary, Paul O’Neill, is on board as well after having waffled a bit in his confirmation testimony. Mr. O’Neill had argued that lower interest rates, not taxes, were the first line of defense against a slowing economy. He was no doubt pleased when the Fed trimmed its short-term rate target again this week. He also now says he will carry the tax-cut banner with pride. With Bill Clinton out of the way, some congressional Democrats have become tax-cutters as well. The administration of George W. Bush is only in its second week, but all the political harmony in Washington is so unnatural as to be disconcerting. Even the New York Times has overcome its reluctance to admit that Mr. Bush is a legitimate president and was marveling Sunday on what a smooth transition the Bushites were conductin
