Eight weeks ago, President Bush said: ''You don't raise taxes when an economy is recovering. Matter of fact, lower taxes will help enhance economic recovery.''
The president's words were greeted with derision by his hard-core critics. They declared his fiscal policy a discredited retread of Ronald Reagan's supply-side economic policies of the 1980s. Some even invoked the damning epithet ''voodoo economics.''
Well, what a difference eight weeks make. The Commerce Department reported last week that the U.S. economy grew at a stunning 7.2 percent annual rate in the just-completed third quarter. That's the fastest pace in nearly two decades since Reagan the tax-cutter was in the Oval Office.
More good news followed this week. U.S. manufacturers increased their output in October to the fastest level in nearly four years. ... And construction spending hit record highs in September. ...
President Bush was right to stick to his tax-cutting policy, even as critics declared it a bust. His faith in tax cuts has been vindicated by the recent growth in the economy, a harbinger of prosperous months and quarters to come.
San Diego (Calif.) Union-Tribune
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