Bias Against Tax Cuts
June 2, 2003
Although the New York Times gave no credit to President Bush's tax bill for the stock market's 180-point jump on Tuesday, May 27, Bruce Bartlett believes that should the market fall at any time in the next several years, the Times will blame it on tax cuts.
According to Bartlett:
- The Times will say that markets are worried about deficits and crowding out in financial markets.
- Never mind that markets already know full well today what the tax bill's impact on the deficit will be.
- When the market falls, the Times will still act as if this information suddenly emerged out of the clear blue.
When this day comes, Bartlett says the Times will seek out Wall Street-types like Roger Altman, who will solemnly proclaim that President Bush must raise taxes to restore confidence. It may mention that Altman was deputy secretary of the Treasury to give his words added weight. But it will probably neglect to note that it was during the Clinton Administration and that Altman is a large contributor to the Democratic Party. Unfortunately, this sort of trick has worked in the past.
Source: Bruce Bartlett, "Bias Against Tax Cuts," National Center for Policy Analysis, June 2, 2003.
Browse more articles on Tax and Spending Issues