Just One Minute
Balanced Fare: We Report, You Deride

Monday, April 14, 2003

I Can Call Spirits From The Vasty Deep

Glendower: I can call spirits from the vasty deep.

Hotspur: Why, so can I, or so can any man; But will they come when you do call for them?

Professor Glendower, often praised for his writing skills, reaches Shakespearean heights with his latest critique of the Bush tax cut:

...the White House is fixated on achieving another political triumph — the elimination of taxes on dividends — that has little or no relevance to our current economic troubles.

I could demonstrate this irrelevance by going through an economic analysis, but here's a telling political clue: USA Today reports that faced with concerns in Congress about budget deficits, the administration has indicated that it is willing to consider a phase-in of its dividend plan.

I concede - I don't see how anyone can fault the unpublished, undescribed economic analysis Prof. Krugman would have performed if only USA Today were not offering such compelling fare.

However, although his model is not available, there seem to be competing forecasts which dispute his conclusion.

Finally, an Annoying Disclaimer - I am engaged in mere reflexive oppositionalism here. I was a skeptic about the size of the proposed tax cut back in January, and especially wondered about whether the dividend tax cut was too complex to be justified. If I work up the nerve, I will turn on my Selective Excerpter, crack open the Blogger archives, and prove it. Regrettably, I am reasonably certain I will not find an economic model to support my view. Time will tell!

Comments: Post a Comment