The economy roared ahead at an astounding 8.2 percent annual rate in the third quarter, the fastest pace in nearly two decades and a much stronger performance than previously thought. It raises hope that a long spell of lackluster business activity is finally over.
First off, it was Bush’s tax cuts that did most of this. No one will deny that. Economies always show impressive growth coming out of a recession, plus the absolutely massive cuts (coupled with people willing to spend more than usual) jumpstarted it in the last quarter. But (there’s always a but), it’s only one quarter. People don’t have the refunds to spend again. And of course, the deficits are so out of control, taxes are going to have to be raised (or SS, medicare, etc go out the window). So this is going to come back to bite everyone who got a cut. But for now, hopefully this gets the economy back on track. It doesn’t make Bush’s policies prudent, he could have got the same result by giving less to the upper class, which will end up costing everyone a ton, and he’s given us an insane deficit.