Word: boskin
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...spokesman for the House Ways and Means Committee. "Clearly this reform will not be successful without President Clinton's leadership," says William Roth, chairman of the Senate Finance Committee. Clinton, however, has only asked his economic team to evaluate the report of that panel, which was headed by Michael Boskin of the Hoover Institution...
...hurt the whole economy, because in recent years America's 20 million small businesses have typically grown much faster than the big ones. Little companies currently employ 53% of the total U.S. work force, and during the past half-decade created virtually all net new jobs. Writes Michael Boskin, former chief economic adviser to President George Bush: "The large increase in tax rates on small businesses will reduce their after-tax profits, a primary source of funds for business expansion in the sector of the economy that creates most jobs...
...BOSKIN'S BOLD PLAN...
...December 1991, Boskin began to argue that the economy might need a traditional boost, through new tax cuts and spending, of some $50 billion to $75 billion. He challenged the conventional argument that such stimulus would be superfluous in an economy with such a big annual deficit. When the cost of interest on the national debt was subtracted, he reasoned, federal fiscal policy was no better than neutral in its impact on the economy, while fiscal policy was contractionary among states and cities that were raising taxes and cutting spending. Bush and his other advisers, however, showed no enthusiasm...
...economic team is working hard to make it better still; 3) But I'm firing all of them anyway, effective the day after the election. Not only has Bush let it be known that Treasury Secretary Nicholas Brady, budget director Richard Darman and economic adviser Michael Boskin will be shown the door; he has also asked all presidential appointees to prepare letters of resignation...