Word: poore
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...personal-finance magazine is raising its newsstand cover price in May to $20. That is, unless you're on Worth's special list of 110,000 extremely wealthy people, in which case you get the magazine for free. (How does that song go? "The rich get richer and the poor get Kiplinger...
...read as being good. The first set of numbers that let nagging doubt worked its way into optimistic minds was the sharp increase in foreclosure rates. In March there was a 46% increase in filings compared with the same month last year. That news was followed quickly by unexpectedly poor numbers from the Conference Board which said that its index of leading economic indicators fell .3% in March. The Board was probably reluctant to say what it had to, which is that the index is designed to forecast economic activity six to nine months ahead. That news crumpled the hopes...
...economic contraction, there is one thing in abundant supply: blame. Equally abundant is the desire to blame George W. Bush for the recession. Indeed, writers on these pages and others have used our shrinking economy as an excuse to indict President Obama’s predecessor on everything from poor health care to climate change to racism...
...economy is suffering. However, tax cuts are not deregulation. Deregulation implies a change in the rules and restrictions that structure markets, while tax cuts instead put money in the pockets of American consumers to use within the existing regulatory environment. Plus, not all deregulation is created equal: The poor accounting standards that led to the Enron scandal have nothing to do with the lax supervision of securities that resulted in the current crisis. Still, revisionists continue to lump tax cuts in with lax oversight in their vapid judgments of Bush...
...cuts: After their implementation, GDP grew uninterrupted for five years at an average rate of 4.1 percent, businesses created five million new jobs, and lower top marginal rates created incentives for unforeseen innovation. In fact, without the Bush tax cuts the economic downturn might have been harder on the poor. His plan increased the child tax credit and reduced rates for lower-middle-class families. The only substantive critique leveled by revisionists at the Bush tax cuts is that they widened budget deficits. But, if deficits caused the recession, it’s curious that Democrats now propose...