Word: slowdown
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...year that the economy figures to do the bulk of its sputtering. Bush, who rightly says he has "great faith in the economy" over the long haul, backloads the bulk of the benefits in the second five years of the plan - too late to blunt even an extended slowdown, and if he's making some Keynesian argument about cutting taxes in far-off times of plenty, he's not articulating it very well...
Bush economic adviser Larry Lindsey called that charge "faintly bizarre," and he's right - not only did this slowdown take root last fall, but Bush has done little more than tell it like it is, and understate it at that. But it's just as bizarre a contention that Bush's plan, conceived under much sunnier economic skies, can do anything about consumer spending this year or next. And having apparently made the political decision that his tax relief isn't saleable on purely moral grounds, Bush might want to reconsider matching his message to his medicine...
...Which is not to say an income tax cut can do anything to temper a slowdown as business-related as this one is. But he could look awfully presidential trying - and that's where the right-wing tax-cut-thumpers like Dick Armey, Tom DeLay and their newest stalking horse, conservative Pennsylvania congressman Pat Toomey, come...
...verdicts rolled in: Japan's economic growth was the faintest of heartbeats; it was shackled by deflation, record unemployment and self-feeding consumer recalcitrance; its banks were on the verge of bankruptcy and its government was drowning in debt. With the U.S. in a slowdown of its own, Japan's exports couldn't keep it hanging on, and Mori's latest missteps seemed to prove that the country's deeply sclerotic government had neither the will nor the agility to do what needed to be done...
...Well, here's the scary thought - that a 12-month NASDAQ bear market (in which it's lost 63 percent of its value) will be good for at least a 12-month slowdown, maybe more. The rest of the world has the same cold the U.S. does, and there's not much reason at all for people to start buying computers and cell phones all over again, seeing as how they all do pretty much the same thing they did last year. Under this scenario, we're still near the bottom - definitely nearer, at least, than...