Word: taxed
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Dates: during 2000-2009
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...question is what form the stimulus should take. Pretty much any kind can work--what finally put a definite end to the Great Depression was military spending in World War II. But some kinds are more effective than others. For the past eight years, tax cuts have been the favored means of pumping up the economy. There's much to be said for putting spending power in the hands of hundreds of millions of Americans rather than in those of a few bureaucrats, but there is a catch. People tend to save part of their tax rebates. In 2001 about...
...bigger effort is likely in January, when Barack Obama moves into the White House. And it's not just Washington: China has announced a $586 billion stimulus plan, although it's not clear how much of that will be new spending. Germany has approved $29 billion in spending and tax cuts. British Prime Minister Gordon Brown is expected to announce tax cuts soon...
...simple idea behind all these efforts is that consumers and businesses aren't spending enough to keep the economy growing; government either needs to tempt them into doing so with tax cuts or do the spending itself. In the U.S., many economists are urging a total stimulus of at least $300 billion, or 2% of GDP. A few say $500 billion or $600 billion makes more sense--and that's on top of the hundreds of billions already committed to bailing out financial institutions. Goldman Sachs chief U.S. economist Jan Hatzius, who is in the $500 billion camp, estimates that...
First, the most extreme economic argument against temporary fiscal stimulus--that consumers and businesses would see through it and restrict spending to prepare for the tax increases or spending cuts to come--has lost almost all its adherents. Economists no longer believe humans are that farsighted...
Second, a stimulus package--the tax rebate of 2001--was widely credited with helping end that year's downturn. The good timing was in part luck; President Bush had been pushing for a tax cut whether there was a recession or not. But it showed that fiscal stimulus could work...