Word: taxed
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EDWARD MCKELVEY: We'll see different effects. Right now we're seeing the effects of the tax cuts in the strength of consumer spending and maybe even some of the business spending. But as time progresses, if we continue to have the sort of deficit that we anticipate, hovering in the neighborhood of 4% of GDP over the next decade, then the effects will turn negative. They will come through in interest rates that are higher than they otherwise would be, and therefore growth will probably be less than it would otherwise...
TIME: I'm a little bit surprised that there is consensus about the tax cuts. Do you all agree that they were a good policy...
...from the stimulus. But I don't know that it's had the desired effect. We have this jobless recovery, and this is not normal. You're losing jobs as the overall output is growing, in a way you've never seen before. So let's say you give tax cuts for capital investment. What is the result? You have a little bit of capital investment that increases productivity. That means that you don't have to hire someone...
MCKELVEY: The question is, How much can you use the budget, through spending or tax cuts, to stimulate the economy now? Then how do you peel back that stimulus when the economy's got momentum...
...RUGY: You're saying we're spending a lot of money today, but in fact the cost of the tax cut is 25% of the deficit...