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...overreaction? Perhaps. Certainly there is an element of irrational behavior in the stock-market trembling that occurs every time the world's newest economic debutante adjusts her corset. China's $1.41 trillion economy is, after all, only the world's sixth largest (one-eighth the size of the U.S.'s and less than half of Japan's). But China's voracious demand for the world's raw materials and its burgeoning consumer markets means that the country has taken on outsized importance as an engine of global economic growth. Since 1995, China's GDP has doubled and its imports have...
...fact is that Presidents have very little effect on the state of the economy. Sure, they can affect trade policy, regulation, the environment and, of course, foreign policy. But the economy? With globalization, trillions of dollars flow daily in and out of financial markets. One dollar in 10 is now involved in foreign trade. All advanced economies are subject to huge outside forces beyond a President's control. Moreover, U.S. Presidents have even less economic control than most other democratic leaders. The President does not control the money supply; the Federal Reserve does. Presidents cannot dictate their own budgets...
...fact is that Presidents have very little effect on the state of the economy. Sure, they can affect trade policy, regulation, the environment and, of course, foreign policy. But the economy? With globalization, trillions of dollars flow daily in and out of financial markets. One dollar in 10 is now involved in foreign trade. All advanced economies are subject to huge outside forces beyond a President's control. Moreover, U.S. Presidents have even less economic control than most other democratic leaders. The President does not control the money supply; the Federal Reserve does. Presidents cannot dictate their own budgets...
...reversing recent cuts is portrayed as supporting high taxes. As Bush told Congress in his State of the Union speech, “The tax reductions you passed are set to expire...Unless you act, Americans face a tax increase.” In the face of the $4 trillion of deficits the Congressional Budget Office projects for the decade, Kerry’s promise to repeal Bush’s tax cuts for the top two percent of households is a step in the direction of fiscal sanity. But he knows the Republicans would label him a tax-hiking...
...members of the College Dems were equally aggressive in their rhetoric as they brought posters with slogans such as “Worst President Ever” and “Iraq: $87 billion. Tax cut: $3 trillion. Getting Bush out of office: Priceless...