On Fox News, Stephen Moore said of the Obama administration's plans for dealing with the economic situation: "The one thing this administration won't do is cut taxes." In fact, the recovery act included $288 billion in tax relief.
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During a July 7 appearance on Fox News' On the Record, Wall Street Journal senior economics writer Stephen Moore said of the Obama administration's plans for dealing with the economic situation: "The one thing this administration won't do is cut taxes." In fact, the $787 billion American Recovery and Reinvestment Act included $288 billion in tax relief, including the Making Work Pay tax credit, an annual credit of $400 per individual or $800 for families.
In addition, the recovery act included a temporary increase in the earned income tax credit, a temporary increase in the refundable portion of the child tax credit, an increase in the first-time homebuyer tax credit, and tax incentives for businesses.
From the July 7 edition of Fox News' On the Record with Greta Van Susteren:
GRETA VAN SUSTEREN (host): Now, you may not like what you are about to hear. One of President Obama's economic advisers, Laura Tyson, says the budget deficit will probably be wider than we expected, and that the $787 billion stimulus bill was a bit too small, and we should be planning on a contingency basis for a second round of stimulus.
Oh, no. A second round of stimulus? Senior economics writer for the Wall Street Journal's editorial page Steve Moore joins us.
Steve, a second round? Yikes. Your thoughts?
MOORE: Well, Greta, I predicted this was gonna happen. You know, the first stimulus hasn't worked very well. We have nine-and-a-half percent unemployment.
Now, it's true we've only spent about 70 billion of that $800 billion package. But, you know, it's almost like you've got a python that swallowed a pig, and the pig is halfway through the body of the python, and now you're going to, you know, jam another pig through its mouth.
This isn't going to work. I think our fiscal situation today, Greta, is a total catastrophe. We are going to end up borrowing $2 trillion this year because the economy is doing worse than we thought. That is by far the biggest record in history.
And you have to ask your question -- the question, Greta, when do you stop all this spending and start a new strategy? The one thing this administration won't do is cut taxes, which is something that's worked before. It worked for George Bush in 2003, and it worked, of course, for Ronald Reagan in 1981.
VAN SUSTEREN: You know, you sort of think that maybe Vice President Biden and Laura Tyson have gone a little bit rogue.