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Friday, October 31, 2003

Krugman on GDP

You were wondering how Paul Krugman would manage to have a negative take on the GDP numbers, right? Well, here's how. The two main points are that this quarter of growth is unlikely to be sustained in the coming months and that the Bush tax cuts were still far from the best way to stimulate the economy. The conclusion is that, "it would be quite a trick to run the biggest budget deficit in the history of the planet, and still end a presidential term with fewer jobs than when you started. And despite yesterday's good news, that's a trick President Bush still seems likely to pull off."