Guess what this editorial is about:
“An Effective, Responsible Stimulus” by the New York Times:
“[The President] got more specific yesterday about what he wants to do to help the economy… It was a promising start, and the administration should now start working with Congress to deliver a stimulus package as quickly as possible.”
“Under the president’s plan, the total stimulus would amount to 1 percent of gross domestic product, enough to give the economy a good shot in the arm. But its effectiveness will depend on how the relief is delivered….”
“To help businesses the president suggested a range of tax breaks, including temporary tax credits for new investment, accelerated write-offs for spending on buildings and equipment, and a cut in the corporate income tax. The first of these is the best, since it would directly encourage companies to start spending. Accelerated write-offs are less precisely targeted. They would cut the cost of existing assets as well as new ones, and companies’ savings might or might not be used for growth. Of least use is a cut in the corporate income tax, which would have little if any effect on businesses’ decisions on investment and employment.”
“To help consumers, the president suggested extending the duration of cash benefits and health coverage for the unemployed, more tax rebates and accelerating his existing 10-year package of tax cuts. Extending unemployment benefits is important…”
“Tax rebates would certainly give consumers a boost, especially if the rebates went to lower-income Americans whose purchases are most constrained by their earnings.” [1]
What was your guess? Did you think it was a January 2009 editorial in support of President Obama’s Stimulus plan?
The answer is it was an October 4, 2001 editorial in support of… President Bush’s Stimulus plan.
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