Friday, October 08, 2010

Sorry for the lack of posts. I just feel kind of doomish and stuck.

Bush Economic adviser Marc Sumerlin said @CNBC:

"If you look at the quarters when the [Bush] tax cuts went in, there was very substantial growth. People forget that the third quarter of 2003, we grew at 7 percent when the tax cuts—the full marginal rates—took effect. Running that in reverse causes the opposite to happen."

He also said:

"The Federal Reserve needs to pump at least $6 trillion to $7 trillion more into the U.S. economy to have any meaningful impact on sluggish growth, former Bush economic adviser Marc Sumerlin told CNBC."

If we are really lucky - we will get both. Bush tax cuts expiring, and 6-7 trillion in debt.

That should make everyone want to whip open their wallets. Full sarcasm on.

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