A Little Economic News
Since it looks like the Republicans have adopted the Democrats' "watch us self destruct!" election playbook this year, it's likely that the Dems will take back at least the House this election. I personally expect both House and Senate to switch hands, given the Foley/Hastert meltdown, the successful media effort to portray the Iraq war as a lost cause, and the general malaise affecting the Republicans. This of course means that the Bush tax cuts will be undone, taxes will go up (because that's one of the unchanging ground truths of the Democratic Party - they like higher taxes. Only on "the rich" of course, but strangely it's always the middle class and small business that takes it in the shorts when the Dems get to pass their tax bills. But I digress), revenues will go down, spending will continue to spiral out of control and the deficit will balloon again. All of which will be blamed on Bush's "failed economic policies" once Bush is out of office.
History shows that lower taxes stimulate the economy, bringing increased revenue and sustained growth. But, as always, the reality-impaired are not interested in the lessons history has to teach, but in enacting their flawed theories. Really, how many more times does "higher taxes=poor economy" have to be proven before the lesson finally sinks in?