is this piece about the economy by Tony Blankley. Blankley wonders whether we are undergoing more than just an ordinary economic downturn. He suspects that we are experiencing the aftermath of a “burst bubble,” and that prices for inflated assets like stocks may drop quite a bit more, leading to the kind of general deflation that Alan Greenspan talked about last week. Blankley argues that neither party seems prepared to deal with, or play the politics of, deflation. However, there’s not much doubt about which party would benefit from deflation in the short run. Thus, Blankley’s advice to President Bush is sound — don’t over-promise a growing economy soon as a result of the tax cut.
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