Our correspondent Joshua Sharf points out that “The biggest problem with the Democrats’ ‘Stimulus Package’ is the very thing they’re trying to use as a selling point: its temporariness.” He notes that permanent, structural change is best because business can count on it and plan on it. Permanence is made difficult, however, by the odd rule “that requires 60 votes to make tax cuts that extend beyond 10 years permanent. This is why the tax cuts of 2001 are slated to end in 2011.” I basically agree with Joshua, except I would note that permanent, structural change is the last thing the Democrats want, so it’s no surprise their feeble “stimulus” approach quickly expires. My only other caveat is, I am not sure how confident business can be about the permanence of any economic policy adopted by Congress. Ten years may be about as far as anyone feels able to see.
Joshua is a blogger, by the way–I can’t remember whether we’ve linked to him before, but his blog is called View From A Height. It’s very nice; take a look.
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