What about glomming onto Bob Greenstein CBBP, projections with that
program #er crunchin' gizmo he has?
Michael Pugliese
----- Original Message -----
From: "Max Sawicky" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Thursday, July 26, 2001 8:20 AM
Subject: [PEN-L:15563] RE: Jamie Galbraith
> Nobody intended for the tax cut to have a Keynesian
> effect, even w/no spending cuts. If you're a
> keynesian, it's too small ($40b this year) and
> maldistributed. If you're not, its size is
> irrelevant.
>
> mbs
>
>
> In any event, J. Galbraith is, IMO, right in stating that if behind a tax
> cut there comes a sharper cut in expenditure, it would make the tax cut
> futile. What we have used in our model is the CBO published documents up
> until beginning June, and we accounted for tax and expenditure changes
that
> were incorporated then. We did not want to speculate on different budget
> proposals, simply because we did not know.
>
