Mid-Session Review: ‘The Tax Cuts We Passed Worked’

By July 12, 2006General

Not sure how many bloggers were in the East Room yesterday morning for the President’s remarks, but we were honored to be there, sitting in the third row, visible to sharp-eyed viewers on C-SPAN and CNN. Saw many of our association brethren there — Rick Shelby, Tom Kuhn, Bruce Josten, Rob Green. Had a nice chat with newly-sworn-in Treasury Secretary Hank Paulson. As the President noted, the guy’s been on the job one day and is already turning in some impressive results. Gave a quick hello to Tony Snow and saw some Congressional Reps there, including Chris Shays (R-CT) and the estimable Mike Pence (R-IN). It was a good crowd and the President was pretty pumped up.

And why shouldn’t he be? he had good news to report. Due to soaring tax revenues, the deficit will shrink by about 30% beyond original estimates. As we said yesterday, tax cuts lead to more spending and investment and that leads to growth. That’s good for America’s manufacturers and good for the economy at large. As you’ll see in his remarks, the President said, “The tax cuts we passed worked.” He’s right.

Of course the pro-tax New York Times weighed in yesterday with a truly asinine editorial accusing the Administration of manipulating the numbers. OMB Director Rob Portman — universally well-respected — pretty much demolished the Times’ little arf with a rhetorical swipe in this interview with Wolf Blitzer. Tony Snow in his press scrum later in the day also called the Times’ allegations, “insane.” That’s about right. But they just can’t abide good news. That’s the problem.

Here’s a link to a “pocket card” handed out yesterday, which summarizes the good news. (Are we allowed to say, “good news”? Don’t tell The Times…) And here’s a link to our press release, applauding the good news and reminding all of the unfinished business in getting these various tax cuts that are working so well made permanent.