From the White House summary of policy initiatives:
Keeping America’s Economy Healthy: To help keep our economy growing in the short-term, President Bush will ask Congress to quickly pass the $150 billion economic growth package agreed upon in bipartisan negotiations between the Administration and House leadership. President Bush will also ask Congress to make sure the tax relief that is now in place is made permanent – this is the most important action to ensure the long-term health of our economy.
Exactly right. The intent of the economic stimulus is a short-term boost to the economy and a bit of public uplift. No matter its efficacy, the key to a strong, wealth and jobs-creating economy over the long run is a system that rewards investment — a stable and predictable climate that ensures that companies do not suffer competitive disadvantages because they do business in the United States. Making the tax cuts permanent goes a long way toward creating that climate.
See the NAM’s plan for economic growth.
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