Come Back, Paul, All Is Forgiven
Strange leaks from the White House are suggesting that the President's new
economic team, which was supposed to shore up his tax-cutting stimulus plans,
is instead advising that the administration's proposals, due to be put before
Congress in January, should be watered down in anticipation of Democratic objections. The rumours say that the President may pare back the mooted cut on dividend
taxes from 100% to 50%, and that the administration is dropping plans to accelerate
marginal rate cuts for higher earners. White House advisers apparently fear
that Democrats will attack rate cuts as 'helping the rich to get richer', and
think that the President is vulnerable on the deficit. These leaks are an unfortunate start for the President's new team of Stephen
Friedman and White House adviser Joshua Bolten. The most charitable explanation
is that these White House wimps were always there in the woodwork, and have
a temporary opportunity to whine away while the new men warm up their chairs
and their voices. .
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