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Tax Cuts Help US Economy To Fastest Growth In 20 Years

by Mike Godfrey, Tax-News.com, Washington

24 December 2003


Perhaps the best evidence yet that this year’s round of tax cuts has given the US economy the shot in the arm that President Bush was hoping for, figures released by the Commerce Department yesterday revealed an 8.2% increase in Gross Domestic Product for the third quarter – the fastest growth rate for two decades.

The Commerce Department report, confirming growth estimates released a month ago, revealed a consumer-driven boost in economic activity spured on by historically low interest rates which helped the US economy surge faster than at any point since 1983.

According to reports, many analysts are now predicting growth of around 5% for the fourth quarter representing the best back-to back quarterly economic performance for many years, and contrasting markedly to the more sluggish growth rates of 2% to 3% recorded in the first half of 2003.

Though no major tax cuts have been pencilled in for the coming year by the Bush administration, it is debatable whether these rates of growth can be sustained without further recourse to tax cuts in 2004. However, with an election year now right on the doorstep, the more cynical observer could be forgiven for speculating whether the White House is formulating its next bold fiscal measure.


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