Meanwhile, for the first time, the Senate voted 53-47 this week in favor of extending President Bush’s investor tax-cuts on dividends and capital gains. Senator John McCain, who voted against these tax cuts in 2003, voted for them this week. That is important news for the GOP Presidential frontrunner.
During his hearings, Ben Bernanke gave the Bush tax cuts credit for economic recovery. Mr. Bernanke also pledged to keep basic inflation around 2 percent or less, and he narrated a positive view of the economy.
His biggest concern on the inflation front seemed to be a spillover effect from higher energy prices. But that hypothetical thought is being overtaken by events in the energy trading pits, where gasoline prices are plummeting and crude oil has dropped below the $60 dollar a barrel threshold. With energy inventories high, lower prices will pull down inflation rates in the next couple of months.
And as a bonus: "Notably, Bernanke not only credited tax cuts for economic recovery, he also endorsed school choice and vouchers for better education performance."
Bernanke for President!!
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