Growth and Reconciliation Act

Paper Summary:

This paper discusses the 2001 Growth and Reconciliation Act. The writer looks at tax cuts meant to jump-start the economy and considers how well this has worked. The writer also discusses whether the policy has been effective, noting some of the consequences in terms of the growing deficit as well as the state of the economy. Further, the writer considers what the long-term implications might be according to different analysts.

From the Paper:

"The Tax Relief Reconciliation Act of 2001 (The Act) was signed into law by President George W. Bush on May 28, 2003, standing as the biggest tax reduction since 1981. The Act has had a sweeping impact on the economy, though whether for good or ill depends on who is speaking. What the long-term implications might be also depends on who is making the assessment, with Bush and most Republican legislators seeing this as a boost to the economy and as the best way to assure a good economic future, while most Democratic legislators seeing the Act as a giveaway to the wealthy that endangers the smooth running of government and that pokes huge holes in the safety net for the poor."

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