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As noted in these previous posts, the GWB tax cuts worked:
The GWB Tax Cuts Worked: Tax Receipts Show Biggest Gain in 25 Years
The GWB Tax Cuts Worked: Tax Cuts Power Growth in Consumer Wealth *and* Cut Deficit
The GWB Tax Cuts Worked: More Great News on the Economy
The Tax Cuts Worked-Economic Expansion: Year Five
The GWB Tax Cuts Worked: Tax Cuts Power the Economy
The Bush Tax Cuts Have Resulted in Higher Tax Revenue
Lower Taxes Make the Economy Stronger
Lower Tax Rates Are Resulting In Higher Tax Revenue
A Myth Debunked: Bush Tax Cuts Did Not Favor the Rich
Tax Cuts Work: Government Forecasting Incorrectly Thought Tax Costs Would Reduce Tax Revenue
Today we see this new headline:
Dow gains in 15 of last 16 sessions
Winning streak is among longest in index's history
The Democratic response? They want to kill the tax cuts that are powering this fantastic economy:
2008 Democrats Propose a Ceiling on Bush Tax Cuts
WASHINGTON, April 20 - Grappling with one of the biggest domestic policy choices that will confront the next administration, the leading Democratic presidential candidates say they would raise a variety of taxes on affluent people but extend President Bush's tax cuts for middle- and lower-income families.
The tax cuts must be left in place, for the good of the economy, and of all Americans who profit from it via strong growth in jobs and wages, and extremely low unemployment. As quoted in one of the previous posts linked above:
The nation's unemployment rate ticked up one-tenth of a percent to 4.5 percent. The move isn't significant, but it is important to keep in mind that this level of unemployment is historically low by American standards. Most economist believe we're at "full employment" when the economy has about 5 percent of workers without a permanent position.
What's this mean for the economy? The better than expected job creation in November supports the idea that the economy is on relatively solid footing right now, despite a recent slowdown. Could we be seeing the much ballyhooed "soft landing" that Federal Reserve Board governors have been dreaming about? Maybe.
Also revealed in today's report were wages that are increasing at a pace not seen in years, as unemployment is relatively low. That means companies have to raise wages to attract and retain workers to sustain growth. That might be helping bolster "consumer comfort" — measured weekly by ABC News — which has been near multi-year highs in the past few weeks.
