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2001-10-30

Bush Promotes $100 Billion Economic Stimulus Package Consisting of Tax Cuts for the Wealthyand Corporate Rebates

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The Senate this week will take up a $100 billion economic stimulus package passed by the House and composed almostentirely of tax cuts for the wealthy and rebates for corporations. Among the winners in the House bill are: IBM:which would receive $1.4 billion GM: receiving more than $800 million GE: receiving nearly $700 million CHEVRON:receiving more than Half a billion dollars And ENRON: receiving $250 million and closely linked to the BushAdministration. Senate Republicans have proposed an even larger package of refunds, totaling some $220 billion, whileDemocrats have called for increased unemployment insurance, job assistance and other forms of public investment.

The September 11 attacks have exacerbated a major economic downturn that began this summer and raised the question ofhow the government should respond. Major corporations have laid off tens of thousands of workers in the last 6 weeks,including United Airlines and American, which between them would receive more than half a billion dollars in taxrebates under current proposals.

Guests:

  • Daniel Mitchell, Economist and Senior Research Fellow at the Heritage Foundation.
  • Dean Baker, Center for Economic and Policy Research.

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