TITLE

It's still the economy, stupid

AUTHOR(S)
Mooney, Peter
PUB. DATE
November 2004
SOURCE
Plastics News;11/15/2004, Vol. 16 Issue 37, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that much has been made of the influence of "moral values" in determining the outcomes of the recent elections. According to exit polls, that factor accounted for more than 20 percent of decision making by voters. Yet the factor that ranked second in the polls was the economy, and it is important to understand the relationship between the two motivations. On the one hand, voters were asked to make a statement on the current state of the U.S. economy, and by and large they disagreed with the Democrats' charge that the economy is in bad shape and getting worse. The three conventional measures of the strength of an economy are the rates of gross domestic product growth, inflation, and unemployment, and here in 2004 all three have been tracking at very acceptable rates. On the other hand, voters were asked to make a statement about current and likely economic policy, and once again they disagreed with the Democrats' charge that the current administration has blundered and economic Armageddon lies ahead. Tax cuts were instituted across the board to support consumer spending, capital-gains tax cuts were instituted and capital-depreciation allowances were accelerated to encourage capital spending, and interest rates were rapidly brought down to historically low levels.
ACCESSION #
15200731

 

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