Having posted twice about Allan Greenspan's new book (here, Tom Faranda's Folly: Greenspan's new book - critical of Bush's abandonment of small government principles and here, Tom Faranda's Folly: More on Greenspan and his book it's only fair to let Vice-president Cheney (also known as Darth Vader Tom Faranda's Folly: Darth Cheney) respond.
The Real Bush Record OpinionJournal - Extra
The combined effects of recession and national emergency could have been devastating for America's economy. Yet President Bush's tax cuts--following through on a promise he had made to the voters--resulted in a shallower recession, a faster recovery, and a platform for growth that remains sturdy to this day. The fact is that in a time of unprecedented challenge, the United States has experienced nearly six years of uninterrupted economic growth and added more than eight million new jobs since August 2003--more than all other major industrialized nations combined.
The economic growth encouraged by the president's tax cuts is now producing sharply increased federal tax receipts--up by nearly 15% in fiscal year 2005 alone, nearly 12% in fiscal year 2006, and projected to rise nearly 7% in the fiscal year that will end this month. That is the highest growth in tax receipts in consecutive years since 1981. As a result, tax revenue as a percentage of our economy is now above the 40-year historical average. Under the circumstances, it's pretty hard for anyone to argue that the American people are under-taxed. Even at a lower rate of taxation, the hard work and productivity of Americans is generating more tax dollars than ever before.
On the spending side of the ledger, I can't dispute Alan's general notion that the federal government is too big and spends too much money--we've agreed on that point since we both worked in the Ford administration more than 30 years ago. President Bush feels the same way, and that's why he has steadily reduced the annual rate of growth in non-security discretionary spending. In contrast, the last budget enacted during the Clinton/Gore administration increased that category of spending by a staggering 15%. President Bush has pressed hard to keep that spending under control--and this year's increase will actually be lower than the rate of inflation for the third year in a row.