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[Occhidiangela]

You are right - youre no economist.

Cutting taxes to spur growth is actually a long term not a short term strategy.
That said Bushes economic policy isnot all that well conceived. I was no fan of Clinton but the major element of his economic policy was great(and really out of character for a Democrat) - Rubinomics. http://en.wikipedia.org/wiki/Rubinomics.
Bush tries to control long term spending and keep and encourage the economy through low taxs.
The concept is keep money in the private sector to encourage economic growth.

Rubinomics focused on reducing Govt debt  there by forcing investors to to invest in private stocks and bonds instead of Govt securities.
The concept is also to keep monney in the private sector and encourage economic growth.
Rubinomics works better.
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When you drive considerable investment out of government securities, you risk losing the ability to act. I will point you to school bond issues as an example.

If investment all migrates to "business" and the allegedly utopian "private sector" which being multinational in the macro sense becomes an underground aristocracy, the ability of poolicy makers to influence ecnomic factors reduces, and migrates into the hands of the moneyed class. Taken at face value, Rubinomics has some fine features, but with private sector (fox watching henhouse) trumping government (farmer *cough* shearing *cough* minding sheep.) you have not reached any panacea. You still lose out on "done for the public good" projects. Bottom line myopia is a fault of the financial class.

If government debt, long term bonds, are at low enough rates and the flow in versus flow out and long term debt is managed prudently, i.e. occasional surpluses balanced against deficits over the long term, the government becomes less beholden on international monetary power and far more accountable to bond holders . . . oh, wait, unless it is war bonds, we are right back where we started.

Who buys the bonds? How do you convince small investors, or enable small investors, to buy bonds in their own country? Sound fiscal policy. So, to a certain extent, the Rubinomics framework is appealing as a confidence builder.

In a culture where confidence in fiscal policy and savings are present, often internal/national investors. In a specluative and undisciplined economy, who knows?

Occhi