Snow said we are "already in a recovery, but it's too slow and not robust enough." He believes that as people have more disposable income, more of the unemployed will go back to work. He said the deficit "doesn't concern me terribly now. Longer term we may need to worry more about Social Security and Medicare, but right now the deficit is manageable and modest. The real deficit is the deficit in growth rates and job creation, and that's what this (tax) bill addresses."
Snow predicted growth rates "in the high 3s, maybe over 4 (percent), and when you do that you put a lot of people back to work and you begin to address the deficit the right way. "
Confirming a personal prejudice of mine, Snow said, "We don't have a revenue problem. The government gets plenty of revenue. What's wrong is that the government spends too much money. The president has made it clear he wants to rein in that spending." Snow said Congress "should limit discretionary spending to the size of the increase in the typical family budget. That's 4 percent. We ought to try to limit the government's appetite to 4 percent at the most."
If the administration's economic forecasts come true, George W. Bush will be unbeatable in 2004. That's what worries his opponents, who have nothing new to say about the economy, or anything else, other than their standard class-warfare rhetoric. This administration's successes could produce a 40-plus state electoral blowout and add to Republican congressional majorities, which might approach Ronald Reagan's 1984 reelection in which he captured 97 percent of the electoral votes.
If you're a Democrat, you should be worried.