The Jury is Out
Reported by Eleanor - September 10, 2004 -
The Big Story with Andrew Napolitano (Sept. 10, 5:00 p.m.) had a five minute segment with Neil Cavuto to discuss the impact of 9/11 on the economy. Cavuto gave credit for the recovery to the "American spirit" and to Bush's leadership.
Cavuto said 9/11 cost America a million jobs. There were lots of lay-offs, but we have made up for that now. One million jobs were also lost that can be attributed to the corporate scandals and the bursting of the Internet bubble. There were "dire predictions" of a multi-year bear market, but within a few months, sales were back up.
According to Cavuto, the financial recovery was due to American optimism. He keeps a historical chart in his office as a reminder - the chart always goes up due to the American spirit. "Bush's leadership" is responsible. Tax cuts? The jury is still out on that. Both parties are spending more money than is coming in. (Could it be that we don't have enough money coming in due to massive tax cuts?)
