Reply #8: Here's that article [View All]

[Terran]

http://www.democraticunderground.com/articles/02/01/28_year.html

The Year that Might Have Been
January 28, 2002
by Eric Munoz

President Al Gore's first year in office began amid controversy with the Republican Congressional Leadership conducting investigations into Florida's election fiasco. Ironically, the investigations uncovered a web of questionable and illegal activities performed not on the behalf of then VP Al Gore, but on behalf of Texas Gov. George W. Bush. Among the parties alleged to be responsible is Kenneth Lay, former CEO of now bankrupt Enron. Reportedly, Mr. Lay hired a group of Republican staff members to pose as protestors and storm the Miami-Dade recount efforts. He, along with several others face charges of intimidation, conspiracy to commit election fraud, racketeering, voter fraud and other corruption charges. In the aftermath, revelations of accounting irregularities and fraud in Enron's business practices have brought the once mighty energy trading to the brink of collapse.

President Gore's first year in office has been marked by a decline in economic growth from the booming 3.5-4% growth rates of his predecessor's last years to a more modest 1.5-2% growth this year. Republican Senate Leader Trent Lott has been the most vocal critic of President Gore's economic program. "Significant rate cuts in the top income tax rates would significantly grow this economy and surpass the growth rates seen in the late 1990's. This economic slowdown is the direct result of Al Gore's refusal to lower rates from their ridiculously high levels to levels more accommodating to economic growth." Coupled with the war on terrorism, the slowdown has forced a re-evaluation of projected surpluses over the next 10 years. Those projections have been scaled down from the whopping $5.6 trillion dollars forecast just over a year ago to a more modest $4.1 trillion. Republican leaders blame Mr. Gore's budget and tax policies, which have been more generous to environmental programs, including a 150% increase in funding for alternative fuels.

The Democrats, faced with a slowing economy, are going into the midterm elections hopeful that that Alan Greenspan's recent reduction in the federal rate to 4.5% will jumpstart the economy by the end of the summer. "The budget proposed by the President includes significant debt reduction, because this is relieving upward pressure on interest rates the fed's monetary policy will provide some boost as Americans will be able to refinance their homes saving potentially hundreds of dollars per month, it will also encourage new home buyers to purchase as long term rates will fall," predicted Sen. Tom Daschle. The Democrats will need to see an increase in the economy's growth if they hope to capture the Senate or House this fall.

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