President Bush and congressional leaders moved closer to agreeing on a compromise economic rescue package yesterday, fending off fresh protests from both the right and the left as they rushed to respond to a cascading series of economic troubles and to head off a potential recession. …Bush met with House and Senate leaders to work out a package of tax breaks for consumers and businesses. In an important concession to Democrats, Treasury Secretary Henry M. Paulson Jr. signaled that he is open to including breaks even for those who pay little to no income taxes. (Washington Post, Wednesday)
The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy. –Henry Hazlitt
FEE Timely Classic
Government, Fiscal Responsibility, and Free Banking by Richard M. Ebeling