When Paul Krugman was asked whether the tax cuts could result in kick starting the economy, he replied:
And the main thing to say is: gosh, if you let me run a 500 billion dollar deficit, I could create a whole lot of jobs. That’s roughly equal to the wages of 10 million average workers.
So the fact that we’ve managed to go from a 200 billion surplus to a 500 billion deficit, while losing three million jobs, is actually a pretty poor verdict on the policy.
I like his use of "average" here -- it's a nice refutation of Bush's average tax cut. I sure am glad that we have Paul Krugman helping spread the word.