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How Robust Was the 2001-2007 Economic Expansion?

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Publication Date: April 2008

Publisher(s): Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Richard Kogan; Chad Stone; Aviva Aron-Dine

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)
Economics (Economic policy, planning, and development)

Keywords: Economic projections; Fiscal future; Tax code; Federal budget

Type: Report

Abstract:

Proponents of the 2001 and 2003 tax cuts often argue that the economic and employment growth of the past several years establishes that these tax cuts "worked" and had strong beneficial effects. More recently, some have also argued that, with growth slowing, new tax cuts are needed and would reinvigorate the economy.

It now appears that the economic expansion that began in 2001 is drawing to a close. The economy may be entering a recession; if not, it is certainly entering a slow-down. Now is therefore a good time to take stock of the recent economic expansion as a whole. We examine the expansion from 2001, when it began, through the third quarter of 2007, before the slow-down in economic growth in the last part of 2007.