Now contrast that with Treasury Secy. O’Neill’s performance before the House tax committee last Tuesday. At one point, [he was asked] how much additional economic growth we might anticipate from the president’s tax plan. Far from jumping at this opportunity, O’Neill evaded the question. “I suppose I could give you something for the record,” he replied, but neglected to do so. In his extensive testimony, O’Neill made the supply-side argument about work incentives only in passing, and was even more diffident about the link between those incentives and faster growth.
O’Neill was quoted last week saying: “We are not pursuing, as often said, a policy of a strong dollar. In my opinion, a strong dollar is the result of a strong economy.“ The comments, which currency markets viewed as a modification of the Clinton administration’s emphasis on a strong dollar, caused the dollar to plummet in value against the euro until the Treasury Department issued a statement denying a change in policy. O’Neill seemed exasperated at how billions of dollars can churn on currency exchange markets based on a strained interpretation of his words.
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George W. Bush