The Snow Jobs Will be Missed

The word around Washington is that Treasury Secretary Snow is on his way out. New Chief of Staff Joshua Bolton, it seems, is keen on replacing the uber-salesman for all of the White House's real or imagined economic policies, who recently found himself ensnarled in the Dubai ports deal which took an ignominious header(6) last month.

John T. Snow will be missed - there are few around who so brazenly push forward with clear and concise repetition of the message du jour, namely, that everything is just swell with the economy.

In these comments on last month's jobs report, we are once again presented with the kind of public relations do-goodery that his predecessor Paul O'Neil sorely lacked, and which will be hard for his successor to duplicate:

"Today's employment report showing 211,000 new jobs in March is clear-cut evidence that the President's economic policies are working.

"Since the President's Jobs and Growth Act took effect, we have seen 5.2 million new jobs. This really speaks to the strength of the U.S. economy, with more Americans working than at any time in our history. Moreover, they have more money in their pockets.

"The American economy is clearly moving in the right direction, and I am confident that we will remain on a good path.

"Lower tax rates, especially on investment, lie at the heart of this strong expansion. The record is clear; now Congress needs to act to extend the President's tax relief and make it permanent. I commend Congress for making real progress this past week on a package to extend the President's tax relief for capital gains and dividends for two years and providing AMT relief. I strongly urge them to complete work on this package when they return from recess."

You see, according to Secretary Snow, lower tax rates on investment have driven economic growth in recent years - consumer spending financed by mortgage equity withdrawal had nothing to do with it.

The President's economic policies are clearly working, as evidenced by the 5.2 million jobs that have been created in recent years - the fact that about half of these new jobs are for granite countertop installers and mortgage loan processors is unimportant.

None of this growth or job creation has anything to do with the real estate mania and home-equity withdrawal fever that has coursed through the nation over this same period - it was the Jobs and Growth Act that did the trick.

Spurring investment - creative destruction - good 'ol American capitalism set free from the shackles of high taxation and allowed to fulfill a destiny.

More than ever before, people have more money in their pockets and the fact that much of this pocket-money is borrowed against their homes shouldn't discount the fact that people have more money in their pockets.

After all, would you rather have this money or would you rather the government have it?