Cato Institute Chairman Bill Niskanen Comments on State of Economy Under President Bush

Last week, President Bush signed an economic stimulus package that will send rebate checks to many Americans with the hope that the checks, ranging from $300 to $1200, will help avoid a recession. Yet even with more than 130 million people expected to get the rebates starting in May, some question whether the rebates will be enough of a boost. A recent Associated Press-Ipsos poll indicates most people don't plan to spend the money as Congress and the President had hoped. Only 19 percent said they would spend their rebates. Forty-five percent said they planned to pay off bills, while 32 percent said they would save or invest it.

In his final State of the Union address, President Bush highlighted his $150-billion economic stimulus package and called on Congress to help pay for it by reducing earmarks. But in his new budget, Bush has requested money for thousands of similar projects; including fish hatcheries, harbor dredging and highway road jobs.

William A. Niskanen, chairman of the Cato Institute, and former member and acting chairman of President Reagan's Council of Economic Advisers, reviewed and commented on the President's economic plan and his final State of the Union Address. Recently, Mr. Niskanen joined CFIF's Renee Giachino to discuss the federal budget, Social Security, entitlements, and the State of the Union Address.

What follows is the interview originally heard on "Your Turn - Meeting Nonsense With Commonsense" on WEBY 1330 AM, Northwest Florida's talk radio. ... Listen to the interview here.

http://www.cfif.org/podcasts/Bill-Niskanen.mp3

Posted February 22, 2008

http://www.cfif.org/podcasts/Bill-Niskanen.html