President Bush's chief economic adviser is predicting a big upturn for the U.S. economy. But Democratic Party critics accuse the president of squandering the budget surplus.
Presidential economic advisor Lawrence Lindsey told Fox News Sunday that administration policies have stopped the economic slowdown. He predicted that resurgence is just around the corner - thanks, in part, to the Administration's income tax cut.
"I think the third quarter is gonna be better than the second quarter; I think the fourth quarter better than the third," he predicted. "And next year, when the monetary policy kicks in, I think we're gonna have sustained, rather robust growth."
But Mr. Lindsey's assessment met with sharp criticism, and some ridicule, from opposition politicians. Democratic Senator John Edwards of North Carolina accused him of "Washington doublespeak." And appearing on CBS's Face the Nation, Democratic Party Chairman Terry McAuliffe accused Mr. Bush of squandering a great opportunity
"George Bush has inherited a lot of things in his life. But he did inherit a great economic expansion: an economy that created 22 million new jobs, and he inherited a great surplus. He has blown it," said the Democratic Party official.
Mr. McAuliffe argued that Mr. Bush's 10-year, $1.3 trillion tax cut will eat into funding for needed government programs such as Social Security.