Larry Kudlow: The silence of the Bush Boom

Larry Kudlow: The silence of the Bush Boom: "Why President Bush seemingly gets no credit for the strong economy is one of the enduring political mysteries of our time. Some call it the 'Goldilocks economy' -- a term widely used to describe the low-inflation growth of the second half of the 1990s. More accurately, it's a non-inflationary boom where the economy is hitting on all cylinders and the outlook for the coming years is bright. In view of the ravages of the 2000-02 stock market plunge, the 9/11 terrorist attacks, and skyrocketing energy prices, the Bush boom stands as even more of a great achievement.
But still he gets no credit. Most polls show the president's economic approval rating around 40 percent or even less. Scott Rasmussen, who does extensive consumer and investor polling, shows that the confidence ratings of both are about 15 percent lower than in late 2003.
Meanwhile, a splendid group of economic data points show clearly the effectiveness of the president's marginal tax-rate reductions of two years ago. The tax-cut package was in large part directed at stock market and business capital formation, both hard hit a few years back. This was the correct target. Share prices have recovered about 70 percent in recent years, with a number of widely tracked indexes, like the NYSE and the S&P small- and mid-cap indexes, now trading at all-time highs. The economy itself is growing at about 4 percent per annum since the tax cuts, with business investment leading the surge."