Notes: The Fed interest rate cut last Tuesday didn't revive Wall Street. Seems everyone now thinks we need a tax cut . But many think that a tax cut cannot be put in place soon enough to act as an immediate stimulus to the economy, assuming it works at all. The Bush camp, however, continues to sell its tax cut as an out-and-out necessity to keep the economy out of recession (debate continues on whether or not we're already in a recession.)

The Bush people don't want a so-called trigger, proposed in the Senate, that would put future tax cuts into effect if, and only if, the budget meets certain surplus requirements. Instead, they want an absolute tax cut without a trigger mechanism, claiming that people will have the confidence to spend now -- thereby stimulating the economy immediately -- only if the amount of a future tax cut is certain. It's an interesting concept, but we don't know anyone rushing out to spend money based on having confidence that there will be a tax cut. 03.25.01