Should Bush have the political courage to abandon large chunks of his tax cut now that it has turned out to generate substantial deficits?
2003-2004 Bush CEA Chair N. Gregory Mankiw says yes, and that a good president would have the political courage to do so--or at least Greg Mankiw said yes, back in 2000:
But the $2 trillion [projected 2001-2010 budget] surplus is not exactly money in the bank.... So should the next President aim to enact a tax cut, and if so, what size? This question will dominate the presidential campaign. But it's not a very relevant one. More vital than choosing a President with the right tax plan is electing a President with the political courage to change course when events demand it... --N. Gregory Mankiw, Fortune, 3/20/00
Couldn't have said it better myself. The changed circumstances--our large current deficits--make abandonment of the tax cut wise policy. Presidents and economic advisers do need a lot of political courage to admit this, however. :-)